ACCOUNTS - Final Accounts preparation

CYPRUS PLACE LIMITED - Company Information

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Registered number: 12060612

CYPRUS PLACE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2020

CYPRUS PLACE LIMITED

REGISTERED NUMBER: 12060612

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2020

		2020
Note		£


Current assets
Debtors: amounts falling due within one year	4	1,929,899
Cash at bank and in hand	5	4,060
		1,933,959
Creditors: amounts falling due within one year	6	(1,738,338)
Net current assets			195,621
Total assets less current liabilities			195,621
Creditors: amounts falling due after more than one year	7		(50,000)

Net assets			145,621

Capital and reserves
Called up share capital			1
Profit and loss account			145,620
			145,621

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 June 2021.

M D Smith

Director

The notes on pages 3 to 6 form part of these financial statements.

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CYPRUS PLACE LIMITED

REGISTERED NUMBER: 12060612

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2020

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CYPRUS PLACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2020

1.	General information

Cyprus Place limited is a private company registration number 12060612, limited by shares, registered in England and Wales. The principal and registered place of business is Suite 7 Elmhurst, 98 - 106 High Road, South Woodford, London, E18 2QH.
The principal activity of the company is that of buying and selling developed real estate.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The director has reviewed the Company's liabilities over the next 12 months and consider the business to be a going concern. The worldwide outbreak of the COVID-19 virus represents a significant event. In light of the impact of the virus upon consumer demand, the Company has reviewed its cash flow forecasts and considered the impact on going concern, concluding that the going concern basis remains an appropriate basis of preparation for these financial statements given the cash flow impact of operations 12 months from the date of signing this report.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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CYPRUS PLACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2020

2.Accounting policies (continued)

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

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 creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the period was 1.

Debtors

					2020
					£


	Other debtors	1,929,899

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CYPRUS PLACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2020

4.Debtors (continued)

Included in other debtors is a loan from M D Smith, the director, amounting to £44,641.

5.	Cash and cash equivalents
		2020
		£

	Cash at bank and in hand	4,060

6.	Creditors: Amounts falling due within one year
		2020
		£

	Corporation tax	36,405
	Other creditors	1,691,475
	Accruals and deferred income	10,458
		1,738,338

7.	Creditors: Amounts falling due after more than one year
		2020
		£

	Bank loans	50,000

8.	Loans
	Analysis of the maturity of loans is given below:
		2020
		£




	Amounts falling due after more than 5 years
	Bank loans	50,000

The Bank loan is guaranteed by the UK Government as part of the Bounce Back Loan Scheme (BBLS).
Under the terms of the scheme the UK Government will cover any interest charges due on the loan for
the first 12 months. This bank loan was received on 4 June 2020.
The Company will not need to make any repayments of interest for the first 12 months after the date of
the Loan drawdown.

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CYPRUS PLACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2020

9.	Related party transactions
	Included within other debtors is a balance of £1,822,571 due from companies under the control of the director of the company. Included within other creditors due within one year is a balance of £1,091,475 due to a company under the control of the director of the company.

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