Company registration number 05041587 (England and Wales)
CC PROPERTY COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CC PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
CC PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
54,807
76,520
Investment property
5
20,750,000
20,750,000
20,804,807
20,826,520
Current assets
Debtors falling due after more than one year
6
621,476
495,834
Debtors falling due within one year
6
1,540,143
990,230
Cash at bank and in hand
116,338
201,253
2,277,957
1,687,317
Creditors: amounts falling due within one year
7
(2,683,115)
(2,417,094)
Net current liabilities
(405,158)
(729,777)
Total assets less current liabilities
20,399,649
20,096,743
Creditors: amounts falling due after more than one year
8
(10,594,999)
(10,594,185)
Provisions for liabilities
(1,099,014)
(1,094,417)
Net assets
8,705,636
8,408,141
Capital and reserves
Called up share capital
9
100,000
100,000
Profit and loss reserves
8,605,636
8,308,141
Total equity
8,705,636
8,408,141
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 28 September 2023 and are signed on its behalf by:
Mr A Mattar
Director
Company registration number 05041587 (England and Wales)
CC PROPERTY COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100,000
8,295,050
8,395,050
Year ended 31 December 2021:
Profit and total comprehensive income
-
13,091
13,091
Balance at 31 December 2021
100,000
8,308,141
8,408,141
Year ended 31 December 2022:
Profit and total comprehensive income
-
297,495
297,495
Balance at 31 December 2022
100,000
8,605,636
8,705,636
CC PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
CC Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is CCC House, 11a West Halkin Street, London, SW1X 8JL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of S&K Holdings Limited. These consolidated financial statements are available from its registered office.
1.2
Turnover
Turnover represents amounts receivable for rent and service charges, net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Yacht
10% straight line method
Fixtures, fittings & equipment
20% straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CC PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
CC PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing 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.
CC PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
CC PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
4
Tangible fixed assets
Yacht
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
1,114,448
143,179
1,257,627
Depreciation and impairment
At 1 January 2022
1,114,447
66,660
1,181,107
Depreciation charged in the year
1
21,712
21,713
At 31 December 2022
1,114,448
88,372
1,202,820
Carrying amount
At 31 December 2022
54,807
54,807
At 31 December 2021
1
76,519
76,520
5
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
20,750,000
Investment property comprises a building held under an long term lease. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 18 November 2020 by A J Widdup of Mellersh & Hardling LLP, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In the opinion of the directors, the market value at the balance sheet date is not materially different from this valuation.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
297,728
186,061
Other debtors
1,218,085
768,902
Prepayments and accrued income
24,330
35,267
1,540,143
990,230
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
621,476
495,834
Total debtors
2,161,619
1,486,064
CC PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Debtors
(Continued)
- 8 -
Other debtors include £621,476 (2021: £495,834) in respect to rent free periods given to a tenants. This balance will be recovered over the life of the lease.
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
100,234
Amounts owed to group undertakings
1,750,000
1,750,000
Corporation tax
71,239
22,065
Other taxation and social security
51,347
14,717
Other creditors
1,779
46,185
Accruals and deferred income
708,516
584,127
2,683,115
2,417,094
8
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
10,375,000
10,375,000
Other creditors
219,999
219,185
10,594,999
10,594,185
The aggregate amount of creditors for which security has been given amounted to £10,375,000 (2021: £10,375,000).
The bank loan is secured by way of a legal charge over the property owned by the company incorporating an assignment of all rental income from the property.
9
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary Shares of £1 each
100,000
100,000
100,000
100,000
CC PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Harsheel Dodhia
Statutory Auditor:
KLSA LLP
11
Operating lease commitments
The company owns an 99 years leased hold property which has been classified as investments property. The lease payment is on a fixed repayment basis which is subject to review very 5 years. No arrangements have been entered into for contingent rental payments. Currently, the lease annual payable amount is £98,000.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
7,546,000
7,644,000
Lessor
At the reporting end date the company had contracted with tenants for receipt of the following minimum lease payments:
2022
2021
£
£
5,976,865
5,526,270
Rental income earned during the year was £915,179 (2021: £878,074) and direct operating expenses arising on the properties in the period was £169,605 (2021: £277,378). The property has committed tenants for the next 5 years. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew.
12
Related party transactions
During the year, the company received rent, hiring and service charges from Consolidated Contractors International (UK) Limited, which is a company under common ultimate ownership. The company charged market rent, hiring and service charge amounting to £630,250 (2021: £620,639). At the year end, the balance receivable from Consolidated Contractors (UK) Limited amounted to £905,034 (2021: £706,372) and is included in other debtors.
At the balance sheet date, amounts owed to the parent, S&K Holding SAL, for the year is £1,750,000 (2021: £1,750,000).
CC PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
13
Parent company
The company is a wholly owned subsidiary of S&K Holding SAL, a company incorporated in Lebanon.
The largest and smallest group in which the results of the company are consolidated is that headed by S&K Holding SAL.
2022-12-312022-01-01false28 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr M SalloumMr A MattarMr M Salloum216161914860641050415872022-01-012022-12-31050415872022-12-31050415872021-12-3105041587core:PlantMachinery2022-12-3105041587core:FurnitureFittings2022-12-3105041587core:PlantMachinery2021-12-3105041587core:FurnitureFittings2021-12-3105041587core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105041587core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105041587core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3105041587core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3105041587core:CurrentFinancialInstruments2022-12-3105041587core:CurrentFinancialInstruments2021-12-3105041587core:Non-currentFinancialInstruments2022-12-3105041587core:Non-currentFinancialInstruments2021-12-3105041587core:ShareCapital2022-12-3105041587core:ShareCapital2021-12-3105041587core:RetainedEarningsAccumulatedLosses2022-12-3105041587core:RetainedEarningsAccumulatedLosses2021-12-3105041587core:ShareCapital2020-12-3105041587core:RetainedEarningsAccumulatedLosses2020-12-3105041587core:ShareCapitalOrdinaryShares2022-12-3105041587core:ShareCapitalOrdinaryShares2021-12-3105041587bus:Director12022-01-012022-12-3105041587core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31050415872021-01-012021-12-3105041587core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3105041587core:PlantMachinery2022-01-012022-12-3105041587core:FurnitureFittings2022-01-012022-12-3105041587core:PlantMachinery2021-12-3105041587core:FurnitureFittings2021-12-31050415872021-12-3105041587core:Non-currentFinancialInstruments12022-12-3105041587core:Non-currentFinancialInstruments12021-12-3105041587bus:OrdinaryShareClass12022-01-012022-12-3105041587bus:OrdinaryShareClass12022-12-3105041587bus:PrivateLimitedCompanyLtd2022-01-012022-12-3105041587bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3105041587bus:FRS1022022-01-012022-12-3105041587bus:Audited2022-01-012022-12-3105041587bus:Director22022-01-012022-12-3105041587bus:CompanySecretary12022-01-012022-12-3105041587bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP