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COMPANY REGISTRATION NUMBER: 07715977
CSG PROPERTY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
CSG PROPERTY LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
CSG PROPERTY LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
S K Gilbert
C L Gilbert
Registered office
Royal Cottage
Merrycock Lane
Heighington
Lincoln
LN4 1QL
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
CSG PROPERTY LTD
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,574,385
1,595,428
Current assets
Debtors
6
3,235
1,876
Cash at bank and in hand
2,430
16,783
-------
---------
5,665
18,659
Creditors: amounts falling due within one year
7
424,149
371,605
----------
----------
Net current liabilities
418,484
352,946
-------------
-------------
Total assets less current liabilities
1,155,901
1,242,482
Creditors: amounts falling due after more than one year
8
419,108
525,962
Provisions
Taxation including deferred tax
67,932
71,153
-------------
-------------
Net assets
668,861
645,367
-------------
-------------
CSG PROPERTY LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
200
200
Share premium account
99,900
99,900
Non Distributable Profit and Loss Account
284,551
284,551
Profit and loss account
284,210
260,716
----------
----------
Shareholders funds
668,861
645,367
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:
S K Gilbert
Director
Company registration number: 07715977
CSG PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Royal Cottage, Merrycock Lane, Heighington, Lincoln, LN4 1QL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rental income due for the year, recognised on an accruals basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
33% straight line
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
1,498,259
28,957
148,388
1,675,604
Additions
4,257
4,257
Disposals
( 24,349)
( 24,349)
-------------
---------
----------
-------------
At 31 July 2023
1,502,516
4,608
148,388
1,655,512
-------------
---------
----------
-------------
Depreciation
At 1 August 2022
26,849
53,327
80,176
Charge for the year
1,535
23,765
25,300
Disposals
( 24,349)
( 24,349)
-------------
---------
----------
-------------
At 31 July 2023
4,035
77,092
81,127
-------------
---------
----------
-------------
Carrying amount
At 31 July 2023
1,502,516
573
71,296
1,574,385
-------------
---------
----------
-------------
At 31 July 2022
1,498,259
2,108
95,061
1,595,428
-------------
---------
----------
-------------
Tangible assets held at valuation
The investment property is revalued annually on an open market basis by the directors.
6. Debtors
2023
2022
£
£
Trade debtors
2,362
1,058
Other debtors
873
818
-------
-------
3,235
1,876
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
104,772
29,799
Trade creditors
7,805
431
Corporation tax
10,393
4,388
Social security and other taxes
205
Other creditors
301,179
336,782
----------
----------
424,149
371,605
----------
----------
Bank loans are secured against the investment property owned by the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
419,108
525,962
----------
----------
Bank loans are secured against the investment property owned by the company.
9. Related party transactions
During the year, property management fees were paid to Cloud Lettings Ltd, a company in which S Gilbert is a director. The value of costs incurred during the year amounted to £17,701 (2022: £18,484). No amounts were outstanding for payment at the Statement of Financial Position date (2022: £nil). No further transactions with related parties were undertaken such as are required under FRS 102 (Section 1A).
10. Controlling party
The company was under the control of the directors throughout the current and previous year.