Crow Lane (Romford) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07885304 (England and Wales)

Financial Statements for the Year Ended 31 March 2020

for

Crow Lane (Romford) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss V A Cox

Mr D M Cox

Mr M Cox

Mrs P M Cox

REGISTERED OFFICE:

19 Queen Elizabeth Street

London

SE1 2LP

REGISTERED NUMBER:

07885304 (England and Wales)

ACCOUNTANTS:

Gibsons Financial Limited

Chartered Accountants

Foresters Hall

25/27 Westow Street

Upper Norwood

London

SE19 3RY

CURRENT ASSETS

Stocks

4

-

6,221,523

Debtors

5

11,317,708

1,100,418

Cash at bank and in hand

56,086

4,155

11,373,794

7,326,096

CREDITORS

Amounts falling due within one year

6

(9,414,085

)

(7,351,388

)

NET CURRENT ASSETS/(LIABILITIES)

1,959,709

(25,292

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,959,709

(25,292

)

PROVISIONS FOR LIABILITIES

9

(1,384,565

)

-

NET ASSETS/(LIABILITIES)

575,144

(25,292

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

575,044

(25,392

)

SHAREHOLDERS' FUNDS

575,144

(25,292

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2021 and were signed on its behalf by:

Mr M Cox - Director

1.	STATUTORY INFORMATION

Crow Lane (Romford) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of these financial statements requires the directors to note judgements and estimates that affect the reported amount of assets and liabilities at the balance sheet date and the reported profits for the accounting period.

Contract income and profit - the valuation of percentage completion of contracts involves an estimation of the costs to complete and remaining revenues which may differ from the actual costs incurred and total revenues received on completion. Judgement is required to assess whether the total eventual profit on each contract can be foreseen with reasonable certainty.

Estimates and judgements are continually evaluated and are based on a number of factors including historical experience and expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be measured reliably.

Turnover relates to contract income; proceeds from the sale of properties and; related activities during the period. Contract Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value. This is usually based on independent professional surveys of work performed. Provision is made for the full amount of foreseeable losses on contracts. Turnover in respect of the sale of properties is recognised at the fair value of the consideration received or receivable on legal completion.

Stocks

Stocks comprising land held for development and work-in-progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of overheads.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and; trade and other creditors and; bank loans.

Debt instruments which are payable or receivable within one year are measured at the undiscounted amount of cash consideration expected to be paid or received.

Debt instruments which are payable or receivable after more than one year are initially measured at the fair value of the cash consideration and thereafter at amortised cost using the effective interest method.

Taxation

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Borrowing costs

Borrowing costs are recognised in the Statement of Comprehensive income as they are incurred.

Borrowing costs directly relating to the acquisition and development of own sites are capitalised. Capitalisation commences from the date of initial expenditure until the properties are ready for sale. The capitalisation of borrowing costs is suspended where there are prolonged periods when development activity on a site is interrupted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

STOCKS

31/3/20

31/3/19

£

£

Stock & work-in-progress

-

6,221,523

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/20

31/3/19

£

£

Amounts owed by group undertakings

650,000

-

Amounts recoverable on contract

10,640,887

-

VAT

6,714

1,099,742

Prepayments

20,107

676

11,317,708

1,100,418

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/20

31/3/19

£

£

Bank loans and overdrafts (see note 7)

-

5,683,733

Trade creditors

8,995,435

61,425

Taxation

134,965

-

Other creditors

-

1,605,530

Accruals

283,685

700

9,414,085

7,351,388

7.

LOANS

An analysis of the maturity of loans is given below:

31/3/20

31/3/19

£

£

Amounts falling due within one year or on demand:

Bank loans

-

5,683,733

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/20

31/3/19

£

£

Bank loans

-

5,683,733

9.	PROVISIONS FOR LIABILITIES

31/3/20

31/3/19

£

£

Other provisions

1,384,565

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/20

31/3/19

value:

£

£

100

Ordinary

£1

100

100

Attached to the shares are a right to vote in general meetings, a right to receive dividends if declared by the company and a right to participate in distributions of capital, including on winding up.The shares do not confer any rights of redemption.

11.

RESERVES

Retained

earnings

£

At 1 April 2019

(25,392

)

Profit for the year

600,436

At 31 March 2020

575,044

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Thames Property Holdings limited.