Company No: 00615873 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTOR

S Bradley

REGISTERED OFFICE	35 Ballards Lane
	London
	N3 1XW
	United Kingdom

COMPANY NUMBER

00615873 (England and Wales)

CHARTERED ACCOUNTANTS	Berg Kaprow Lewis LLP
	35 Ballards Lane
	London
	N3 1XW

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	142		0
Investment property	5	5,161,522		5,161,522
		5,161,664		5,161,522
Current assets
Debtors	6	297,520		694,325
Cash at bank and in hand		89,180		331,002
		386,700		1,025,327
Creditors
Amounts falling due within one year	7	( 65,474)		( 680,094)
Net current assets		321,226		345,233
Total assets less current liabilities		5,482,890		5,506,755
Creditors
Amounts falling due after more than one year	8	( 32,989)		( 43,390)
Provision for liabilities	9, 10	( 590,621)		( 590,621)
Net assets		4,859,280		4,872,744
Capital and reserves
Called-up share capital	11	100		100
Revaluation reserve		2,917,528		2,917,528
Profit and loss account		1,941,652		1,955,116
Total shareholders' funds		4,859,280		4,872,744

For the financial year ending 31 March 2022 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 financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Crescent House Limited (registered number: 00615873) were approved and authorised for issue by the Director. They were signed on its behalf by:

S Bradley Director

12 December 2022

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crescent House Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Turnover comprises of revenue recognised by the company in respect of rental income over the period for which it was due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.]

Financial assets
Basic financial assets, including trade and other debtors, and [amounts due from related companies], are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade [and other] creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	4		4

3. Dividends on equity shares

	2022		2021
	£		£
Amounts recognised as distributions to equity holders in the financial year:
Dividends	55,243		739,859

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 April 2021	0		0
Additions	190		190
At 31 March 2022	190		190
Accumulated depreciation
At 01 April 2021	0		0
Charge for the financial year	48		48
At 31 March 2022	48		48
Net book value
At 31 March 2022	142		142
At 31 March 2021	0		0

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2021	5,161,522
As at 31 March 2022	5,161,522

The 2022 valuations were made by the directors, on an open market value for existing use basis.

The historic cost is £1,723,352 (2021 - £1,723,352).

Some of the above properties are subject to operating lease rental agreements.

6. Debtors

	2022		2021
	£		£
Trade debtors	33,991		33,270
Corporation tax	44		0
Other debtors	263,485		661,055
	297,520		694,325

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	10,648		6,610
Trade creditors	0		557
Corporation tax	9,753		25,984
Other taxation and social security	2,427		2,314
Other creditors	42,646		644,629
	65,474		680,094

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

	2022		2021
	£		£
Bank loans	32,989		43,390

9. Provision for liabilities

	2022		2021
	£		£
Deferred tax	590,621		590,621

10. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 590,621)		( 590,621)
At the end of financial year	( 590,621)		( 590,621)

11. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each	100		100

12. Related party transactions

Included within other debtors is a balance of £258,205 (2021: £656,184.00) owed by a company under the control of the shareholders. This balance is unsecured and interest-free with no fixed repayment terms.