CBRS Estates Ltd - Period Ending 2020-04-30

CBRS Estates Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

CBRS Estates Ltd

Company Information

Directors

Mr R Hanslip Mrs S Hanslip

Registered office

58 Grooms Newtown Road Southampton Hampshire SO31 9GB

Accountants

Lines & Company Ltd 8 Highfield Road West Moors Ferndown Dorset BH22 0NA

CBRS Estates Ltd

(Registration number: 08049999)
Balance Sheet as at 30 April 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	114,438	134,633
Investments	5	2,474,805	2,474,805
		2,589,243	2,609,438
Current assets
Stocks	6	2,440,055	2,387,887
Debtors	7	123,118	119,576
Cash at bank and in hand		245,779	282,167
		2,808,952	2,789,630
Creditors: Amounts falling due within one year	8	(3,003,692)	(2,945,531)
Net current liabilities		(194,740)	(155,901)
Net assets		2,394,503	2,453,537
Capital and reserves
Called up share capital	9	110	110
Share premium reserve		2,474,794	2,474,794
Profit and loss account		(80,401)	(21,367)
Shareholders' funds		2,394,503	2,453,537

CBRS Estates Ltd

(Registration number: 08049999)
Balance Sheet as at 30 April 2020

For the financial year ending 30 April 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 22 January 2021 and signed on its behalf by:
 

Mr R Hanslip
Director

CBRS Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
58 Grooms Newtown Road
Southampton
Hampshire
SO31 9GB
England

These financial statements were authorised for issue by the Board on 22 January 2021.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

The current income 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.

CBRS Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

CBRS Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and financial liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 Recognition and measurement
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from group companies and related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
 
 

CBRS Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 3).

4	Tangible assets

	Other tangible assets £	Total £
Cost or valuation
At 1 May 2019	241,640	241,640
At 30 April 2020	241,640	241,640
Depreciation
At 1 May 2019	107,007	107,007
Charge for the year	20,195	20,195
At 30 April 2020	127,202	127,202
Carrying amount
At 30 April 2020	114,438	114,438
At 30 April 2019	134,633	134,633

5	Investments

	2020 £	2019 £
Investments in subsidiaries	2,474,805	2,474,805

Subsidiaries	£
Cost or valuation
At 1 May 2019	2,474,805
Provision
Carrying amount
At 30 April 2020	2,474,805
At 30 April 2019	2,474,805

CBRS Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
CBRS Estates 1 Limited	58 Newtown Road, Warsash, Southampton, Hampshire, SO31 9GB England and Wales	Ordinary	100%	100%

Subsidiary undertakings

CBRS Estates 1 Limited The principal activity of CBRS Estates 1 Limited is property investment and letting.

6

Stocks

	2020 £	2019 £
Work in progress	2,440,055	2,387,887

7

Debtors

	2020 £	2019 £
Trade debtors	9,212	8,305
Other debtors	113,906	111,271
	123,118	119,576

CBRS Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

8

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Trade creditors		16,872	9,545
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	1,634,250	1,808,232
Taxation and social security		57,331	32,266
Accruals and deferred income		2,500	2,500
Other creditors		1,292,739	1,092,988
		3,003,692	2,945,531

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

10	Related party transactions

Summary of transactions with subsidiaries

CBRS Estates 1 Limited At the balance sheet date the company owed CBRS Estates 1 Ltd £1,634,250 (2019: £1,808,232), this amount is included in creditors. No interest is being charged on this loan.