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COMPANY REGISTRATION NUMBER: 05296423
Cardiff Executive Centre Limited
Filleted Unaudited Financial Statements
31 March 2023
Cardiff Executive Centre Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Cardiff Executive Centre Limited
Officers and Professional Advisers
The board of directors
Mrs N Morgan
Mr G Fuchs
Mrs J Ward
Registered office
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
Trading address:
13A Cathedral Road
Cardiff
Wales
CF11 9HA
Accountants
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
Bankers
Barclays Bank Plc
PO Box 449
Spring Villas
Cliftonville
Northampton
Cardiff Executive Centre Limited
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Cardiff Executive Centre Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cardiff Executive Centre Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Cardiff Executive Centre Limited, as a body, in accordance with the terms of our engagement letter dated 22 November 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Cardiff Executive Centre Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cardiff Executive Centre Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Cardiff Executive Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cardiff Executive Centre Limited. You consider that Cardiff Executive Centre Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Cardiff Executive Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited Accountants
10 Canberra House Corbygate Business Park Corby Northants NN17 5JG
7 November 2023
Cardiff Executive Centre Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
46,425
64,831
Current assets
Debtors
6
181,954
229,986
Cash at bank and in hand
81,922
44,273
---------
---------
263,876
274,259
Creditors: amounts falling due within one year
7
357,038
351,104
---------
---------
Net current liabilities
93,162
76,845
--------
--------
Total assets less current liabilities
( 46,737)
( 12,014)
Provisions
7,041
10,148
--------
--------
Net liabilities
( 53,778)
( 22,162)
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 53,878)
( 22,262)
--------
--------
Shareholders deficit
( 53,778)
( 22,162)
--------
--------
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 31 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 .
Cardiff Executive Centre Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Mrs N Morgan
Director
Company registration number: 05296423
Cardiff Executive Centre Limited
Notes to the Financial Statements
Year ended 31 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 10 Canberra House, Corbygate Business Park, Corby, Northants, NN17 5JG.
2. Statement of compliance
The accounts have prepared in accordance with the provisions of FRS 102 Section 1A small entities. There were no material departures from that standard.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
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:
Leasehold Property
-
Straight line over the life of lease
Fixtures and Fittings
-
All variable rates on reducing balance
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 5 (2022: 6 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
165,927
328,137
494,064
Additions
13,788
13,788
---------
---------
---------
At 31 March 2023
165,927
341,925
507,852
---------
---------
---------
Depreciation
At 1 April 2022
122,261
306,972
429,233
Charge for the year
19,977
12,217
32,194
---------
---------
---------
At 31 March 2023
142,238
319,189
461,427
---------
---------
---------
Carrying amount
At 31 March 2023
23,689
22,736
46,425
---------
---------
---------
At 31 March 2022
43,666
21,165
64,831
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
22,575
12,129
Amounts owed by group undertakings
17,410
25,388
Prepayments and accrued income
136,948
164,948
Other debtors
5,021
27,521
---------
---------
181,954
229,986
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
102,024
124,222
Accruals and deferred income
80,249
68,600
Corporation tax
12,805
13,061
Social security and other taxes
18,327
11,639
Other creditors
143,633
133,582
---------
---------
357,038
351,104
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
207,500
200,000
Later than 1 year and not later than 5 years
920,000
897,500
Later than 5 years
3,220,000
3,450,000
------------
------------
4,347,500
4,547,500
------------
------------
During the year the building lease was renewed. There is now a 20 year operating lease in place, effective 10 January 2022 to 9 January 2042. A rent discount of £60,000 agreed upon renewal has been apportioned over the life of the lease.
10. Related party transactions and ultimate controlling party
The immediate and ultimate controlling party of the Company is Haryl (1991) Limited. The company has availed itself of the exemption contained within FRS 102 Section 33 Related Party Disclosures not to disclose details of transactions with fellow group entities.