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Company Registration number: 05058662

Crow Park Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 June 2023

 

Crow Park Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Crow Park Limited

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

3,138,794

2,203,427

Investment property

359,299

350,319

 

3,498,093

2,553,746

Current assets

 

Stocks

8

4,088

3,137

Debtors

9

739,139

776

Cash at bank and in hand

 

51,002

46,738

 

794,229

50,651

Creditors: Amounts falling due within one year

10

(166,884)

(167,669)

Net current assets/(liabilities)

 

627,345

(117,018)

Total assets less current liabilities

 

4,125,438

2,436,728

Creditors: Amounts falling due after more than one year

10

(652,610)

(9,527)

Provisions for liabilities

(273,641)

(120,911)

Net assets

 

3,199,187

2,306,290

Capital and reserves

 

Called up share capital

10,000

10,000

Revaluation reserve

2,242,959

1,310,959

Retained earnings

946,228

985,331

Shareholders' funds

 

3,199,187

2,306,290

 

Crow Park Limited

Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 15 January 2024
 

.........................................
Mr I A Finn
Director

Company registration number: 05058662

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Crow Park Limited

Notes to the financial statements for the Year Ended 30 June 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY

These financial statements were authorised for issue by the director on 15 January 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Crow Park Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Land and property is initially recognised at cost and periodically revalued to fair value. Changes in fair value are recognised in equity.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Crow Park Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is charged so as to write off the cost or revalued amount of assets, other than land and properties under construction over their estimated useful lives.

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Office equipment

25% straight line

Land and buildings

2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Crow Park Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Crow Park Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 8).

4

PROFIT BEFORE TAX

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

22,121

65,492

5

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

180,000

180,000

At 30 June 2023

180,000

180,000

Amortisation

At 1 July 2022

180,000

180,000

At 30 June 2023

180,000

180,000

Carrying amount

At 30 June 2023

-

-

 

Crow Park Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

6

TANGIBLE ASSETS

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

2,200,000

525,353

2,725,353

Revaluations

800,000

-

800,000

Additions

-

25,488

25,488

At 30 June 2023

3,000,000

550,841

3,550,841

Depreciation

At 1 July 2022

132,000

389,926

521,926

Charge for the year

-

22,121

22,121

Depreciation eliminated on revaluation

(132,000)

-

(132,000)

At 30 June 2023

-

412,047

412,047

Carrying amount

At 30 June 2023

3,000,000

138,794

3,138,794

At 30 June 2022

2,068,000

135,427

2,203,427

Revaluation

The freehold land and buildings was revalued in October 2023 by Edwin Thompson Chartered Surveyors. The basis of this valuation was open market value.

Had the freehold land and buildings been measured on a historical cost basis, the carrying amount would have been £733,202 (2022 - £757,040).

The accumulated depreciation on historical cost is £482,376 (2022 - £458,538).

7

INVESTMENTS

2023
£

At 1 July

350,319

Disposals

(14,321)

Fair value adjustments

23,301

At 30 June 2022

359,299

 

Crow Park Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

8

STOCKS

2023
£

2022
£

Stocks

4,088

3,137

9

DEBTORS

2023
£

2022
£

Trade debtors

8,593

-

Prepayments

725

776

Other debtors

729,821

-

739,139

776

10

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

27,855

46,471

Trade creditors

 

16,278

13,422

Taxation and social security

 

35,925

60,861

Accruals and deferred income

 

28,336

28,240

Other creditors

 

58,490

18,675

 

166,884

167,669

Creditors include bank loans and overdrafts which are secured of £27,855 (2022 - £46,471).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

652,610

9,527

Creditors include bank loans and overdrafts which are secured of £652,610 (2021 - £9,527).

 

Crow Park Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

11

LOANS AND BORROWINGS

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

652,610

9,527

2023
£

2022
£

Current loans and borrowings

Bank borrowings

27,855

46,471