Crownbrook Ventures Limited
Crownbrook Ventures Limited
Registered number: 05640737
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 November 2017
Dabinett Consulting Limited
Corporate Accountants
1 Berkeley Street
London
W1J 8DJ
Crownbrook Ventures Limited
Unaudited Financial Statements
For The Year Ended 30 November 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Statement of Financial Position | 1—2 |
| Notes to the Abridged Financial Statements | 3—6 |
Crownbrook Ventures Limited
Abridged Statement of Financial Position
For The Year Ended 30 November 2017
Abridged Statement of Financial Position
Registered number:
05640737
For the year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | (832,219) | (832,241) | |||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 4 |
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| Fair Value Reserve | 6 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 1,020,200 | 1,003,239 | |||
Page 1
Crownbrook Ventures Limited
Abridged Statement of Financial Position (continued)
For The Year Ended 30 November 2017
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
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All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 30 November 2017 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Crownbrook Ventures Limited
Notes to the Abridged Financial Statements
For The Year Ended 30 November 2017
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rental income
Turnover from rental income is recognised when the rental income becomes due.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
Page 3
Crownbrook Ventures Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 30 November 2017
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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Page 4
Crownbrook Ventures Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 30 November 2017
3.
Tangible Assets
| Total | |
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| £ | |
| Cost | |
| As at |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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5.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
The above loan is unsecured, interest free and repayable on demand.
6.
Reserves
| Fair Value Reserve | |
|---|---|
| £ | |
| As at |
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| As at |
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Page 5
Crownbrook Ventures Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 30 November 2017
7.
Transition to FRS 102
This is the first year in which the financial statements have been prepared under FRS 102. The last financial statements under previous UK GAAP were for the year ended 30 November 2016, and the date of transition to FRS 102 was 1 December 2015. Set out below are the changes in acccounting policies which reconcile profit for the financial year ended 30 November 2016 and the total equity as at 01 December 2015 and 30 November 2016 between UK GAAP as previousley reported and under FRS 102 in these financial statements.
Reconciliation of equity:
Under UK GAAP as previousely reported 30 Nov 2016 £1,190,014 (1 Dec 2015 £1,171,053)
Deferred tax impact of adjustments:
Provision on increase of investment properties to fair value 30 Nov 2016 £ 186,775 (1 Dec 2015 £ 186,775)
Under FRS 102 30 Nov 2016 £1,003,239 (1 Dec 2015 £ 984,278)
Reconciliation of profit and loss account for the year to 31 October 2016:
Under UK GAAP as previousely reported and FRS 102 £ 18,961
8.
General Information
Crownbrook Ventures Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05640737 . The registered office is 60 Gordon Road, London, W5 2AR.
Page 6