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COMPANY REGISTRATION NUMBER: 08404472
Canning Town Development Company Limited
Filleted Unaudited Abridged Financial Statements
28 February 2023
Canning Town Development Company Limited
Abridged Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Current assets
Stocks
4,784,605
4,784,605
Debtors
12,479
61,473
Cash at bank and in hand
768
4,277
------------
------------
4,797,852
4,850,355
Creditors: amounts falling due within one year
22,843
37,828
------------
------------
Net current assets
4,775,009
4,812,527
------------
------------
Total assets less current liabilities
4,775,009
4,812,527
Creditors: amounts falling due after more than one year
4,967,633
4,917,067
------------
------------
Net liabilities
( 192,624)
( 104,540)
------------
------------
Capital and reserves
Called up share capital
3
3
Share premium account
299,998
299,998
Other reserves
1
1
Profit and loss account
( 492,626)
( 404,542)
---------
---------
Shareholders deficit
( 192,624)
( 104,540)
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 28th February 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28th February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Canning Town Development Company Limited
Abridged Statement of Financial Position (continued)
28 February 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr. D J. Price
Director
Company registration number: 08404472
Canning Town Development Company Limited
Notes to the Abridged Financial Statements
Year ended 28th February 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 16 Berkeley Sreet, London, W1J 8DZ.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors are of the opinion that the company is a going concern as they are currently reviewing the various development options for the work in progress and continuing to conduct viability studies.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. Included within stocks and work in progress are the costs to date associated with a long term building development. The work in progress represents the expenditure to date on a development in Canning Town for which planing permission is being sought.
4. Related party transactions
Other long term loans of £4,938,938 represent amounts due to Ziad Al Bassam, who has significant control via his shareholding in the parent company Canning Town Development Company Holdings Limited . In September 2022 the company shares were acquired by Canning Town Development Company Holdings Limited. Part of the consideration paid for the shares is deferred by loan notes in the parent company secured by the leases related to the development described in work in progress.