Company registration number 11512651 (England and Wales)
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
COMPANY INFORMATION
Directors
Mr A H Y Kan
Mr I M Hashim
(Appointed 7 July 2021)
Company number
11512651
Registered office
37 Warren Street
London
W1T 6AD
Auditor
Silver Levene (UK) Limited
Chartered Certified Accountants
37 Warren Street
London
W1T 6AD
Business address
96 Kensington High Street
London
W8 4SG
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 15
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of property development with a view to sale.
The assets of the company are currently on the market for sale and is expected to be sold within a reasonable period for an aggregate sum in excess of the carrying value at the end of the reporting period.
The Covid-19 outbreak to date has limited financial impact on the company. The impact, if any, will be the uncertainty on the ultimate sales proceeds that the company may generate from the sales of its assets.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr K C Kok
(Resigned 7 July 2021)
Mr A H Y Kan
Mr I M Hashim
(Appointed 7 July 2021)
Auditor
In accordance with the company's articles, a resolution proposing that Silver Levene (UK) Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The company has received an undertaking of financial support from its ultimate parent company, ENRA Group Berhad, which has confirmed that it will provide sufficient financial support to to enable the company to continue as a going concern for a period of at least 12 months from the date of signing of these financial statements. The directors have therefore prepared the company’s financial statements on a going concern basis.
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr I M Hashim
Director
9 August 2022
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
- 3 -
Opinion
We have audited the financial statements of Abode Caldecott Square Development Limited (the 'company') for the year ended 31 March 2022 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit: or
the directors were not entitled to take advantage of the small companies’ exemptions in preparing the
directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax legislation, General Data Protection Regulation and distributable profits legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
- 5 -
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Goh Yong Chong (Senior Statutory Auditor)
For and on behalf of Silver Levene (UK) Limited
Chartered Certified Accountants
Statutory Auditor
37 Warren Street
London
W1T 6AD
11 August 2022
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
2022
2021
Notes
£
£
Cost of sales
(83,164)
Administrative expenses
(19,122)
(13,185)
Operating loss
3
(102,286)
(13,185)
Amounts written off investments
5
(399,000)
Loss before taxation
(501,286)
(13,185)
Tax on loss
6
Loss and total comprehensive income for the financial year
(501,286)
(13,185)
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
Company Registration No. 11512651
- 7 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
7
1,116,186
999,851
Debtors
8
410,211
810,759
Cash at bank and in hand
33,490
1,526,397
1,844,100
Creditors: amounts falling due within one year
9
(2,054,173)
(1,870,590)
Net current liabilities
(527,776)
(26,490)
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
(527,777)
(26,491)
Total equity
(527,776)
(26,490)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 August 2022 and are signed on its behalf by:
Mr I M Hashim
Director
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2020
1
(13,306)
(13,305)
Period ended 31 March 2021:
Loss and total comprehensive income for the period
-
(13,185)
(13,185)
Balance at 31 March 2021
1
(26,491)
(26,490)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(501,286)
(501,286)
Balance at 31 March 2022
1
(527,777)
(527,776)
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
1
Accounting policies
Company information
Abode Caldecott Square Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is 37 Warren Street, London, W1T 6AD. The principal place of business is 96 Kensington High Street, London, W8 4SG. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of ENRA Group Berhad, a company incorporated in Malaysia. The group accounts of ENRA Group Berhad are available to the public and can be obtained from www.enra.my.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.true
The validity of this assumption depends on the company being able to trade profitably in the future, notwithstanding any effect on the company from the COVID-19 pandemic, and the continued support from its ultimate parent company, ENRA Group Berhad. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. Its ultimate parent company has provided an undertaking to continue supporting the company for a period of at least 12 months from the date of signing of these financial statements and hence it is appropriate for the financial statements to be prepared on a going concern basis.
