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Registration number: 01754306

C.N.V. Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 September 2023

 

C.N.V. Limited

(Registration number: 01754306)
Balance Sheet as at 28 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,339,668

5,415,207

Current assets

 

Debtors

5

16,907

14,248

Cash at bank and in hand

 

503,196

529,787

 

520,103

544,035

Creditors: Amounts falling due within one year

6

(124,602)

(111,852)

Net current assets

 

395,501

432,183

Total assets less current liabilities

 

5,735,169

5,847,390

Provisions for liabilities

(91,468)

(69,655)

Net assets

 

5,643,701

5,777,735

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

3,513,341

3,573,686

Retained earnings

2,130,260

2,203,949

Shareholders' funds

 

5,643,701

5,777,735

For the financial year ending 28 September 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.

 

C.N.V. Limited

(Registration number: 01754306)
Balance Sheet as at 28 September 2023

Approved and authorised by the director on 6 March 2024
 

.........................................
Mr C N V Gilligan
Director

 

C.N.V. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 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:
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

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.

Going concern

The restrictions and lockdown as a consequence of COVID-19 pandemic have not had a significant impact on the company's business. The management has introduced strict measures to prevent the spread of coronavirus infection in its residential care homes. The director is confident that the current restrictions and economic uncertainty will not have an adverse impact on the company's business.

The company has considerable financial resources and has no mortgage or bank financing, the direct considers that the company is in a strong position to manage its business risks and will not seek repayment of long term director loan to the detriment of the company. Consequently, the company continues to adopt the going concern basis in preparing the financial statements.

The director has reviewed the company's business and consider that there are no liabilities or significant events that would indicate material uncertainty over the ability of the company to continue as a going concern.

 

C.N.V. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2023

2

Accounting policies (continued)

Judgements

Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty:

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below:

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is reognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

The company recognises revenue when:
The amount of revenue can be measured reliably;
It is probable that the Company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably; and
The costs incurred and the costs to complete the contract can be measured reliably.

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 and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 

C.N.V. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2023

2

Accounting policies (continued)

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recogniton of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations. when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation

Land is not depreciated. Depreciation on other assets is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using the straight-line method.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The estimated useful lives range as follows:

Asset class

Depreciation method and rate

Freehold property

50 years

Fixtures and fittings

6 to 7 years

Motor vehicles

6 to 7 years

 

C.N.V. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2023

2

Accounting policies (continued)

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with finanical institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Trade debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method, less any impairment.

Trade creditors

Short term creditors are recognised at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

C.N.V. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2023

2

Accounting policies (continued)

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Defined contribution pension obligation

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entitiy, Once the contributions have been paid the Company has no further obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 28 (2022 - 28).

 

C.N.V. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 29 September 2022

6,226,040

350,956

6,576,996

Additions

-

977

977

At 28 September 2023

6,226,040

351,933

6,577,973

Depreciation

At 29 September 2022

820,988

340,801

1,161,789

Charge for the year

74,802

1,714

76,516

At 28 September 2023

895,790

342,515

1,238,305

Carrying amount

At 28 September 2023

5,330,250

9,418

5,339,668

At 28 September 2022

5,405,052

10,155

5,415,207

Included within the net book value of land and buildings above is £5,330,250 (2022 - £5,405,052) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

333

689

Other debtors

946

1,674

Prepayments

15,628

11,885

16,907

14,248

 

C.N.V. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2023

6

Creditors

2023
£

2022
£

Due within one year

Trade creditors

15,048

6,441

Taxation and social security

18,165

18,780

Accruals and deferred income

15,060

24,871

Other creditors

76,329

61,760

124,602

111,852