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REGISTERED NUMBER: 07642442 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

CRESCENT REAL ESTATE LIMITED

CRESCENT REAL ESTATE LIMITED (REGISTERED NUMBER: 07642442)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CRESCENT REAL ESTATE LIMITED

COMPANY INFORMATION
for the year ended 30 June 2023







DIRECTORS: S Ebrahim
A Ebrahim
M H Ladak





SECRETARY: M H Ladak





REGISTERED OFFICE: Magma House
16 Davy Court
Castle Mound Way
Warwickshire
CV23 0UZ





REGISTERED NUMBER: 07642442 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

CRESCENT REAL ESTATE LIMITED (REGISTERED NUMBER: 07642442)

BALANCE SHEET
30 June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 812 4,319
Investment property 5 6,754,713 5,946,654
6,755,525 5,950,973

CURRENT ASSETS
Debtors 6 223,678 37,316
Cash at bank 1,038,179 718,600
1,261,857 755,916
CREDITORS
Amounts falling due within one year 7 (2,343,346 ) (2,130,451 )
NET CURRENT LIABILITIES (1,081,489 ) (1,374,535 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,674,036

4,576,438

CREDITORS
Amounts falling due after more than one
year

8

(808,368

)

(414,696

)
NET ASSETS 4,865,668 4,161,742

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 2,999,998 2,999,998
Retained earnings 1,865,570 1,161,644
4,865,668 4,161,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

CRESCENT REAL ESTATE LIMITED (REGISTERED NUMBER: 07642442)

BALANCE SHEET - continued
30 June 2023


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 15 November 2023 and were signed on its behalf by:





M H Ladak - Director


CRESCENT REAL ESTATE LIMITED (REGISTERED NUMBER: 07642442)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2023


1. STATUTORY INFORMATION

Crescent Real Estate Limited is a limited company, registered in England and Wales. Its registered office address is Magma House, 16 Davy Court, Castle Mound Way, Rugby, England CV23 0UZ and the registered number is 07642442.

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.

The presentation currency of the financial statements is pound sterling (£) and figures are rounded to the nearest £1.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery- 10% Straight line method
Computer Equipment - 20% Straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

CRESCENT REAL ESTATE LIMITED (REGISTERED NUMBER: 07642442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes as financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate.

Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it related to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

(i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Going concern
At 30 June 2023 the company had net current liabilities of £1,081,489 (2022: £1,374,535) and net assets of
£4,865,668 (2022: £4,161,742). The directors have prepared the financial statements on a going concern basis. The loans due to participating interests will not be recalled until the company has sufficient funds to repay the balances. The directors have confirmed that adequate cash resources will be available to cover the company's requirements for working capital and capital expenditure for at least twelve months from the date of these accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

CRESCENT REAL ESTATE LIMITED (REGISTERED NUMBER: 07642442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 343,445
Additions 1,015
At 30 June 2023 344,460
DEPRECIATION
At 1 July 2022 339,126
Charge for year 4,522
At 30 June 2023 343,648
NET BOOK VALUE
At 30 June 2023 812
At 30 June 2022 4,319

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 5,946,654
Additions 808,059
At 30 June 2023 6,754,713
NET BOOK VALUE
At 30 June 2023 6,754,713
At 30 June 2022 5,946,654

The revalued assets are stated at their 2023 open market valuation by the directors.

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2013 2,999,998
Cost 3,754,715
6,754,713

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 148,520 -
Prepayments 41,158 3,316
189,678 3,316

CRESCENT REAL ESTATE LIMITED (REGISTERED NUMBER: 07642442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023


6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 34,000 34,000

Aggregate amounts 223,678 37,316

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,688 7,152
Trade creditors 232 18,808
Amounts owed to group undertakings 1,395,000 1,395,000
Tax 180,400 103,666
VAT 62,512 46,980
Directors' current accounts 428,014 463,824
Accruals and deferred income 256,500 95,021
2,343,346 2,130,451

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 20,688 7,152
Bank loans - 2-5 years 41,376 21,456
Bank loans due in more than 5 years by
instalments

746,304

386,088
808,368 414,696

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years by
instalments

746,304

386,088

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 829,056 421,848

Nature of Security
The bank loans are secured by a fixed and floating charge over the investment property of the company and a negative pledge.

10. RELATED PARTY DISCLOSURES

At the year end the company owed Lark Investments Inc. via Ebrahim Properties Inc £1,395,000 (2022- £1,395,000). The businesses are controlled by S Ebrahim, the ultimate controlling party and a director of the company. No interest is charged on this balance.

At the year end the company owed M H Ladak, a director of the company, £428,014 (2022- £463,824). No interest is charged on this balance.