C & N Properties (Midlands) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04498357 (England and Wales)

C & N PROPERTIES (MIDLANDS) LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E M Nickols

F E Clark

SECRETARY:

F E Clark

REGISTERED OFFICE:

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

REGISTERED NUMBER:

04498357 (England and Wales)

ACCOUNTANTS:

Atkinson Finch & Co

Chartered Accountants

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

FIXED ASSETS

Tangible assets

4

2,990

3,986

Investment property

5

700,000

700,000

702,990

703,986

CURRENT ASSETS

Debtors

6

7,064

4,936

Cash at bank

30,917

51,073

37,981

56,009

CREDITORS

Amounts falling due within one year

7

382,887

391,300

NET CURRENT LIABILITIES

(344,906

)

(335,291

)

TOTAL ASSETS LESS CURRENT LIABILITIES

358,084

368,695

PROVISIONS FOR LIABILITIES

46,088

46,277

NET ASSETS

311,996

322,418

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

224,985

224,985

Retained earnings

86,011

96,433

SHAREHOLDERS' FUNDS

311,996

322,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th September 2023 and were signed on its behalf by:

F E Clark - Director

1.	STATUTORY INFORMATION

C & N Properties (Midlands) Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

There are no significant judgements that have a material effect on the accounts nor any accounting estimates that have a high risk of causing a material adjustment in a future accounting period.

Turnover

Turnover represents rents receivable. The company is not registered for value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment property

Investment property is carried at fair value. Revaluation surpluses or deficits are recognised in the income statement. Deferred taxation is provided on these gains and the net of revaluation and deferred tax movement transferred to a fair value reserve.

The directors review the property each year and adjust the carrying value where they believe that there is a material adjustment to the previous year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Office

fittings

equipment

Totals

£

£

£

COST

At 1st January 2022

and 31st December 2022

18,581

125

18,706

DEPRECIATION

At 1st January 2022

14,596

124

14,720

Charge for year

996

-

996

At 31st December 2022

15,592

124

15,716

NET BOOK VALUE

At 31st December 2022

2,989

1

2,990

At 31st December 2021

3,985

1

3,986

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2022

and 31st December 2022

700,000

NET BOOK VALUE

At 31st December 2022

700,000

At 31st December 2021

700,000

Fair value at 31st December 2022 is represented by:

£

Valuation in 2021

270,505

Cost

429,495

700,000

If the investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

429,495

429,495

The investment property was valued on an open market basis on 31st December 2021 by the Board of Directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

908

4,316

Corporation tax repayable

937

-

Prepayments

5,219

620

7,064

4,936

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

378

598

Corporation tax payable

-

6,676

Social security and other taxes

-

1,034

Other creditors

2,185

-

Directors' current accounts

358,223

375,329

Accrued expenses

22,101

7,663

382,887

391,300