Craiglynne Properties Limited Filleted accounts for Companies House (small and micro)

Craiglynne Properties Limited Filleted accounts for Companies House (small and micro)

CRAIGLYNNE PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12115263
CRAIGLYNNE PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2022
CRAIGLYNNE PROPERTIES LIMITED
FINANCIAL STATEMENTS
Year ended 30 April 2022
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
CRAIGLYNNE PROPERTIES LIMITED
BALANCE SHEET
30 April 2022
2022
2021
Note
£
£
FIXED ASSETS
Tangible assets
5
1,967,694
1,902,736
CURRENT ASSETS
Stocks
10,669
5,757
Debtors
6
67,133
73,816
Cash at bank and in hand
341,083
21,540
---------
---------
418,885
101,113
CREDITORS: amounts falling due within one year
7
( 3,078,087)
( 2,576,793)
------------
------------
NET CURRENT LIABILITIES
( 2,659,202)
( 2,475,680)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 691,508)
( 572,944)
---------
---------
NET LIABILITIES
( 691,508)
( 572,944)
---------
---------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
( 692,508)
( 573,944)
---------
---------
SHAREHOLDERS FUNDS
( 691,508)
( 572,944)
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 April 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 December 2022 , and are signed on behalf of the board by:
Mr H H J Fentum
Mr A M Khalastchi
Director
Director
Mr M A Pears
Director
Company registration number: 12115263
CRAIGLYNNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 April 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ground Floor, 30 City Road, London, EC1Y 2AB, United Kingdom.
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.
Going concern
The accounts have been prepared on the going concern basis. The accounts show that the company had net liabilities of £691,508 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from the shareholders and other creditors. Were this support not available, the company may not be able to continue trading. The directors are satisfied that these creditors will continue to support the company for at least the next twelve months and that, with this continuing support, the company will be able to meet its liabilities as they fall due. On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of income due in the financial period, exclusive of Value Added Tax. Room income is recognised at the end of the financial day. Bar and restaurant takings are recognised at the point of sale.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% on cost
Fixtures and fittings
-
20% on cost
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 29 (2021: 9 ).
5. TANGIBLE ASSETS
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2021
1,927,310
50,601
1,977,911
Additions
91,028
26,808
117,836
------------
--------
------------
At 30 April 2022
2,018,338
77,409
2,095,747
------------
--------
------------
Depreciation
At 1 May 2021
64,359
10,816
75,175
Charge for the year
40,077
12,801
52,878
------------
--------
------------
At 30 April 2022
104,436
23,617
128,053
------------
--------
------------
Carrying amount
At 30 April 2022
1,913,902
53,792
1,967,694
------------
--------
------------
At 30 April 2021
1,862,951
39,785
1,902,736
------------
--------
------------
6. DEBTORS
2022
2021
£
£
Trade debtors
39,516
2,853
Other debtors
27,617
70,963
--------
--------
67,133
73,816
--------
--------
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
905,620
959,461
Trade creditors
115,656
83,434
Social security and other taxes
23,202
1,257
Other creditors
2,033,609
1,532,641
------------
------------
3,078,087
2,576,793
------------
------------
The above includes secured creditors of £905,620 (2021 - £959,461). These balances are secured over the freehold property held by the company.
8. RESTATEMENT OF COMPARATIVES
The comparatives have been restated to show all bank & shareholders' loan balances within creditors due within one year, on the basis that they are repayable on demand. This restatement has no effect on the net liabilities at the balance sheet date.
9. RELATED PARTY TRANSACTIONS
Included within other creditors due within one year are the following balances due to shareholders and related companies:
2022 2021
£ £
WPG Treasury Limited 1,434,303 1,186,223
Strandpark Properties Limited 249,833 148,090
Bespoke Hotels Chester Limited 249,833 148,090
------------ ------------
1,933,969 1,482,403
------------ ------------
Included within these balances is interest charged at a rate of LIBOR plus 3% per annum, subject to a minimum rate of 5% per annum.
10. CONTROLLING PARTY
The controlling party is deemed to be Pears Property Ventures Limited, which owns 50% of the allotted share capital of the company.