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

CORPORATION PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04166876

Corporation Properties Limited

Filleted Unaudited Financial Statements

28 February 2023

Corporation Properties Limited

Financial Statements

Year ended 28 February 2023

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Corporation Properties Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Corporation Properties Limited

Year ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Corporation Properties Limited for the year ended 28 February 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Corporation Properties Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Corporation Properties Limited and state those matters that we have agreed to state to him in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Corporation Properties Limited and its directors for our work or for this report.

It is your duty to ensure that Corporation Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Corporation Properties Limited. You consider that Corporation Properties Limited 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 financial statements of Corporation Properties Limited. 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 financial statements.

HEBBLETHWAITES Chartered Accountants

2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ

10 July 2023

Corporation Properties Limited

Statement of Financial Position

28 February 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	3,677,548	3,677,548

Current assets

Debtors	6	18,094	67,104
Cash at bank and in hand		68,451	246,659
		--------	---------
		86,545	313,763

Creditors: amounts falling due within one year	7	1,136,958	998,946
		------------	---------
Net current liabilities		1,050,413	685,183
		------------	------------
Total assets less current liabilities		2,627,135	2,992,365

Creditors: amounts falling due after more than one year	8	100,899	671,099

Provisions

Taxation including deferred tax	105,696	80,329
	------------	------------
Net assets	2,420,540	2,240,937
	------------	------------

Corporation Properties Limited

Statement of Financial Position (continued)

28 February 2023

	2023	2022
Note	£	£

Capital and reserves

Called up share capital	2	2
Revaluation reserve	804,244	829,611
Profit and loss account	1,616,294	1,411,324
	------------	------------
Shareholders funds	2,420,540	2,240,937
	------------	------------

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.

For the year ending 28 February 2023 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 year in question in accordance with section 476 ;

- The director acknowledges his 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 9 July 2023 , and are signed on behalf of the board by:

Mr M J Hobson
Director

Company registration number: 04166876

Corporation Properties Limited

Notes to the Financial Statements

Year ended 28 February 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Huntley Road, Sheffield, S11 7PA.

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 Statement of Financial Position at the year end date shows a net current liability position. The accounts have, however, been prepared on a going concern basis. The director considers that this basis remains appropriate given the funding made available to the company, related parties, its' bankers, and the director, which together with the ongoing revenue and profitability, are expected to fully provide adequate support to maintain the activities of the company.

Revenue recognition

Turnover represents rents invoiced for the year, net of Value Added Tax.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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.

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. 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.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Government grants

Income from Government grants are in respect of the Small Business Grant Fund and the Bounce Back Loan Scheme.

5. Tangible assets

	Investment property
	£
Cost
At 1 March 2022 and 28 February 2023	3,677,548
	------------
Depreciation
At 1 March 2022 and 28 February 2023	–
	------------
Carrying amount
At 28 February 2023	3,677,548
	------------
At 28 February 2022	3,677,548
	------------

Tangible assets held at valuation

The open market value of the company property has been re-considered, at the year end date, by the director. The properties were subject to a revaluation at the prior year end, this reflective of the income generation and general open market position. Certain of the properties within the company portfolio were revalued, positively, giving rise to a gross uplift, in the prior year, of £909,940, this reflected in the financial statements by reference to the carrying value and the, net of provision for the associated deferred tax, revaluation reserve. Had the property not been subject to a revaluation, it would be carried at cost, being £2,767,608.

6. Debtors

	2023	2022
	£	£
Trade debtors	7,402	56,602
Other debtors	10,692	10,502
	--------	--------
	18,094	67,104
	--------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	6,060	102,723
Trade creditors	3,000	2,930
Corporation tax	93,249	45,169
Social security and other taxes	13,233	13,045
Other creditors	1,021,416	835,079
	------------	---------
	1,136,958	998,946
	------------	---------

The creditor balance, payable within one year, in relation to the bank, as above, in the sum of £6,060 (2022 £102,723) is secured by reference to the company property.

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

	2023	2022
	£	£
Bank loans and overdrafts	100,899	671,099
	---------	---------

The creditor balance, payable after more than one year, in relation to the bank, as above, in the sum of £100,899 (2022 £671,099) is secured by reference to the company property.

Included within creditors amounts falling due after more than one year is an amount of £76,657 (2022 £110,681) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Director's advances, credits and guarantees

A loan account exists between the company and the director At the year end date, the company was indebted to the director, in this regard, in the sum of £797,057 (2022 £798,621). Interest is not being charged on the loan and there are no formal repayment terms.

10. Related party transactions

As a result of advances made to the company during the year, a loan account exists as between this company and two other companies under common ownership and control, these loan liabilities included within "other creditors" above. The total of monies owing to these two entities is £222,859, in relation to which no security is held, no formal repayment arrangements are in place and no interest is being charged.