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

C V PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04072904

C V Properties Limited

Filleted Unaudited Abridged Financial Statements

30 June 2022

C V Properties Limited

Abridged Financial Statements

Year ended 30 June 2022

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

C V Properties Limited

Abridged Statement of Financial Position

30 June 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		326,744	326,744

Current assets

Debtors	–	1,022
Cash at bank and in hand	19,689	207,209
	--------	---------
	19,689	208,231

Creditors: amounts falling due within one year	45,208		210,814
	--------		---------
Net current liabilities		25,519	2,583
		---------	---------
Total assets less current liabilities		301,225	324,161
		---------	---------
Net assets		301,225	324,161
		---------	---------

Capital and reserves

Called up share capital	2	2
Fair value reserve	123,676	123,676
Profit and loss account	177,547	200,483
	---------	---------
Shareholders funds	301,225	324,161
	---------	---------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 June 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 June 2022 in accordance with Section 444(2A) of the Companies Act 2006.

C V Properties Limited

Abridged Statement of Financial Position (continued)

30 June 2022

These abridged financial statements were approved by the board of directors and authorised for issue on 25 January 2023 , and are signed on behalf of the board by:

Mr S. Parry	Mrs C.M. Parry
Director	Director

Company registration number: 04072904

C V Properties Limited

Notes to the Abridged Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Investment properties

Investment property is initially recorded 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.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2021: 2 ).

5. Tangible assets

	£
Cost
At 1 July 2021 and 30 June 2022	326,744
	---------
Depreciation
At 1 July 2021 and 30 June 2022	–
	---------
Carrying amount
At 30 June 2022	326,744
	---------
At 30 June 2021	326,744
	---------

6. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S. Parry	–	–	–	–
Mrs C.M. Parry	( 200,126)	156,334	–	( 43,792)
	---------	---------	----	--------
	( 200,126)	156,334	–	( 43,792)
	---------	---------	----	--------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S. Parry	( 168,026)	( 17,100)	( 15,000)	( 200,126)
Mrs C.M. Parry	( 168,026)	153,026	15,000	–
	---------	---------	--------	---------
	( 336,052)	135,926	–	( 200,126)
	---------	---------	--------	---------

7. Related party transactions

The company was under the control the directors throughout the period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.