Carlton Vale Limited Filleted accounts for Companies House (small and micro)

CARLTON VALE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07578871

Carlton Vale Limited

Filleted Unaudited Financial Statements

31 March 2020

Carlton Vale Limited

Statement of Financial Position

31 March 2020

	2020	2019
Note	£	£

Fixed assets

Investments	4	2,328,162	2,328,162

Current assets

Debtors	5	18,129	18,129
Cash at bank and in hand		14,827	16,577
		--------	--------
		32,956	34,706

Creditors: amounts falling due within one year	6	501,890	501,890
		---------	---------
Net current liabilities		468,934	467,184
		------------	------------
Total assets less current liabilities		1,859,228	1,860,978

Creditors: amounts falling due after more than one year	7	4,720,697	4,348,103
		------------	------------
Net liabilities		( 2,861,469)	( 2,487,125)
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 2,861,470)	( 2,487,126)
	------------	------------
Shareholders deficit	( 2,861,469)	( 2,487,125)
	------------	------------

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 statement of comprehensive income has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Carlton Vale Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 26 March 2021 , and are signed on behalf of the board by:

Mr Ran Kalif
Director

Company registration number: 07578871

Carlton Vale Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is CP House, 97-107 Uxbridge Road, Ealing, London, W5 5TL, England.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Investment property
	£
Cost
At 1 April 2019 and 31 March 2020	2,328,162
	------------
Impairment
At 1 April 2019 and 31 March 2020	–
	------------

Carrying amount
At 31 March 2020	2,328,162
	------------
At 31 March 2019	2,328,162
	------------

5. Debtors

	2020	2019
	£	£
Other debtors	18,129	18,129
	--------	--------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Social security and other taxes	20,093	20,093
Other creditors	481,797	481,797
	---------	---------
	501,890	501,890
	---------	---------

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

	2020	2019
	£	£
Other creditors	4,720,697	4,348,103
	------------	------------

8. Prior period errors

In the financial statements to 31 March 2019, the Company did not recognise Finance Charge and Default Interest owing to a related party on a deep discount bond that was first recognised in 2018 which resulted in a material misstatement to the Statement of Comprehensive Income and the Statement of Financial Position. The comparatives for the year ended 31 March 2019 have been restated as follows: A Default Interest charge of £12,270 has been recognised in the Statement of Comprehensive Income with a corresponding increase recognised under amounts owed to other creditors within non-current creditors on the Statement of Financial Position. A Finance Charge of £470,595 has been recognised in the Statement of Comprehensive Income with a corresponding increase recognised under amounts owed to other creditors within non-current creditors on the Statement of Financial Position.

9. Controlling party

The controlling party is Kreo Holdings Limited. SmartCity Malta SCM01 Suite 502, Ricasoli, Kalkara, SCM 1001, Malta