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COMPANY REGISTRATION NUMBER: 12108817
Canterbury 19 Limited
Filleted Financial Statements
31 December 2021
Canterbury 19 Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
5,670,237
Current assets
Stocks
5,689,553
Debtors
6
6,042
8,728
Cash at bank and in hand
213,324
192,316
---------
------------
219,366
5,890,597
Creditors: amounts falling due within one year
7
5,436,715
5,631,877
------------
------------
Net current (liabilities)/assets
( 5,217,349)
258,720
------------
---------
Total assets less current liabilities
452,888
258,720
---------
---------
Net assets
452,888
258,720
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
452,788
258,620
---------
---------
Shareholders funds
452,888
258,720
---------
---------
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
R Pankhania
A Pankhania
Director
Director
Company registration number: 12108817
Canterbury 19 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 173 Cleveland Street, London, W1T 6QR. The trading address of the company is Stanmore House, 15-19 Church Road, Stanmore, Middlesex, HA7 4AR.
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.
Deferred tax
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 and that are expected to apply to the reversal of the timing differences. Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Going concern
The directors' believe that due to the availability of reserves, there are no material uncertainties about the company's ability to continue for at least the next 12 months from the date of this report. In particular, the directors' have considered the potential implications of the Coronavirus (COVID-19) pandemic and are confident that the company will be able to remain operational throughout the pandemic.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises of proceeds from property sales, rental income, and other fees receivable and is stated net of value added tax where appropriate. Revenue relating to property sales is recognised when legally binding contracts which are irrevocable and effectively unconditional are exchanged and, when completion has taken place prior to the date on which the financial statements are approved.
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.
Investment properties
Investment properties are properties held to earn rentals and / or for capital appreciation. Investment properties are initially measured at cost, which includes the purchase price and any directly attributable expenditure. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in property, plant and equipment at cost less accumulated depreciation and accumulated impairment losses.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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
£
Valuation
At 1 January 2021
Transfer from stock
5,670,237
------------
At 31 December 2021
5,670,237
------------
Depreciation
At 1 January 2021 and 31 December 2021
------------
Carrying amount
At 31 December 2021
5,670,237
------------
At 31 December 2020
------------
At the balance sheet date, the fair value of the the property is the same as the historic which is £5,670,237. No depreciation or amortisation is provided in respect of the investment property.
6. Debtors
2021
2020
£
£
Other debtors
6,042
8,728
-------
-------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
8,048
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,325,191
5,475,191
Corporation tax
13,300
60,699
Social security and other taxes
12,184
9,473
Other creditors
86,040
78,466
------------
------------
5,436,715
5,631,877
------------
------------
8. Summary audit opinion
The auditor's report for the year dated 1 September 2022 was unqualified .
The senior statutory auditor was Shammir Shah , for and on behalf of Chamberlains UK LLP .
9. Related party transactions
As the company is a wholly owned subsidiary of Jaspar Holdings Limited, the company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
10. Parent undertaking
The company is a wholly owned subsidiary of Jaspar Holdings Limited , a company registered in England and Wales, The registered office address of Jaspar Holdings Limited is 173 Cleveland Street, London, W1T 6QR and the principal place of business of Jaspar Holdings Limited is Stanmore House, 15-19 Church Road, Stanmore, Middlesex, HA7 4AR. These financial statements will be consolidated in the financial statements of Jaspar Holdings Limited, which is the only group in which the results of the company are consolidated.