Counterpoint Properties Limited - Accounts to registrar (filleted) - small 23.1.2
Counterpoint Properties Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| COUNTERPOINT PROPERTIES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2022 |
| COUNTERPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02598880) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 July 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| COUNTERPOINT PROPERTIES LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 July 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |
| COUNTERPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02598880) |
| BALANCE SHEET |
| 31 July 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| COUNTERPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02598880) |
| BALANCE SHEET - continued |
| 31 July 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| COUNTERPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02598880) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 July 2022 |
| 1. | STATUTORY INFORMATION |
| Counterpoint Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's principal place of business is 34 The Drive, Bognor Regis, P021 4DU. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. Unless indicated otherwise in the accounting policies below, the financial statements have been prepared under the historical cost convention. |
| The financial statements have been prepared on a going concern basis as the directors anticipate future profitability and the bank, together with the parent company, will continue to provide financial support to allow the company to meet its liabilities as they fall due. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Counterpoint Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover is recognised at the fair value of the consideration receivable for sale of property and services provided in the normal course of business, net of value added tax. In the case of property sales, turnover is recognised at the date of exchange of properties. Turnover in respect of services provided is taken appropriate to the stage of completion when the outcome of the contract can be assessed with reasonable certainty. |
| Tangible fixed assets |
| Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and machinery etc | - 25% on cost |
| On disposal, the difference between net proceeds and the carrying amount of item sold is recognised in the profit and loss account and is included in administrative expenses. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less provision for diminution in value. |
| Stocks |
| Stocks relate to land and property held for development. Stocks are valued at the lower of cost and net realisable value. Cost includes original purchase price and costs directly attributable to the redevelopment of land and property. |
| Financial instruments |
| Financial instruments are classified as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price and subsequently recognised at amortised cost using the effective interest method. The company does not have any financial non-basic instruments. |
| COUNTERPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02598880) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current tax is the amount of corporation tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements. |
| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 August 2021 |
| Additions |
| At 31 July 2022 |
| DEPRECIATION |
| At 1 August 2021 |
| Charge for year |
| At 31 July 2022 |
| NET BOOK VALUE |
| At 31 July 2022 |
| At 31 July 2021 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 August 2021 |
| and 31 July 2022 |
| NET BOOK VALUE |
| At 31 July 2022 |
| At 31 July 2021 |
| COUNTERPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02598880) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Amounts owed to parent company |
| Other creditors |
| Other creditors includes £8,070,877 owed to the ultimate parent entity. |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Other loans |
| The above loans are secured by a fixed charge over the property held in stock. |
| 10. | RELATED PARTY DISCLOSURES |
| The company has agreed a reorganisation of its capital and loan structure. As part of the reorganisation loan interest of £1,775,206 has been waived. |
| COUNTERPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02598880) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2022 |
| 11. | POST BALANCE SHEET EVENTS |
| Included in other creditors, falling due within one year, is an interest bearing third-party loan amounting to £393,000 which was fully repaid in September 2022. |
| As part of the company's reorganisation of its capital and loan structure the conversion of the loan capital into Ordinary and Preference shares has been agreed. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| COUNTERPOINT PROPERTIES LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Counterpoint Properties Limited for the year ended 31 July 2022 which comprise the Profit and Loss Account, Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Counterpoint Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Counterpoint Properties Limited and state those matters that we have agreed to state to the Board of Directors of Counterpoint Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Counterpoint Properties Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Counterpoint 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 Counterpoint Properties Limited. You consider that Counterpoint 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 Counterpoint 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. |
| This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |