Centralheights Limited Filleted accounts for Companies House (small and micro)

CENTRALHEIGHTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02772489

CENTRALHEIGHTS LIMITED

Filleted Unaudited Financial Statements

For the year ended

31 December 2019

CENTRALHEIGHTS LIMITED

Financial Statements

Year ended 31 December 2019

CONTENTS	PAGES

Balance Sheet	1 to 2

Notes to the Financial Statements	3 to 7

CENTRALHEIGHTS LIMITED

Balance Sheet

31 December 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5	3,251,069	3,251,426
Investments	6	–	709,998
		--------------	--------------
		3,251,069	3,961,424

Current assets

Debtors	7	2,163,142	514,850
Cash at bank and in hand		110,473	135,389
		--------------	-----------
		2,273,615	650,239

Creditors: amounts falling due within one year	8	( 2,235,059)		( 2,216,618)
		--------------		--------------
Net current assets/(liabilities)			38,556		( 1,566,379)
			--------------		--------------
Total assets less current liabilities			3,289,625		2,395,045

Creditors: amounts falling due after more than one year	9		( 409,115)		( 478,445)

Provisions

Deferred tax	( 37,000)	( 37,000)
	--------------	--------------
Net assets	2,843,510	1,879,600
	--------------	--------------

CENTRALHEIGHTS LIMITED

Balance Sheet (continued)

31 December 2019

	2019		2018
Note	£	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,843,410	1,879,500
	--------------	--------------
Shareholders funds	2,843,510	1,879,600
	--------------	--------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 December 2019 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 December 2020 , and are signed on behalf of the board by:

Mr S Berger

Director

Company registration number: 02772489

CENTRALHEIGHTS LIMITED

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The outbreak of the Covid-19 in the first six months of 2020 has resulted in a downturn in the business operations. The pandemic has had a negative impact on the UK economy as a whole, including on the company's revenue and operations. Uncertainty surrounding Brexit and the associated potential financial costs may also have a negative impact. These risks are beyond the control of the company and represent uncertainty to the revenue and cash flow of the company for the foreseeable future. Notwithstanding the uncertainty, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the company and available sources of finance.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, stated net of discounts and value added tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investment properties

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & Fittings	-	25% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2018: 12 ).

5. Tangible assets

	Freehold investment properties	Fixtures and fittings	Total
	£	£	£
Fair value or cost
At 1 January 2019 and 31 December 2019	3,250,000	34,086	3,284,086
	--------------	---------	--------------
Depreciation
At 1 January 2019	–	32,660	32,660
Charge for the year	–	357	357
	--------------	---------	--------------
At 31 December 2019	–	33,017	33,017
	--------------	---------	--------------
Carrying amount
At 31 December 2019	3,250,000	1,069	3,251,069
	--------------	---------	--------------
At 31 December 2018	3,250,000	1,426	3,251,426
	--------------	---------	--------------

The company's investment properties were valued by the directors, based on their understanding of property market conditions and the specific property concerned. Residential properties are valued using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Commercial properties are valued using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income. The historical cost of the properties is £1,594,078.

6. Investments

	Investment in Insurance Policies
	£
Cost
At 1 January 2019	709,998
Additions	80,587
Disposals	( 790,585)
	-----------
At 31 December 2019	–
	-----------
Impairment
At 1 January 2019 and 31 December 2019	–
	-----------

Carrying amount
At 31 December 2019	–
	-----------
At 31 December 2018	709,998
	-----------

7. Debtors

	2019	2018
	£	£
Trade debtors	75,271	67,888
Other debtors	2,087,871	446,962
	--------------	-----------
	2,163,142	514,850
	--------------	-----------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	69,452	100,973
Trade creditors	77,639	73,425
Corporation tax	8,365	10,287
Social security and other taxes	2,127	682
Other creditors	2,077,476	2,031,251
	--------------	--------------
	2,235,059	2,216,618
	--------------	--------------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	409,115	478,445
	-----------	-----------

The Bank Loan is secured by a legal charge over the Company's investment properties.

10. Events after the end of the reporting period

The Covid-19 Pandemic is expected to severely affect the wider macro economy and the specific market the company operates in. It is possible that property valuations and rental income may decline due to the pandemic and associated lockdown. The full financial effects cannot currently be quantified.

11. Related party transactions

(i) Included in Other debtors are loans aggregating £359,258 due from companies connected with the directors and shareholders. The loans are interest-free and repayable on demand. (ii) Included in Other creditors are loans aggregating £1,409,215 due to companies connected with the directors and shareholders. The loans are interest-free and repayable on demand.