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COMPANY REGISTRATION NUMBER: 950746
C.S.PROPERTIES (NORTHERN) LIMITED
Filleted Unaudited Financial Statements
31 March 2023
C.S.PROPERTIES (NORTHERN) LIMITED
Financial Statements
Year ended 31st March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
C.S.PROPERTIES (NORTHERN) LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
1,317,104
859,815
Current assets
Debtors
5
25,627
1,275
Cash at bank and in hand
15,493
7,500
--------
-------
41,120
8,775
Creditors: amounts falling due within one year
6
60,119
506,899
--------
---------
Net current liabilities
18,999
498,124
------------
---------
Total assets less current liabilities
1,298,105
361,691
Creditors: amounts falling due after more than one year
7
956,754
33,369
Provisions
Taxation including deferred tax
58,974
58,664
------------
---------
Net assets
282,377
269,658
------------
---------
Capital and reserves
Called up share capital
73,499
73,499
Share premium account
33,210
33,210
Profit and loss account
175,668
162,949
---------
---------
Shareholders funds
282,377
269,658
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31st March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
C.S.PROPERTIES (NORTHERN) LIMITED
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr.S.G. Cunniffe
Director
Company registration number: 950746
C.S.PROPERTIES (NORTHERN) LIMITED
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbeyway South, Vista Road, Haydock, St.Helens, Merseyside, WA11 0RW.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows. No depreciation has been charged on land and buildings in the current year as it is considered that the residual value is not less than it's carrying value.
Land and buildings
-
2% straight line
Plant and machinery
-
10% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1st April 2022
986,127
226,775
1,212,902
Additions
511,900
511,900
Disposals
( 95,932)
( 95,932)
------------
---------
------------
At 31st March 2023
1,402,095
226,775
1,628,870
------------
---------
------------
Depreciation
At 1st April 2022
135,197
217,890
353,087
Charge for the year
889
889
Disposals
( 42,210)
( 42,210)
------------
---------
------------
At 31st March 2023
92,987
218,779
311,766
------------
---------
------------
Carrying amount
At 31st March 2023
1,309,108
7,996
1,317,104
------------
---------
------------
At 31st March 2022
850,930
8,885
859,815
------------
---------
------------
5. Debtors
2023
2022
£
£
Other debtors
25,627
1,275
--------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
17,800
17,800
Trade creditors
7,901
Social security and other taxes
30,865
29,785
Other creditors
3,553
459,314
--------
---------
60,119
506,899
--------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,715
33,369
Other creditors
944,039
---------
--------
956,754
33,369
---------
--------
National Westminster Bank P.L.C. have a debenture over all the property and assets of the company and a legal mortgage over the land and buildings owned by the company.
8. Related party transactions
The company was under the control of Mr.S.G.Cunniffe throughout the current and previous year. Mr.S.G.Cunniffe is the managing director and majority shareholder. At 31 March 2023 the company owed £944,039 (2022: £452,158) to companies related by common ownership and control.