Cassidy Group (Arkwright Street) Ltd - Period Ending 2022-06-30

Cassidy Group (Arkwright Street) Ltd

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Balance Sheet	4
Notes to the Unaudited Financial Statements	5 to 9

Cassidy Group (Arkwright Street) Ltd

Company Information

Director

Mr James Patrick Francis Slattery Cassidy

Registered office

The Barns Whitestitch Lane Meriden Warwickshire CV7 7JE

Accountants

Pattinsons Business Services Ltd 8 The Courtyard Goldsmith Way Eliot Business Park Nuneaton CV10 7RJ

Cassidy Group (Arkwright Street) Ltd

Director's Report for the Year Ended 30 June 2022

The director presents his report and the financial statements for the year ended 30 June 2022.

Director of the company

The director who held office during the year was as follows:

Mr James Patrick Francis Slattery Cassidy

Principal activity

The principal activity of the company is that of property development.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through the continued financial support of its funders. The director therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result in the withdrawal of financial support by the funders.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 30 March 2023 and signed on its behalf by:

.........................................
Mr James Patrick Francis Slattery Cassidy
Director

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cassidy Group (Arkwright Street) Ltd
for the Year Ended 30 June 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cassidy Group (Arkwright Street) Ltd for the year ended 30 June 2022 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Cassidy Group (Arkwright Street) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cassidy Group (Arkwright Street) Ltd and state those matters that we have agreed to state to the Board of Directors of Cassidy Group (Arkwright Street) Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cassidy Group (Arkwright Street) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cassidy Group (Arkwright Street) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cassidy Group (Arkwright Street) Ltd. You consider that Cassidy Group (Arkwright Street) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cassidy Group (Arkwright Street) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

30 March 2023

Cassidy Group (Arkwright Street) Ltd

(Registration number: 11833367)
Balance Sheet as at 30 June 2022

	Note	2022 £	2021 £
Current assets
Stocks	4	8,833,570	8,667,612
Debtors	5	18,542	120,146
Cash at bank and in hand		335	2,312
		8,852,447	8,790,070
Creditors: Amounts falling due within one year	6	(8,826,911)	(1,902,663)
Total assets less current liabilities		25,536	6,887,407
Creditors: Amounts falling due after more than one year	6	(39,167)	(6,894,401)
Net liabilities		(13,631)	(6,994)
Capital and reserves
Called up share capital	9	100	100
Profit and loss account		(13,731)	(7,094)
Shareholders' deficit		(13,631)	(6,994)

For the financial 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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 March 2023
 

.........................................

Mr James Patrick Francis Slattery Cassidy
Director

Cassidy Group (Arkwright Street) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Barns
Whitestitch Lane
Meriden
Warwickshire
CV7 7JE

These financial statements were authorised for issue by the director on 30 March 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The accrual model is adopted for the recognition of grant income received.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Cassidy Group (Arkwright Street) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

Cassidy Group (Arkwright Street) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2021 - 0).

4

Stocks

	2022 £	2021 £
Work in progress	8,833,570	8,667,612

5

Debtors

	Note	2022 £	2021 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	100	100
Prepayments		-	100,000
Other debtors		18,442	20,046
		18,542	120,146

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts	7	10,000	5,599
Trade creditors		61,341	121,473
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	8,613,981	1,422,394
Other creditors		141,589	353,197
		8,826,911	1,902,663
Due after one year
Loans and borrowings	7	39,167	6,894,401

Cassidy Group (Arkwright Street) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

7	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	39,167	44,401
Other borrowings	-	6,850,000
	39,167	6,894,401

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	10,000	5,599

8	Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Christopher John Taylor held a fixed and floating charge over the companies assets in relation to a commercial mortgage granted to Cassidy Group (Arkwright Street) Ltd, Nil (2021 - £6,850,000). This has been satisfied during the period.

CBRE Loan Services registered a fixed and floating charge against the land and property held within work in progress, lying to the west of arwright street, the meadows. This is in relation to funding provided to Cassidy Homes (Earlsdon) Ltd. The charge was created on 4 November 2021.

9	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Cassidy Group (Arkwright Street) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

10	Related party transactions

Loans to related parties

Cassidy Group (Corporation Street) Ltd
Included within debtors is an amount of £Nil (2021: £50) due from Cassidy Group (Corporation Street) Ltd, a company connected by virtue of common directorship.

Cassidy Homes Ltd
Included within debtors is an amount of £50 (2021: £Nil) due from Cassidy Homes Ltd, a company connected by virtue of common directorship.

Loans from related parties

Cassidy Group (UK) Limited
Included within creditors is an amount of £142,620 (2021: £30,500) due to Cassidy Group (UK) Limited, a company connected by virtue of common directorship.

11	Government grants

During the period the company received government grants in support of the ongoing pandemic Covid-19
The amount of grants recognised in the financial statements was £Nil (2021 - £1,250).