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Registered number: 04261746
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Calamander Developments Limited
Financial statements
Information for filing with the registrar
31 December 2023
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Calamander Developments Limited
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Balance sheet
At 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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1
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Calamander Developments Limited
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Balance sheet (continued)
At 31 December 2023
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 May 2024.
Registered number: 04261746
The notes on pages 3 to 9 form part of these financial statements.
2
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Calamander Developments Limited
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Notes to the financial statements
Year ended 31 December 2023
Calamander Developments Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is 1 Station Lane, Gilesgate Roundabout, Durham City, DH1 1LJ.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The following principal accounting policies have been applied:
The turnover shown in the profit and loss account represents amounts receivable under operating leases during the period.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
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Calamander Developments Limited
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Notes to the financial statements
Year ended 31 December 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
4
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Calamander Developments Limited
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Notes to the financial statements
Year ended 31 December 2023
2.Accounting policies (continued)
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued by the directors to its fair value at each reporting date and any changes are recognised in profit or loss.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts
5
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Calamander Developments Limited
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Notes to the financial statements
Year ended 31 December 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 8 ( 2022 : 8).
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6
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Calamander Developments Limited
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Notes to the financial statements
Year ended 31 December 2023
7
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Calamander Developments Limited
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Notes to the financial statements
Year ended 31 December 2023
Investment properties are held for rental yield and capital appreciation. Investment properties are shown at their open market value based on the valuation provided by the diectors at 31 December 2023.
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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8
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Calamander Developments Limited
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Notes to the financial statements
Year ended 31 December 2023
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Allotted, called up and fully paid
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15,205 (2022 -15,205) Ordinary shares of £1.00 each
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4,975 (2022 - 4,975) Ordinary G shares of £1.00 each
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12,027 (2022 -12,027) Ordinary A shares of £1.00 each
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12,028 (2022 -12,028) Ordinary B shares of £1.00 each
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14,685 (2022 -14,685) Ordinary C shares of £1.00 each
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16,497 (2022 -16,497) Ordinary D shares of £1.00 each
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16,496 (2022 -16,496) Ordinary E shares of £1.00 each
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3,112 (2022 -3,112) Ordinary F shares of £1.00 each
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4,975 (2022 -4,975) Ordinary H shares of £1.00 each
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3,112 (2022 -3,112) Ordinary I shares of £1.00 each
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25,000 (2022 -25,000) Ordinary J shares of £1.00 each
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24,210 (2022 -24,210) Ordinary K shares of £1.00 each
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14,685 (2022 -14,685) Ordinary L shares of £1.00 each
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16,497 (2022 -16,497) Ordinary M shares of £1.00 each
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16,496 (2022 -16,496) Ordinary N shares of £1.00 each
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Commitments under operating leases
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At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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Included within other debtors due within one year is a loan of £Nil (2022: £458,732) to the Jagal Pension Scheme (of which the directors are Trustees). Included within other creditors due within one year is a loan of £197 (2022: £Nil) from the Jagal Pension Scheme. The loan is unsecured, interest free and repayable on demand.
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9
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