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COMPANY REGISTRATION NUMBER: 09770628
CGF Properties (Leicester) Limited
Filleted Unaudited Financial Statements
31 December 2021
CGF Properties (Leicester) Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
5,516,484
4,352,697
Current assets
Debtors
6
222,789
1,153,349
Cash at bank and in hand
51,830
66,040
---------
------------
274,619
1,219,389
Creditors: amounts falling due within one year
7
2,646,436
3,189,215
------------
------------
Net current liabilities
2,371,817
1,969,826
------------
------------
Total assets less current liabilities
3,144,667
2,382,871
Creditors: amounts falling due after more than one year
8
1,414,970
1,574,282
Provisions
Taxation including deferred tax
239,463
51,548
------------
------------
Net assets
1,490,234
757,041
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
1,100,429
269,384
Profit and loss account
389,705
487,557
------------
---------
Shareholders funds
1,490,234
757,041
------------
---------
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 Section 1A of 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 December 2021 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 .
CGF Properties (Leicester) Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Mr M Singh
Director
Company registration number: 09770628
CGF Properties (Leicester) Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old mill, 9 Soar Lane, Leicester, LE3 5DE. The trading address is 65c Bedford Street South, Leicester LE1 3JR.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are 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:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Investment property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 January 2021
4,350,775
1,624
2,567
4,354,966
Additions
76,043
65,769
141,812
Revaluations
1,025,486
1,025,486
------------
-------
--------
-------
------------
At 31 December 2021
5,452,304
1,624
65,769
2,567
5,522,264
------------
-------
--------
-------
------------
Depreciation
At 1 January 2021
1,110
1,159
2,269
Charge for the year
129
2,740
642
3,511
------------
-------
--------
-------
------------
At 31 December 2021
1,239
2,740
1,801
5,780
------------
-------
--------
-------
------------
Carrying amount
At 31 December 2021
5,452,304
385
63,029
766
5,516,484
------------
-------
--------
-------
------------
At 31 December 2020
4,350,775
514
1,408
4,352,697
------------
-------
--------
-------
------------
It is the opinion of the director that the investment properties are held at fair value.
6. Debtors
2021
2020
£
£
Trade debtors
4,320
126,099
Other debtors
218,469
1,027,250
---------
------------
222,789
1,153,349
---------
------------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
149,656
140,000
Trade creditors
21,460
25
Corporation tax
30,697
30,697
Social security and other taxes
22,122
Other creditors
2,444,623
2,996,371
------------
------------
2,646,436
3,189,215
------------
------------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,414,970
1,574,282
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £816,346 (2020: £1,014,282) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Fair value reserve
The following movements on the fair value reserve are included within fair value reserve in the statement of changes in equity:
2021
2020
£
£
At start of year
269,384
269,384
Transfer from profit and loss account to fair value reserve
831,045
------------
---------
At end of year
1,100,429
269,384
------------
---------
10. Related party transactions
During the previous year the company made sales of recharged costs to a related party amounting to £78,862. There were no such sales in the year ended 31 December 2021. There were no outstanding balances at 31 December 2021 (2020: £nil). During the year the company made an interest free loan to a related party amounting to £182,388 (2020: £1,002,338). This is included in other debtors.