C.D. Investments Staverton Limited - Period Ending 2020-06-30

Registration number: 06042445

Prepared for the registrar

C.D. Investments Staverton Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2020

C.D. Investments Staverton Limited

(Registration number: 06042445)
Balance Sheet as at 30 June 2020

	Note	2020  £	2019  £
Fixed assets
Investment property	4	3,200,000	3,200,000
Current assets
Debtors	5	39,360	32,257
Creditors: Amounts falling due within one year	6	(2,446,034)	(2,627,006)
Net current liabilities		(2,406,674)	(2,594,749)
Total assets less current liabilities		793,326	605,251
Creditors: Amounts falling due after more than one year	6	(50,000)	-
Net assets		743,326	605,251
Capital and reserves
Called up share capital		2	2
Revaluation reserve		135,724	135,724
Profit and loss account		607,600	469,525
Total equity		743,326	605,251

For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 December 2020 and signed on its behalf by:
 

P Stojanov
Director

The notes on pages 2 to 5 form an integral part of these financial statements.
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C.D. Investments Staverton Limited

Notes to the Financial Statements for the Year Ended 30 June 2020

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. This statement is made subject to all of the potential implications of the current COVID-19 outbreak on the company’s trade, customers, suppliers and the wider economy, as these are difficult to evaluate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rent in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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C.D. Investments Staverton Limited

Notes to the Financial Statements for the Year Ended 30 June 2020

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from tenants for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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C.D. Investments Staverton Limited

Notes to the Financial Statements for the Year Ended 30 June 2020

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2020  No.	2019  No.
Average number of employees	2	2

4

Investment properties

	2020 £
At 1 July 2019 and at 30 June 2020	3,200,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2020  £	2019  £
Other debtors	25,360	13,344
Prepayments	14,000	18,913
	39,360	32,257

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C.D. Investments Staverton Limited

Notes to the Financial Statements for the Year Ended 30 June 2020

6

Creditors

	Note	2020  £	2019  £
Due within one year
Loans and borrowings		2,288,256	2,539,456
Trade creditors		-	4,913
Social security and other taxes		30,510	18,680
Accrued expenses		94,880	21,493
Corporation tax liability		32,388	42,464
		2,446,034	2,627,006
Due after one year
Loans and borrowings		50,000	-

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £60,000 (2019 - £60,000).

8

Parent and ultimate parent undertaking

The company's immediate parent is I Stojanov & Sons Limited, incorporated in England & Wales.

 

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