Curtis Medical Investments Limited 31/12/2020 iXBRL

CURTIS MEDICAL INVESTMENTS LIMITED - Company Information

5 31/12/2020 2020-12-31 false false false false true false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2020-01-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 03135599 2020-01-01 2020-12-31 03135599 2020-12-31 03135599 2019-01-01 2019-12-31 03135599 2019-12-31 03135599 2018-12-31 03135599 core:FurnitureFittingsToolsEquipment 2020-01-01 2020-12-31 03135599 bus:RegisteredOffice 2020-01-01 2020-12-31 03135599 bus:LeadAgentIfApplicable 2020-01-01 2020-12-31 03135599 bus:Director1 2020-01-01 2020-12-31 03135599 bus:Director2 2020-01-01 2020-12-31 03135599 bus:Director3 2020-01-01 2020-12-31 03135599 bus:Director4 2020-01-01 2020-12-31 03135599 bus:Director5 2020-01-01 2020-12-31 03135599 bus:Director6 2020-01-01 2020-12-31 03135599 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 03135599 core:FurnitureFittingsToolsEquipment 2020-12-31 03135599 core:WithinOneYear 2020-12-31 03135599 core:WithinOneYear 2019-12-31 03135599 core:AfterOneYear 2020-12-31 03135599 core:AfterOneYear 2019-12-31 03135599 core:LandBuildings core:OwnedOrFreeholdAssets 2019-12-31 03135599 core:HedgingReserve 2019-01-01 2019-12-31 03135599 core:RetainedEarningsAccumulatedLosses 2019-01-01 2019-12-31 03135599 core:HedgingReserve 2020-01-01 2020-12-31 03135599 core:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 03135599 core:ShareCapital 2020-12-31 03135599 core:ShareCapital 2019-12-31 03135599 core:HedgingReserve 2020-12-31 03135599 core:HedgingReserve 2019-12-31 03135599 core:RetainedEarningsAccumulatedLosses 2020-12-31 03135599 core:RetainedEarningsAccumulatedLosses 2019-12-31 03135599 core:ShareCapital 2018-12-31 03135599 core:HedgingReserve 2018-12-31 03135599 core:RetainedEarningsAccumulatedLosses 2018-12-31 03135599 core:BetweenOneFiveYears 2020-12-31 03135599 core:MoreThanFiveYears 2019-12-31 03135599 core:CostValuation core:Non-currentFinancialInstruments 2019-12-31 03135599 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2020-12-31 03135599 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 03135599 core:Non-currentFinancialInstruments 2020-12-31 03135599 core:Non-currentFinancialInstruments 2019-12-31 03135599 core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal core:Non-currentFinancialInstruments 2020-12-31 03135599 core:FurnitureFittingsToolsEquipment 2019-12-31 03135599 bus:SmallEntities 2020-01-01 2020-12-31 03135599 bus:Audited 2020-01-01 2020-12-31 03135599 bus:FullAccounts 2020-01-01 2020-12-31 03135599 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 03135599 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 03135599 core:FurtherSpecificReserve1ComponentTotalEquity 2018-12-31 03135599 core:FurtherSpecificReserve1ComponentTotalEquity 2019-01-01 2019-12-31 03135599 core:FurtherSpecificReserve1ComponentTotalEquity 2019-12-31 03135599 core:FurtherSpecificReserve1ComponentTotalEquity 2020-01-01 2020-12-31 03135599 core:FurtherSpecificReserve1ComponentTotalEquity 2020-12-31 03135599 core:FurtherSpecificReserve1ComponentTotalEquity 1 2019-01-01 2019-12-31 03135599 core:RetainedEarningsAccumulatedLosses 1 2019-01-01 2019-12-31 03135599 core:FurtherSpecificReserve1ComponentTotalEquity 2 2020-01-01 2020-12-31 03135599 core:RetainedEarningsAccumulatedLosses 2 2020-01-01 2020-12-31 03135599 core:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2020-01-01 2020-12-31 03135599 core:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2020-12-31 03135599 core:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2019-12-31 03135599 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2020-01-01 2020-12-31 03135599 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2020-12-31 03135599 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2019-12-31 03135599 core:OtherRelatedParties 2020-01-01 2020-12-31 03135599 core:OtherRelatedParties 2020-12-31 03135599 core:OtherRelatedParties 2019-12-31

