Registered number
01481491
Crestvale Properties Limited
Filleted Accounts
31 August 2023
Crestvale Properties Limited
Registered number: 01481491
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 862 2,147
Investments 5 102 102
964 2,249
Current assets
Stocks 11,574,501 9,050,586
Debtors 6 2,413,166 1,589,896
Cash at bank and in hand 629,227 743,349
14,616,894 11,383,831
Creditors: amounts falling due within one year 7 (3,072,065) (2,434,578)
Net current assets 11,544,829 8,949,253
Total assets less current liabilities 11,545,793 8,951,502
Creditors: amounts falling due after more than one year 8 (9,401,984) (7,130,163)
Net assets 2,143,809 1,821,339
Capital and reserves
Called up share capital 300,000 300,000
Profit and loss account 1,843,809 1,521,339
Shareholders' funds 2,143,809 1,821,339
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P D Stanley
Director
Approved by the board on 5 March 2024
Crestvale Properties Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The Company jointly owns a portfolio of properties in Kent which was acquired during the year. This portfolio is owned equally with a third party and the Company recognises in Stocks, Turnover and Cost of Sales its proportionate share of the assets and transactions during the year. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Turnover analysis 2023 2022
£ £
Turnover for the year comprises:
Rental income and sale of properties 2,151,796 958,568
2,151,796 958,568
4 Tangible fixed assets
Land and buildings Fixtures & fittings Total
£ £ £
Cost
At 1 September 2022 - 16,469 16,469
Additions 2,350,000 - 2,350,000
Recategorisation (2,350,000) - (2,350,000)
At 31 August 2023 - 16,469 16,469
Depreciation
At 1 September 2022 - 14,322 14,322
Charge for the year - 1,285 1,285
At 31 August 2023 - 15,607 15,607
Net book value
At 31 August 2023 - 862 862
At 31 August 2022 - 2,147 2,147
As detailed in Note 5, during the year the Company acquired a portfolio of properties as part of a dividend distribution from its subsidiary company, Landpalm Limited. Those properties had been held as fixed assets by that company and so were recorded as fixed assets upon the transfer of ownership. Subsequently, the Company recategorised the properties as Stock alongside its other property assets.
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 September 2022 102
Additions 3,150,000
Impairment of investment (see below) (3,150,000)
At 31 August 2023 102
On 31 January 2023 the Company acquired the entire share capital of Landpalm Holdings Limited for £3.15 million. The consideration was paid by way of the issue of £2.4 million of Loan Notes (see Note 8) plus £750,000 cash.
Landpalm Holdings Limited was an inactive holding company whose sole asset was the entire share capital of Landpalm Limited, a property company. After the acquisition of the Landpalm group, ownership of the shares in Landpalm Limited was transferred to Crestvale Properties Limited and Landpalm Holdings Limited was dissolved.
Landpalm Limited subsequently declared a dividend equivalent to its net Reserves and settled the payment of the dividend by transferring ownership of its properties and all rights and obligations to Crestvale Properties Limited at book value plus a balancing cash element.
Consequently, following this dividend the company impaired the cost of its investment in Landpalm to reflect the dividend and the decrease in value of the subsidiary.
6 Debtors 2023 2022
£ £
Trade debtors 10,826 16,567
Amounts owed by group undertakings and undertakings and related parties 2,262,717 1,359,179
Other debtors 139,623 214,150
2,413,166 1,589,896
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 32,363 28,394
Taxation and social security costs 107,368 121,546
Other creditors 2,932,334 2,284,638
3,072,065 2,434,578
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,001,984 7,130,163
Loan Notes 2,400,000 -
9,401,984 7,130,163
Loan Notes
As part of the consideration for the acquisition of the Landpalm group (see Note 5) the Company issued £2.4 million of unsecured Loan Notes 2030.
The Loan Notes are subdivided into units of £50,000, carry no interest and the units are repayable by the Company on 31 January 2030 or such earlier date as may be agreed by mutual consent between the Loan Note Holder and the Company.
The Loan Notes may only be transferred with the approval and written consent of the Company.
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 7,001,984 7,130,163
The bank borrowings are secured against the assets of the company and are repayable between one and five years from the balance sheet date.
10 Related party transactions 2023 2022
£ £
Crestvale Properties (LH) Limited
Crestvale Properties (LH) Limited is a wholly owned subsidiary to whom the company transferred certain assets upon the demerger of the group in the previous year.
Amount due from/(to) related party 1,359,179 1,359,179
Landpalm Limited
Landpalm Limited is a wholly owned subsidiary.
Amount due from/(to) related party 903,538 20,000
D W Stanley
D W Stanley is a director of the Company and resulting from the acquisition of the Landpalm group during the year the Company had a debt to Mr Stanley. This amount has been repaid in full after the year end.
Amount due from/(to) related party (750,000) -
11 Controlling party
The company is a wholly owned subsidiary of Crestvale Properties Holdings Limited. In the opinion of the directors, there is no ultimate controlling party.
12 Other information
Crestvale Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
26/26 Great Portland Street
London
W1W 8QT
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