REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
CRAIG & WATTS HOLDINGS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
CRAIG & WATTS HOLDINGS LIMITED |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CRAIG & WATTS HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2nd Floor |
Landchard House |
Victoria Street |
West Bromwich |
West Midlands |
B70 8ER |
BANKERS: |
PO Box 17484 |
87 Chase Side |
London |
N14 5WH |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
BALANCE SHEET |
31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 12 |
Fair value reserve | 12 | 1,045,654 | 1,045,654 |
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. |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
BALANCE SHEET - continued |
31ST MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Craig & Watts Holdings Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company and are rounded to the nearest £1. |
Going concern |
The directors believe that there are no material uncertainties related to events or conditions, that may cast significant doubt on the ability of the company to continue as a going concern and therefore the going concern basis remains appropriate in the preparation of the financial statements. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates. |
The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as detailed below. |
Turnover |
Turnover consists of management fees charged to group companies. Management fees are recognised when the services are rendered. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment properties are included at fair value. Any changes in fair value are recognised in the Income Statement and because the gains are not distributable, they are included within a fair value reserve. |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
With few exceptions, the company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties. |
Basic financial instruments such as those above are recognised in the financial statements at amortised cost. |
Any exception to the above are either immaterial or do not affect more than one accounting period. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash at bank and in hand. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
The companies in the Craig and Watts Group receive or surrender their losses within the group. Group members do not pay for losses surrendered or received. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Group accounts |
The company has taken advantage of the exemption conferred by section 398 of the Companies Act 2006 from the requirement to prepare group accounts. Accordingly these financial statements present information about the company as an individual undertaking. |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Investments |
The company accounts for it's investments in subsidiary undertakings by the equity method, whereby the original cost of the investments is adjusted for the movement in underlying net assets applicable to the investments since their date of acquisition, as adjusted for any impairment in value that, in the judgement of the Board, needs to be reflected in the financial statements, with an adjustment to the company's revaluation reserve. |
In deciding whether an impairment loss needs to be reflected in the financial statements of Craig and Watts Holdings Limited the directors consider the value of the assets and liabilities in the subsidiary company at each reporting date, and compare this with the carrying value of the fixed asset investment in the company's balance sheet. |
If the investment's recoverable amount is estimated to be less than its carrying amount then the carrying amount is reduced to the recoverable amount, with the impairment loss being recognised in the income statement. |
Development costs |
Development costs relating to properties that are at the stage of completion are included as an asset in the financial statements when it is reasonable to assume that rental income will be generated in respect of these properties. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2022 |
and 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
6. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other investments | 12,392,807 | 12,007,859 |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
6. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Other |
investments |
£ |
COST OR VALUATION |
At 1st April 2022 |
Revaluations |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Cost or valuation at 31st March 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | 12,380,916 |
If shares in group undertakings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,200 | 1,200 |
Shares in group undertakings were valued on a fair value basis on 31st March 2023 by the directors . |
Investments (neither listed nor unlisted) were as follows: |
2023 | 2022 |
£ | £ |
Other investments | 11,891 | 11,891 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2022 |
and 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
7. | INVESTMENT PROPERTY - continued |
The above investment properties and are held for use under operating leases. |
Fair value at 31st March 2023 is represented by: |
£ |
Valuation in 2023 | 4,350,704 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 3,024,693 | 3,024,693 |
Investment property was valued on an open market basis on 31st March 2023 by the directors . |
8. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Directors' loan accounts | 2,036,195 | 1,417,045 |
Section 455 tax recoverable | 91,989 | 91,989 |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Section 455 tax recoverable | 651,181 | 442,218 |
Aggregate amounts |
The company has provided support to Craig Watts Developments Limited and Happy Girls Limited, it's subsidiary companies, in the development and construction of it's properties. The amounts owed by the group undertakings will be recovered on completion of the properties. As the properties are at the development stage the balance owed has been disclosed as due in more than one year. |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Corporation tax |
Section 455 tax payable | 618,048 | 409,085 |
Social security and other taxes |
Other creditors |
Directors' loan accounts | - | 110,382 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans 1-2 years |
Bank loans - 2-5 years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The Bank Loan is a 5 year loan maturing 16th March 2026. Interest and capital is payable quarterly. |
The company has provided security by way of a legal charge over one of its investment properties. |
12. | RESERVES |
Fair |
Revaluation | value |
reserve | reserve | Totals |
£ | £ | £ |
At 1st April 2022 | 1,045,654 |
Revaluation during the year | 384,948 | - | 384,948 |
At 31st March 2023 | 1,045,654 |
13. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
An inter-company composite guarantee has been provided to Gainlive Limited, a subsidiary of the company. |
CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The total aggregated advances to directors during the year was £729,530 (2022: 197,902) and the balance outstanding at the end of the year was £2,036,195 (2022: £1,306,663). |
The above loans are unsecured, interest free and repayable on demand. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |