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REGISTERED NUMBER: 11633696 (England and Wales)














REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

CRESTBELL PROPERTIES LIMITED

CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022










Page

Company Information 1

Report of the Director 2

Income Statement 3

Other Comprehensive Income 4

Balance Sheet 5

Statement of Changes in Equity 6

Notes to the Financial Statements 7


CRESTBELL PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2022







DIRECTOR: P Gubbay





REGISTERED OFFICE: 7 Praed Street
London
W2 1NJ





REGISTERED NUMBER: 11633696 (England and Wales)






CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST MARCH 2022


The director presents his report with the financial statements of the company for the year ended 31st March 2022.

DIRECTOR
P Gubbay held office during the whole of the period from 1st April 2021 to the date of this report.

GOING CONCERN
The directors have prepared the financial statements on the going concern basis. In preparing the financial statements on this basis, the directors have prepared trading and cash flow projections for the foreseeable future that show that the company can meet liabilities as they fall due.

At period end, the company owes an amount of £1,161,000, to group companies. The directors of those companies have confirmed that the loans due will not be recalled until the company can afford the repayments, and on this basis they believe it is appropriate to adopt the going concern basis in the preparation of these financial statements.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





P Gubbay - Director


12th September 2022

CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2022

2022 2021
Notes £ £

TURNOVER 61,546 61,574

Administrative expenses (558 ) (553 )
OPERATING PROFIT and
PROFIT BEFORE TAXATION 60,988 61,021

Tax on profit 4 (11,588 ) (11,594 )
PROFIT FOR THE FINANCIAL YEAR 49,400 49,427

CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2022

2022 2021
Notes £ £

PROFIT FOR THE YEAR 49,400 49,427


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

49,400

49,427

CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

BALANCE SHEET
31ST MARCH 2022

2022 2021
Notes £ £
FIXED ASSETS
Investment property 5 1,225,000 1,225,000

CURRENT ASSETS
Debtors 6 - 22,567
Cash at bank 60,785 44,166
60,785 66,733
CREDITORS
Amounts falling due within one year 7 (1,193,516 ) (1,248,864 )
NET CURRENT LIABILITIES (1,132,731 ) (1,182,131 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

92,269

42,869

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 92,267 42,867
SHAREHOLDERS' FUNDS 92,269 42,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 director and authorised for issue on 12th September 2022 and were signed by:





P Gubbay - Director


CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2022

Called up
share Retained Total
capital earnings equity
£ £ £

Balance at 1st April 2020 2 (6,560 ) (6,558 )

Changes in equity
Total comprehensive income - 49,427 49,427
Balance at 31st March 2021 2 42,867 42,869

Changes in equity
Total comprehensive income - 49,400 49,400
Balance at 31st March 2022 2 92,267 92,269

CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022


1. STATUTORY INFORMATION

Crestbell Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 £.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgement, estimates and assumptions that may affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgement about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revision 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 judgement and estimates involved in the Company's accounting policies that are considered by the directors to be the most important to the portrayal of the Company's financial condition and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Investment properties
Properties held for investment have been valued by management in accordance with the company's valuation policies to determine its fair value. The directors carry out a detailed review of the properties and take into consideration relevant market data.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Acquisitions and disposals of investment property are recognised upon legal completion of contracts, when the risks and rewards of ownership are transferred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected from disposal.

Investment property is carried at fair value determined annually by the directors with reference to internal experts. Values are 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. The aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income..

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The directors have prepared the financial statements on the going concern basis. In preparing the financial statements on this basis, the directors have prepared trading and cash flow projections for the foreseeable future that show that the company can meet liabilities as they fall due.

At period end, the company owes an amount of £1,161,000 to group companies. The directors of those companies have confirmed that the loans due will not be recalled until the company can afford the repayments, and on this basis they believe it is appropriate to adopt the going concern basis in the preparation of these financial statements.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.

Financial assets
Financial assets other than investments and derivatives are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.

Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding derivatives are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£ £
Current tax:
UK corporation tax 11,588 11,594
Tax on profit 11,588 11,594

CRESTBELL PROPERTIES LIMITED (REGISTERED NUMBER: 11633696)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1st April 2021
and 31st March 2022 1,225,000
NET BOOK VALUE
At 31st March 2022 1,225,000
At 31st March 2021 1,225,000

The investment property was recorded at a purchase price. The value has been included in the balance sheet at the fair value by the management in accordance with the purchase price.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors - 12,309
Prepayments and accrued income - 10,258
- 22,567

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Tax 11,588 11,594
VAT 6,054 2,051
Other creditors 1,161,738 1,231,341
Accruals and deferred income 14,136 3,878
1,193,516 1,248,864

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
2 Ordinary £1 2 2

9. RELATED PARTY DISCLOSURES

At the period end, company owed amounts to its' shareholders totalling £1,161,000, being companies in which P Gubbay is a director.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Longbell Limited and Crestform (Holdings) Limited, its immediate parent companies. The ultimate parent company is Prime Commercial Properties (Holdings) Limited, a company registered in England. Copies of the consolidated financial statements of Prime Commercial Properties (Holdings) Limited are available from Companies House. The ultimate controlling party is The Robert Gubbay Settlement Trust which is the sole shareholder of the parent company.