REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Calico Properties (Essex) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Calico Properties (Essex) Limited |
Calico Properties (Essex) Limited (Registered number: 07557270) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountant | 7 |
Calico Properties (Essex) Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
t/a R J Woods & Co |
Santa Maria |
Anchor Lane, The Heath |
Dedham |
Colchester |
Essex |
CO7 6BX |
Calico Properties (Essex) Limited (Registered number: 07557270) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Calico Properties (Essex) Limited (Registered number: 07557270) |
Balance Sheet - continued |
31 March 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Calico Properties (Essex) Limited (Registered number: 07557270) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Calico Properties (Essex) Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis. |
The financial statements are presented in Sterling (£). |
The preparation of financial statements in compliance with FRS 102, Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
Going concern: |
The directors have considered the company's position at the time of signing the financial statements. As noted previously, the company's business was impacted by the restricted ability of its tenants to operate normally as a consequence of government restrictions arising from the Covid-19 pandemic. Following the lifting of government restrictions, the tenants are now trading and settling arrears of rents. In the current circumstances, it is still difficult to produce precise forecasts in the short and the medium term. Nevertheless, the directors have considered the company's financial strength, together with commitment by the directors to continue to financially support the company and to not withdraw such support in the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements. |
Based on all of this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
The following principal accounting policies have been applied: |
Investment property |
The investment properties are stated at cost. However, the Directors are of the opinion that there is no material difference at the Balance Sheet date, between fair value and original cost. |
Rental income from the investment properties owned by the company is recognised when the rent falls due in accordance with the lease terms and conditions. |
Taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current tax charge is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
Calico Properties (Essex) Limited (Registered number: 07557270) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances |
have been met. |
Deferred tax balances are not recognised in respect of permanent timing differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Debtors |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans,are measured at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Calico Properties (Essex) Limited (Registered number: 07557270) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans repayable after more than 5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
The bank loan is secured on one of the investment properties. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 |
11. | OTHER FINANCIAL COMMITMENTS |
The company has given security by way of a legal mortgage on the investment properties, in respect of loan finance and trade credit facilities made available to a related party. The related party is a company in which one of the directors is the ultimate controlling party. At the date of approval of these financial statements, there had been no indication that a claim would be made against the company under the terms of the legal mortgage. |
12. | RELATED PARTY DISCLOSURES |
At the Balance Sheet date, other creditors, includes amounts loaned to the company by the directors totalling £64,546 (2022: £35,652). The loans are unsecured, interest-free and repayable on demand. |
Calico Properties (Essex) Limited |
Report of the Accountant to the Directors of |
Calico Properties (Essex) Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2023. We have prepared these financial statements based on the accounting records, information and explanations provided by you. |
As a practising member of the Association of Accounting Technicians, we are subject to its ethical and other professional requirements which are detailed at www.aat.org.uk. |
This report is made solely to the Board of Directors, as a body. Our work has been undertaken solely to prepare for your approval the accounts of the company and state those matters that we have agreed to state to the Board of Directors, as a body in this report, in accordance with the requirements of the Association of Accounting Technicians as detailed at www.aat.org.uk. To the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the company and its Board of Directors as a body for our work or for this report. |
On behalf of the board, you have acknowledged that it is your duty, to ensure that the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of the company. |
You have determined that the company is exempt from the statutory requirement for an audit for the year ended 31 March 2023. Therefore the financial statements are unaudited. 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 accounts. |
t/a R J Woods & Co |
Santa Maria |
Anchor Lane, The Heath |
Dedham |
Colchester |
Essex |
CO7 6BX |