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Registration number: 06932262

Corporate Property Partners Ltd
Annual Report and
Unaudited Financial Statements

31 May 2023

 

Corporate Property Partners Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Corporate Property Partners Ltd

Balance Sheet
31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,574

3,076

Current assets

 

Stocks

6

3,000

13,100

Debtors

7

8,902

2,933

Other financial assets

5

74,949

154,186

Cash at bank and in hand

 

380,927

331,139

 

467,778

501,358

Creditors: Amounts falling due within one year

8

(29,207)

(23,104)

Net current assets

 

438,571

478,254

Total assets less current liabilities

 

457,145

481,330

Creditors: Amounts falling due after more than one year

8

(24,743)

(38,198)

Net assets

 

432,402

443,132

Capital and reserves

 

Called up share capital

100

100

Retained earnings

432,302

443,032

Shareholders' funds

 

432,402

443,132

 

Corporate Property Partners Ltd

Balance Sheet
31 May 2023

For the financial year ending 31 May 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.

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.

Approved and authorised by the director on 12 February 2024
 

.........................................
Mr Malcolm Andrew Brymer
Director

Company Registration Number: 06932262

 

Corporate Property Partners Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

1

General information

The Company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX
United Kingdom

The principal place of business is:
First Floor
28-32 Greenwood Street
Altrincham
Cheshire
WA14 1RZ

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.

Revenue recognition

Turnover comprises of the actual cash received 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.

 

Corporate Property Partners Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Asset class

Depreciation method and rate

Motor Vehicles

25% straight line

Equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Corporate Property Partners Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Corporate Property Partners Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

 

Corporate Property Partners Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

4,811

11,847

16,658

Additions

-

18,818

18,818

Disposals

-

(11,847)

(11,847)

At 31 May 2023

4,811

18,818

23,629

Depreciation

At 1 June 2022

4,697

8,885

13,582

Charge for the year

23

3,297

3,320

Eliminated on disposal

-

(11,847)

(11,847)

At 31 May 2023

4,720

335

5,055

Carrying amount

At 31 May 2023

91

18,483

18,574

At 31 May 2022

114

2,962

3,076

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

Fair value adjustments

(2,619)

(2,619)

CA investment - listed other shares bfwd

154,186

154,186

CA investment - listed other shares disposals

(76,618)

(76,618)

At 31 May 2023

74,949

74,949

Carrying amount

At 31 May 2023

74,949

74,949

 

Corporate Property Partners Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

6

Stocks

2023
£

2022
£

Work in progress

3,000

13,100

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,175

288

Prepayments

1,227

2,645

Other debtors

500

-

 

8,902

2,933

 

Corporate Property Partners Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

402

Taxation and social security

9,607

19,825

Accruals and deferred income

17,479

2,671

Other creditors

2,121

206

29,207

23,104

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

22,388

34,243

Other non-current financial liabilities

 

2,355

3,955

 

24,743

38,198

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

22,388

34,243