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REGISTERED NUMBER: 03865410 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CROWN PROPERTIES (SCARBOROUGH) LIMITED

CROWN PROPERTIES (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 03865410)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CROWN PROPERTIES (SCARBOROUGH) LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2023







DIRECTORS: Mrs Patricia Bernadette Ledden
Mr David Andrew Ledden
Mr Gerard Michael Ledden





REGISTERED OFFICE: Crown Garage
Back Albion Road
Scarborough
North Yorkshire
YO11 2BT





REGISTERED NUMBER: 03865410 (England and Wales)





ACCOUNTANTS: Fortus North Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

CROWN PROPERTIES (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 03865410)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,081 8,052
Investments 5 - -
Investment property 6 23,256,000 23,206,000
23,266,081 23,214,052

CURRENT ASSETS
Debtors 7 940,531 87,994
Cash at bank 461,881 2,529,162
1,402,412 2,617,156
CREDITORS
Amounts falling due within one year 8 8,601,086 9,245,749
NET CURRENT LIABILITIES (7,198,674 ) (6,628,593 )
TOTAL ASSETS LESS CURRENT LIABILITIES 16,067,407 16,585,459

CREDITORS
Amounts falling due after more than
one year

9

(1,964,334

)

(3,645,040

)

PROVISIONS FOR LIABILITIES 11 (260,360 ) (226,869 )
NET ASSETS 13,842,713 12,713,550

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 12 3,211,232 3,208,048
Retained earnings 10,631,381 9,505,402
13,842,713 12,713,550

CROWN PROPERTIES (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 03865410)

BALANCE SHEET - continued
31 March 2023


The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2023 and were signed on its behalf by:





Mr Gerard Michael Ledden - Director


CROWN PROPERTIES (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 03865410)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2023


1. STATUTORY INFORMATION

Crown Properties (Scarborough) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The level of rounding used in the financial statements is to the nearest £1.

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.

Preparation of consolidated financial statements
The financial statements contain information about Crown Properties (Scarborough) Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents rental income arising from investment properties and is recognised on a straight line basis over the lease term, net of vat if applicable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment properties
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. 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 the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 that have been enacted or substantively enacted by the balance sheet date.


CROWN PROPERTIES (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 03865410)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023


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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern - basis of preparation
In assessing the appropriateness of the application of the going concern basis, the directors have considered the uncertainties around the general economic environment, the current and future trading performance of the company and available cash. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, accordingly they continue to adopt the going concern basis in preparing the financial statements.

Investments
Fixed asset investments are stated at cost less any provision for permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 46,300 4,900 2,078 53,278
Additions 2,310 2,800 192 5,302
Disposals - (2,900 ) - (2,900 )
At 31 March 2023 48,610 4,800 2,270 55,680
DEPRECIATION
At 1 April 2022 40,527 3,333 1,366 45,226
Charge for year 2,021 252 441 2,714
Eliminated on disposal - (2,341 ) - (2,341 )
At 31 March 2023 42,548 1,244 1,807 45,599
NET BOOK VALUE
At 31 March 2023 6,062 3,556 463 10,081
At 31 March 2022 5,773 1,567 712 8,052

CROWN PROPERTIES (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 03865410)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 30,001
PROVISIONS
At 1 April 2022
and 31 March 2023 30,001
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 23,206,000
Additions 14,288
Revaluations 35,712
At 31 March 2023 23,256,000
NET BOOK VALUE
At 31 March 2023 23,256,000
At 31 March 2022 23,206,000

Investment properties included at fair value would have been included on a historical cost basis at:

2023 2022
£ £

Cost 19,786,571 19,772,283

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the directors and professional valuers, on the fair value basis taking into account existing tenancy arrangements.

During the year a increase in the fair value of investment properties of £35,712 (2022 decrease of £222) has been included directly in the profit and loss account.

CROWN PROPERTIES (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 03865410)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 43,490 14,432
Amounts owed by group undertakings 864,823 -
Other debtors 3,500 42,622
Prepayments and accrued income 28,718 30,940
940,531 87,994

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans 7,599,562 6,459,057
Trade creditors 100,256 110,436
Corporation tax 262,351 266,033
Social security and other taxes 1,303 1,184
Other taxation and social security 56,967 24,401
Other creditors 535,472 2,360,317
Accrued expenses 45,175 24,321
8,601,086 9,245,749

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans falling due within two to five
years

1,718,219

3,137,921
Bank loans falling due after more than
five years

246,115

507,119
1,964,334 3,645,040

Amounts falling due in more than five years:

Repayable by instalments
Bank loans falling due after more than
five years

246,115

507,119

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 9,563,896 10,104,097

The company's bank borrowings included in creditors due within and over one year are secured by a fixed and floating charge over the company's assets and a first legal charge over the freehold investment properties.

CROWN PROPERTIES (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 03865410)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023


11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 2,153 1,189
Deferred tax on investment property 258,207 225,680
260,360 226,869

Deferred
tax
£   
Balance at 1 April 2022 226,869
Charge to Profit and Loss Account during year 33,491
Balance at 31 March 2023 260,360

12. RESERVES
Fair
value
reserve
£   
At 1 April 2022 3,208,048
Revaluation of investment property 35,712
Deferred tax on investment property (32,528 )

At 31 March 2023 3,211,232

13. CONTINGENT LIABILITIES

The company has guaranteed the bank borrowings of a connected company Ledden Developments Limited by a guarantee limited to £500,000 plus interest and costs. At 31 March 2023 the bank borrowings of that company amounted to £8,100,000.

14. CONTROLLING PARTY

The company's ultimate parent undertaking is Crown Properties (Scarborough) Group Limited whose
registered office is Crown Garage, Back Albion Road, Scarborough, YO11 2BT.