Cambridge Property Developments Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09379745 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CAMBRIDGE PROPERTY DEVELOPMENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G R Ward

REGISTERED OFFICE:

Colmworth Business Park

16 Eaton Court

St Neots

Cambridgeshire

PE19 8ER

REGISTERED NUMBER:

09379745 (England and Wales)

ACCOUNTANTS:

Thompson Taraz Rand Ltd

Chartered Accountants

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

FIXED ASSETS

Tangible assets

5

131,916

76,950

Investment property

6

7,579,750

7,579,750

7,711,666

7,656,700

CURRENT ASSETS

Debtors

7

-

3,693

Cash at bank

91,390

153,549

91,390

157,242

CREDITORS

Amounts falling due within one year

8

(2,368,516

)

(2,174,334

)

NET CURRENT LIABILITIES

(2,277,126

)

(2,017,092

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,434,540

5,639,608

CREDITORS

Amounts falling due after more than one year

9

(4,090,082

)

(4,069,036

)

PROVISIONS FOR LIABILITIES

11

(113,186

)

(120,886

)

NET ASSETS

1,231,272

1,449,686

CAPITAL AND RESERVES

Called up share capital

12

100

100

Fair value reserve

13

559,287

559,287

Retained earnings

671,885

890,299

SHAREHOLDERS' FUNDS

1,231,272

1,449,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2023 and were signed by:

G R Ward - Director

1.	STATUTORY INFORMATION

Cambridge Property Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is derived from rents received. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost and 20% on cost

Investment property

Investment property is measured at cost on initial recognition and then fair value at each reporting date. Fair value gains and losses are recognised in the profit and loss. Deferred taxation is provided on these gains at rates expected to apply when the property is sold.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities or equity instruments.

Basic financial assets:

Basic financial assets which include assets and such as debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of future receipts are discounted at a market rate of interest. Assets receivable within one year are not discounted.

Basic financial liabilities:

Basic financial liabilities. including creditors, bank loans, are initially measured at transaction price net of transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Going concern

During the year under review the company made a loss following significant repair costs in relation to a number of properties within the portfolio. These costs are a one off and are therefore considered exceptional.

Having considered a period of 12 months from the date of approval of these financial statements the director has a more than reasonable expectation that the Company has the required resources to continue in operational existence for the foreseeable future.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

209,181

Additions

71,018

At 31 March 2023

280,199

DEPRECIATION

At 1 April 2022

132,231

Charge for year

16,052

At 31 March 2023

148,283

NET BOOK VALUE

At 31 March 2023

131,916

At 31 March 2022

76,950

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2022

35,102

Additions

66,163

At 31 March 2023

101,265

DEPRECIATION

At 1 April 2022

7,020

Charge for year

8,775

At 31 March 2023

15,795

NET BOOK VALUE

At 31 March 2023

85,470

At 31 March 2022

28,082

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

7,579,750

NET BOOK VALUE

At 31 March 2023

7,579,750

At 31 March 2022

7,579,750

Fair value at 31 March 2023 is represented by:

£

Valuation in 2020

425,000

Valuation in 2021

(873,270

)

Valuation in 2022

1,087,566

Cost

6,940,454

7,579,750

If investment properties had not been revalued they would have been included at the following historical cost:

2023

2022

as restated

£

£

Cost

6,940,454

6,940,454

The investment properties were valued on a fair value basis on 1 June 2022 by Westley & Huff Chartered Surveyors .

The director has further considered the fair value if investment properties at the balance sheet date and considers the carrying value in the financial statements to not be materially different to their fair value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

as restated

£

£

Other debtors

-

3,693

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

as restated

£

£

Bank loans and overdrafts

343,610

143,610

Hire purchase contracts and finance leases

15,230

4,211

Trade creditors

6,676

-

Tax

-

19,557

Other creditors

2,000,000

2,000,000

Accrued expenses

3,000

6,956

2,368,516

2,174,334

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

as restated

£

£

Bank loans - 1-2 years

272,506

272,506

Bank loans - 2-5 years

3,653,954

3,653,954

Hire purchase contracts and finance leases

48,962

18,825

Directors loan accs more 1yr

114,660

123,751

4,090,082

4,069,036

Bank loans are secured against the Companies Investment Properties by way of a fixed charge. All Bank loans are interest only with no fixed repayment date.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

as restated

£

£

Bank loans

4,270,070

4,070,070

Hire purchase contracts and finance leases

64,192

23,036

4,334,262

4,093,106

Bank loans are secured via a fixed charge over the investment property to which they relate.

Hire purchase liabilities are secured against the asset to which they relate.

11.	PROVISIONS FOR LIABILITIES

2023

2022

as restated

£

£

Deferred tax

113,186

120,886

Deferred

tax

£

Balance at 1 April 2022

120,886

Change in tax rate movement

38,174

Unutilised tax losses

(74,026

)

Accelerated capital allowances

28,152

Balance at 31 March 2023

113,186

Deferred tax is recognised in respect of the excess of capital allowances over depreciation and the movement in the fair value of investment property using the rates of corporation tax expected to apply on the reversal of the timing difference.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

as restated

£

£

1

Ordinary D

£1

1

1

33

Ordinary A

£1

33

33

33

Ordinary B

£1

33

33

33

Ordinary C

£1

33

33

100

100

13.

RESERVES

Fair

value

reserve

£

At 1 April 2022

and 31 March 2023

559,287

14.	RELATED PARTY DISCLOSURES

Included within other creditors is a balance of £114,660 (2022:123,751) This balance is interest free and repayable on demand.