Company registration number 01065578 (England and Wales)
CANBRIDGE MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
CANBRIDGE MANAGEMENT LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J R Griffiths
Mrs S Griffiths
Mr J R Griffiths (Jnr)
Miss S E Griffiths
Secretary
Mrs S Griffiths
Company number
01065578
Registered office
27 The Grove
Clacton on Sea
Essex
CO15 1TJ
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
CANBRIDGE MANAGEMENT LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CANBRIDGE MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,218,340
3,219,243
Investments
4
2
2
3,218,342
3,219,245
Current assets
Debtors
5
42,035
33,165
Investments
6
1,100,000
Cash at bank and in hand
140,901
1,169,384
1,282,936
1,202,549
Creditors: amounts falling due within one year
7
(132,555)
(104,492)
Net current assets
1,150,381
1,098,057
Total assets less current liabilities
4,368,723
4,317,302
Provisions for liabilities
(13,084)
(10,801)
Net assets
4,355,639
4,306,501
Capital and reserves
Called up share capital
10,100
10,100
Profit and loss reserves
4,345,539
4,296,401
Total equity
4,355,639
4,306,501
CANBRIDGE MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
Miss S E Griffiths
Director
Company Registration No. 01065578
The notes on pages 4 to 7 form part of these financial statements
CANBRIDGE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Canbridge Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 The Grove, Clacton on Sea, Essex, CO15 1TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental property income and management services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
No charge
Investment property
No charge
Fixtures, fittings and equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
No depreciation has been provided on the freehold property occupied by the company. The directors estimate that the residual value of this property is not materially less than the original cost. Therefore any element of depreciation would be immaterial and no provision has been made.
CANBRIDGE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments
Investment properties are shown at cost and not valued at open market value for existing use. Purchase and sale of investment properties are accounted for on legal completion. Development properties are treated as complete and are transferred to investment properties upon certification of practical completion.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
CANBRIDGE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Tangible fixed assets
Freehold property
Investment property
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
75,000
3,100,516
78,190
70,890
3,324,596
Additions
12,310
12,310
At 31 January 2024
75,000
3,100,516
90,500
70,890
3,336,906
Depreciation and impairment
At 1 February 2023
34,463
70,890
105,353
Depreciation charged in the year
13,213
13,213
At 31 January 2024
47,676
70,890
118,566
Carrying amount
At 31 January 2024
75,000
3,100,516
42,824
3,218,340
At 31 January 2023
75,000
3,100,516
43,727
3,219,243
In the opinion of the directors the open market value of the investment properties is in excess of the book value. They are unable to quantify the open market value without seeking professional advice and it is considered that the cost and delay involved to obtain a professional valuation outweighs the benefits to the members.
The cost of assets for letting to third parties amounts to £3,100,516 (2023: £3,100,516) as disclosed above, under the Investment properties heading.
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2
2
The company's investments in its subsidiary undertakings represent the cost of acquisition of the whole of the issued ordinary share capital of the company. Canbridge Limited, a company registered in England and Wales, has not traded since incorporation. Canbridge Limited was incorporated on 12 May 1994. The company has net assets of £2 (2023: £2).
CANBRIDGE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,816
20,841
Other debtors
22,219
12,324
42,035
33,165
6
Current asset investments
2024
2023
£
£
Other investments
1,100,000
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,094
11,984
Taxation and social security
39,820
21,445
Other creditors
88,641
71,063
132,555
104,492
8
Ultimate controlling party
Canbridge Management Limited is wholly owned by Can Bridge Manx Ltd of 5 Coburn Drive, Ramsey, Isle of Man.