Registered number
07077434
Catford Regeneration Partnership Limited
Filleted Accounts
31 March 2023
Catford Regeneration Partnership Limited
Independent auditor's report
to the members of Catford Regeneration Partnership Limited
Opinion
We have audited the accounts of Catford Regeneration Partnership Limited (the 'company') for the year ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the accounts are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We have obtained a detail understanding of the operating structure and environment the company is operating in and conducted substantive testings on all transcations and balances including related party transactions to reduce the impact of undetected fraud and irregularities below materiality level.
A further description of our responsibilities for the audit of the accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Siu Kin Ho
(Senior Statutory Auditor)
for and on behalf of 23 Park Hill Road
ACF Auditing Services Limited Wallington
Statutory Auditor Surrey
31 October 2023 SM6 0SD
Catford Regeneration Partnership Limited
Registered number: 07077434
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investments 4 16,920,200 17,503,200
Current assets
Debtors 5 923,399 2,044,392
Cash at bank and in hand 95,598 360,275
1,018,997 2,404,667
Creditors: amounts falling due within one year 6 (69,852) (97,363)
Net current assets 949,145 2,307,304
Total assets less current liabilities 17,869,345 19,810,504
Creditors: amounts falling due after more than one year 7 (16,224,787) (15,448,165)
Provisions for liabilities (369,807) (727,653)
Net assets 1,274,751 3,634,686
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,274,750 3,634,685
Shareholders' funds 1,274,751 3,634,686
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J Dawson
Director
Approved by the board on 31 October 2023
Catford Regeneration Partnership Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents rent received or receivable, net of value added tax. The granting of rent incentives are recognised in the Profit and Loss account over the lease period.
Investment property
Investment property is included at fair value. Gains are recogmised in the income statement. Deferred taxation is provided on these gains at then rate expected to apply when the property is sold.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Siu Kin Ho
Firm: ACF Auditing Services Limited
Date of audit report: 31 October 2023
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
4 Investment property
Other Other
investments investments
£ £
Cost
At 1 April 2022 17,503,200
Additions 1,521,974
Revaluation gain (2,104,974)
At 31 March 2023 16,920,200
Historical cost
At 1 April 2022 13,222,888
At 31 March 2023 14,744,863
The fair value of investment property is based on a valuation by an external property adviser who hold a recognised and revelant professional qualification and has recent exdperience in the location and class of investment being valued. The valuation metjhod used was rental yield analysis whcih based on market rental information of the immediate area, recent market transactions and economic market review on a regional basis.
5 Debtors 2023 2022
£ £
Trade debtors 541,821 354,328
Other debtors 381,578 206,066
Prepayments and accrued income - 1,483,998
923,399 2,044,392
Amounts due after more than one year included above 62,341 79,439
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 38,276 30,283
Taxation and social security costs 25,076 35,847
Other creditors 6,500 31,233
69,852 97,363
7 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings 16,224,787 15,448,165
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 16,224,787 15,448,165
Secured loans 16,224,787 15,448,165
9 Controlling party
The company is a subsidiary of Lewisham Council who is also the parent undertakings. The group accounts for the parent undertakings together with the two trading subsidiaries, Lewisham Homes Limited and Catford Regeneration Partnership Limited are available for inspection by any local governement elector from Lewisham Council principal place of business at Laurence Hosue, Catford, London SE6 4RU.
10 Other information
Catford Regeneration Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is:
4th Floor Laurence House
1 Catford Road
Catford
London
SE6 4RU
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