Company registration number: 03135599

Curtis Medical Investments Limited

Filleted financial statements

31 December 2020

Curtis Medical Investments Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Curtis Medical Investments Limited

Directors and other information


Directors	Mr M Hill
	Mr J J Hill
	Mr M W Seaman-Hill
	Mrs K M A Hill
	Mr G V Penasa	(Appointed 14 June 2021)
	Mr A Bunker	(Resigned 19 April 2021)


Company number	03135599


Registered office	First Floor Offices
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ


Auditor	Hicks and Company
	First Floor
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ




	Bankers	Weatherbys Bank Limited
		Sanders Road
		Wellingborough
		Northamptonshire
		NN8 4BX

Curtis Medical Investments Limited

Directors responsibilities statement

Year ended 31 December 2020

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Curtis Medical Investments Limited

Statement of financial position

31 December 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Tangible assets	5	23,884,926		23,884,926
Investments	6	298,041		299,764
		_______		_______
			24,182,967		24,184,690

Current assets
Debtors	7	331,422		514,997
Investments	8	1,245		1,717
Cash at bank and in hand		1,185,121		739,226
		_______		_______
		1,517,788		1,255,940
Creditors: amounts falling due
within one year	9	( 1,534,878)		( 1,297,103)
		_______		_______
Net current liabilities			( 17,090)		( 41,163)
			_______		_______
Total assets less current liabilities			24,165,877		24,143,527

Creditors: amounts falling due
after more than one year	10		( 5,586,097)		( 6,113,787)

Provisions for liabilities			( 1,103,881)		( 1,104,208)

			_______		_______
Net assets			17,475,899		16,925,532
			_______		_______

Capital and reserves
Called up share capital			100		100
Fair value reserve			12,242,293		12,243,689
Profit and loss account			5,233,506		4,681,743
			_______		_______
Shareholders funds			17,475,899		16,925,532
			_______		_______

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.

These financial statements were approved by the board of directors and authorised for issue on 13 September 2021 , and are signed on behalf of the board by:

Mr J J Hill

Director

Company registration number: 03135599

Curtis Medical Investments Limited

Statement of changes in equity

Year ended 31 December 2020

	Called up share capital	Fair value reserve	Profit and loss account	Total
	£	£	£	£


At 1 January 2019	100	12,246,576	4,058,976	16,305,652

Profit for the year			1,019,880	1,019,880
Other comprehensive income for the year:
Fair value adjustment of investments	-	224	( 224)	-
Tax relating to components of other comprehensive income		( 3,111)	3,111	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	( 2,887)	1,022,767	1,019,880

Dividends paid and payable			( 400,000)	( 400,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 400,000)	( 400,000)

	_______	_______	_______	_______
At 31 December 2019 and 1 January 2020	100	12,243,689	4,681,743	16,925,532

Profit for the year			950,367	950,367
Other comprehensive income for the year:
Fair value adjustment of investments	-	( 1,723)	1,723	-
Tax relating to components of other comprehensive income		327	( 327)	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	( 1,396)	951,763	950,367

Dividends paid and payable			( 400,000)	( 400,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 400,000)	( 400,000)

	_______	_______	_______	_______
At 31 December 2020	100	12,242,293	5,233,506	17,475,899
	_______	_______	_______	_______

Curtis Medical Investments Limited

Notes to the financial statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Turnover

Turnover represents the rents of properties and recharged expenses which are included on an accruals basis and consultancy fees excluding value added tax on properties where option to tax has been granted by HM Revenue & Customs.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Payments made under operating leases are charged to profit or loss on a straight line basis .

