Company registration number 03457490 (England and Wales)
CAUNTON INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
CAUNTON INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CAUNTON INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,073,163
6,873,163
Investments
4
4,001
4,001
7,077,164
6,877,164
Current assets
Debtors
6
4,015,706
2,837,608
Cash at bank and in hand
7,159,465
5,658,832
11,175,171
8,496,440
Creditors: amounts falling due within one year
7
(4,313,229)
(3,022,144)
Net current assets
6,861,942
5,474,296
Total assets less current liabilities
13,939,106
12,351,460
Provisions for liabilities
(63,796)
Net assets
13,875,310
12,351,460
Capital and reserves
Called up share capital
9
100
100
Share premium account
168,900
168,900
Profit and loss reserves
13,706,310
12,182,460
Total equity
13,875,310
12,351,460
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 13 October 2023 and are signed on its behalf by:
S J Cundy
Director
Company Registration No. 03457490
CAUNTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
Caunton Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Caunton House, 2 Coombe Road, Moorgreen Industrial Park, Nottingham, United Kingdom, NG16 3SU.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Rents receivable are included on an accruals basis, with annual rentals credited to profit and loss on a straight line basis over the expected term of the lease.
1.4
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:
Investment property
Held at fair value
Fixtures and fittings
20% straight line
Investment land
Held at fair value
1.5
Fixed asset investments
Investments held as fixed assets are shown at cost less provision for impairment.
1.6
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.
CAUNTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
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. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 and bank loans, 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.
1.7
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.
1.8
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 enacted or substantively enacted at the balance sheet date. 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.
CAUNTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds
1.10
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Investment property
Fixtures and fittings
Investment land
Total
£
£
£
£
Cost
At 1 February 2022
6,125,579
46,829
1,200,000
7,372,408
Revaluation
200,000
200,000
Transfers
(300,000)
300,000
At 31 January 2023
5,825,579
46,829
1,700,000
7,572,408
Depreciation and impairment
At 1 February 2022 and 31 January 2023
452,416
46,829
499,245
Carrying amount
At 31 January 2023
5,373,163
1,700,000
7,073,163
At 31 January 2022
5,673,163
1,200,000
6,873,163
In January 2023, a desktop revaluation of the investment property portfolio was undertaken by NG Property Consultants LTD trading as N G Chartered Surveyors on a fair value (as an investment) basis.
A transfer has been made in order to better reflect the nature of certain items of investment land that were previously classified to investment property.
CAUNTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Investments in subsidiaries
4,001
4,001
5
Subsidiaries
The company owned 100% of the ordinary share capital of the following subsidiaries at the balance sheet date:
Name of undertaking
Registered
Nature of business
office
Birch Park Management Company Limited
United Kingdom
Dormant company
Tiger Buildings Limited
United Kingdom
Dormant company
Tiger Site Services Limited
United Kingdom
Dormant company
Tri-Light Systems Limited
United Kingdom
Dormant company
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,015,706
2,810,000
Deferred tax asset
27,608
4,015,706
2,837,608
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,001
1,001
Corporation tax
290,212
Other taxation and social security
22,016
21,143
Other creditors
4,000,000
3,000,000
4,313,229
3,022,144
CAUNTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
(22,489)
-
-
24,352
Tax losses carried forward
-
-
-
42,644
Revaluations
86,285
-
-
(39,388)
63,796
-
-
27,608
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Profit and loss account
Within the profit and loss account at the balance sheet date is a non distributable amount of £1,448,281 (2022: £1,298,281) related to the unrealised revaluation of investment property.
11
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.
The senior statutory auditor was Graham Rigby and the auditor was Azets Audit Services.
12
Parent company
The company is a wholly owned subsidiary of Velocity Investments Limited, a company registered in England and Wales.
The company's ultimate controlling party was the Bingham family throughout the current and preceding years.