Crownrock Ventures Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03690209 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

CROWNROCK VENTURES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Fekete

SECRETARY:

Mrs R Fekete

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

03690209 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Investment property

5

2,000,000

2,000,000

CURRENT ASSETS

Debtors

6

856,563

636,441

Cash at bank

399,365

19,185

1,255,928

655,626

CREDITORS

Amounts falling due within one year

7

(41,587

)

(130,576

)

NET CURRENT ASSETS

1,214,341

525,050

TOTAL ASSETS LESS CURRENT LIABILITIES

3,214,341

2,525,050

CREDITORS

Amounts falling due after more than one year

8

(1,177,563

)

(485,650

)

PROVISIONS FOR LIABILITIES

(258,399

)

(258,399

)

NET ASSETS

1,778,379

1,781,001

CAPITAL AND RESERVES

Called up share capital

11

1

1

Revaluation reserve

12

1,458,004

1,458,004

Retained earnings

12

320,374

322,996

SHAREHOLDERS' FUNDS

1,778,379

1,781,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and authorized for issue by the director and authorised for issue on 3 March 2022 and were signed by:

J Fekete - Director

1.	STATUTORY INFORMATION

Crownrock Ventures 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

2,000,000

NET BOOK VALUE

At 31 December 2021

2,000,000

At 31 December 2020

2,000,000

The fair value of investment property was assessed to be unchanged by the director. The fair value was determined using open market valuation method. The director does not have a formal qualification but considerable experience in property market to ascertain the fair value with sufficient level of confidence.

Fair value at 31 December 2021 is represented by:

£

Valuation in 2016

1,716,403

Cost

283,597

2,000,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

3,125

3,125

Other debtors

853,438

633,316

856,563

636,441

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Taxation and social security

8,596

13,732

Other creditors

32,991

116,844

41,587

130,576

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans (see note 9)

1,153,750

461,900

Other creditors

23,813

23,750

1,177,563

485,650

31.12.21

31.12.20

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loan

1,153,750

-

Repayable by instalments

Bank loans more 5 yr by instal

-

461,900

Other loans more 5yrs instal

23,813

23,750

23,813

485,650

Other creditors include £23,813 received under Bounceback Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government.

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.21

31.12.20

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loan

1,153,750

-

Repayable by instalments

Bank loans more 5 yr by instal

-

461,900

Other loans more 5yrs instal

23,813

23,750

23,813

485,650

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank loans

1,153,750

461,900

The bank loans are secured by a first charge over the company's investment properties and bear interest at variable rates.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2021

322,996

1,458,004

1,781,000

Profit for the year

2,378

2,378

Dividends

(5,000

)

(5,000

)

At 31 December 2021

320,374

1,458,004

1,778,378

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Fekete.