1.3
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 10 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Work-in-progress and finished goods include all costs directly associated with the purchase, promotion and construction of an asset, including borrowing costs, incurred up to the date the asset is ready for its intended use.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators
of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.7
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 11 -
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 12 -
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Calculation of loss allowance
When measuring expected credit loss ("ECL") on intercompany loans, the company uses reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other.
Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the company would expect to receive.
Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions.
Property stock valuation
The net realisable value of the company’s existing property stock has been determined by reference to the probability of the target sale prices less estimated cost to sell.
3
Operating loss
2022
2021
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,000
3,000
Write downs of inventories recognised as an expense
83,164
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 13 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Directors
2
3
The company has no employees and there were no employees or director costs in either the current or prior period.
5
Amounts written off investments
2022
2021
£
£
Impairment losses on financial assets
399,000
-
6
Taxation
The charge for the year can be reconciled to the loss per the profit and loss account as follows:
2022
2021
£
£
Loss before taxation
(501,286)
(13,185)
Expected tax credit based on a corporation tax rate of 19.00% (2021: 19.00%)
(95,244)
(2,505)
Effect of expenses not deductible in determining taxable profit
75,810
Unutilised tax losses carried forward
58,859
17,665
Unrecognised timing differences
(39,425)
(15,160)
Taxation charge for the year
-
-
No liability to UK corporation tax for the year ended 31 March 2022 nor for the year ended 31 March 2021.
The tax rate for the current year is the same as the prior year.
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate will be replaced by variable rates ranging 19% to 25% by way of marginal relief (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates. However, it is not recognised in respect of tax losses as it is not probable that they will be fully recovered against future taxable profits.
7
Stocks
2022
2021
£
£
Property stocks
1,116,186
999,851
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
7
Stocks
(Continued)
- 14 -
The above balance includes £364,336 (2021: £156,837) borrowing costs capitalised.
Stocks are stated after provisions for impairment of £83,164 (2021: £nil)
8
Debtors
2022
2021
£
£
Amounts owed by fellow group undertakings
410,211
810,341
Prepayments and accrued income
418
410,211
810,759
Amounts owed by fellow group undertakings are stated after provision for impairment of £399,000 (2021: £nil).
9
Creditors
2022
2021
Notes
£
£
Loans and overdrafts
10
2,047,204
1,813,497
Creditors
11
5,050
55,004
Taxation and social security
1,919
2,089
2,054,173
1,870,590
10
Loans and overdrafts
2022
2021
£
£
Borrowings held at amortised cost:
Bank overdrafts
5
-
Other loan
-
325,864
Loans from parent undertakings
2,047,199
1,487,633
2,047,204
1,813,497
2022
2021
£
£
Secured borrowings included above:
Other loan
-
325,864
Loans from parent undertakings
366,217
-
366,217
325,864
ABODE CALDECOTT SQUARE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
10
Loans and overdrafts
(Continued)
- 15 -
In March 2022, the other loan was repaid by an intermediate parent company which owned 51% of the company.
The loans from parent undertakings are secured by a legal charge over the properties owned by the company and its fellow subsidiary undertaking, and a debenture over all assets and undertakings of those entities.
Interest is charged at 2% on this balance and has been capitalised within stocks during the period (see note 7).
11
Creditors
2022
2021
£
£
Trade creditors
600
27,972
Accruals and deferred income
4,450
27,032
5,050
55,004
12
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
1
1
1
1
13
Contingent liabilities
At 31 March 2022, Abode Caldecott Square Development Limited and fellow subsidiary undertaking, Caldecott Square Rugby Limited have a contingent liability arising from an overage agreement signed on 29 March 2019 whereby an extra payment is crystallised on securing planning consent for the property site owned by these two entities. The sum due is based on the square footage of planning secured and has a maximum liability of £500,000.
14
Controlling party
The immediate parent company is Abode Senior Living Limited, a company incorporated in the UK.
The company's ultimate parent company and ultimate controlling party is ENRA Group Berhad, a company incorporated in Malaysia.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is ENRA Group Berhad. Copies of the ENRA Group Berhad consolidated financial statements can be obtained from www.enra.my.
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