Crownheights Limited Filleted accounts for Companies House (small and micro)

CROWNHEIGHTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03192795

Crownheights Limited

Filleted Unaudited Financial Statements

31 March 2018

Crownheights Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Investment property	4		810,961	811,220

Current assets

Debtors	5	4,949	28,221
Cash at bank and in hand		23,948	28,185
		--------	--------
		28,897	56,406

Creditors: amounts falling due within one year	6	4,840		75,784
		--------		--------
Net current assets/(liabilities)			24,057	( 19,378)
			---------	---------
Total assets less current liabilities			835,018	791,842

Creditors: amounts falling due after more than one year	7		572,180	504,870

Provisions

Taxation including deferred tax	37,423	37,423
	---------	---------
Net assets	225,415	249,549
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	225,413	249,547
	---------	---------
Shareholders funds	225,415	249,549
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Crownheights Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 10 December 2018 , and are signed on behalf of the board by:

Mr W Graham

Director

Company registration number: 03192795

Crownheights Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Woodside Road, Bricket Wood, St. Albans, Hertfordshire, AL2 3QL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

4. Investment property

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 April 2017	809,103	4,113	813,216
Additions	–	205	205
	---------	-------	---------
At 31 March 2018	809,103	4,318	813,421
	---------	-------	---------
Depreciation
At 1 April 2017	–	1,996	1,996
Charge for the year	–	464	464
	---------	-------	---------
At 31 March 2018	–	2,460	2,460
	---------	-------	---------
Carrying amount
At 31 March 2018	809,103	1,858	810,961
	---------	-------	---------
At 31 March 2017	809,103	2,117	811,220
	---------	-------	---------

The valuation of the property was carried-out as at 31 March 2018 by the directors on an open market value basis.The directors have taken a view that revaluation of the property is not required as there has been no significant change during the year.

5. Debtors

	2018	2017
	£	£
Other debtors	4,949	28,221
	-------	--------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	517	1,638
Other creditors	4,323	74,146
	-------	--------
	4,840	75,784
	-------	--------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	572,180	504,870
	---------	---------

8. Secured debt

Included within other creditors are liabilities of £572,180 (2017: £504,870) which have been secured on the assets of the company.

9. Non-distributable reserves

Included within profit and loss account is non-distributable reserves for the sum of £224,411 (2017: 224,411)

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr W Graham	( 10,568)	10,568	–
	--------	--------	----

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr W Graham	( 16,870)	6,302	( 10,568)
	--------	-------	--------