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:


Furniture, fixtures and fittings	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset 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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2019: 5 ).

5. Tangible assets

	Freehold investment properties	Furniture, fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2020 and 31 December 2020	23,883,418	529,299	24,412,717
	_______	_______	_______
Depreciation
At 1 January 2020 and 31 December 2020	-	527,791	527,791
	_______	_______	_______
Carrying amount
At 31 December 2020	23,883,418	1,508	23,884,926
	_______	_______	_______
At 31 December 2019	23,883,418	1,508	23,884,926
	_______	_______	_______

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 January 2020 and 31 December 2020	23,883,418
		_______

On 12th March 2020 the World Health Organisation announced the COVID-19 outbreak a pandemic. The COVID-19 crisis has created a great deal of uncertainty in the property market that is not reflected in the property valuations included in the financial statements. At the date of signing these financial statements, the directors cannot yet quantify what impact the pandemic will be on the fair values of the investment properties. The directors will review the situation regarding COVID-19 and the fair values of the investment properties at the next statement of financial position date.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold investment properties	Total
	£	£
At 31 December 2020
Aggregate cost	10,736,998	10,736,998
Aggregate depreciation	-	-
	_______	_______
Carrying amount	10,736,998	10,736,998
	_______	_______

At 31 December 2019
Aggregate cost	10,736,998	10,736,998
Aggregate depreciation	-	-
	_______	_______
Carrying amount	10,736,998	10,736,998
	_______	_______

6. Investments

	Shares in participating interest	Other investments other than loans	Total
	£	£	£
Cost or valuation
At 1 January 2020	50	299,714	299,764
Revaluations	-	( 1,723)	( 1,723)
	_______	_______	_______
At 31 December 2020	50	297,991	298,041
	_______	_______	_______
Impairment
At 1 January 2020 and 31 December 2020	-	-	-
	_______	_______	_______
Carrying amount
At 31 December 2020	50	297,991	298,041
	_______	_______	_______
At 31 December 2019	50	299,714	299,764
	_______	_______	_______

7. Debtors

	2020	2019
	£	£
Insurance arrears	6,823	532
Amounts owed by participating interest	11,000	11,000
Other debtors	313,599	503,465
	_______	_______
	331,422	514,997
	_______	_______

8. Investments

	2020	2019
	£	£
Other investments	1,245	1,717
	_______	_______

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans (secured)	527,690	529,186
Rent and insurance in advance	462,564	281,179
Corporation tax	223,231	208,822
Social security and other taxes	50,898	52,511
Other creditors	270,495	225,405
	_______	_______
	1,534,878	1,297,103
	_______	_______

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

	2020	2019
	£	£
Bank loans (secured)	5,586,097	6,113,787
	_______	_______

Included within creditors: amounts falling due after more than one year is an amount of £ 295,569 (2019 £ 315,988 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are secured by a first charge over the freehold investment properties.

11. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Later than 1 year and not later than 5 years	54,198	-
Later than 5 years	-	65,608
	_______	_______

12. Contingent assets and liabilities

As at 31st December 2020 the following contingent liability existed:Additional purchase consideration of £10,000 in respect of an investment property purchased during the year ended 31st December 1998 upon obtaining a final satisfactory surveyor's report. To date this remains to be resolved.

13. Summary audit opinion

The auditor's report for the year dated 13 September 2021 was unqualified.

The senior statutory auditor was Philip Dean FCA for and on behalf of Hicks and Company

14. Related party transactions

Included in other debtors are the following loans made to businesses in which certain directors have an interest:Curtis Land Limited £ 50,000 (2019 £ 50,000 )The above existing loan is unsecure and repayable on demand. Subject to interest at 3% per annum. Peaktoll Limited £ 50,000 (2019 £ 50,000 ) Mahone Bay Limited £ 50,000 (2019 £ 50,000 )Messrs John Shilcock £Nil (2019 £38,000)The above existing loans are unsecured, interest free and available on demand.