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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
05377897
CROWNLINE PROPERTY DEVELOPMENTS LIMITED
Unaudited filleted financial statements
31 March 2023
CROWNLINE PROPERTY DEVELOPMENTS LIMITED
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
CROWNLINE PROPERTY DEVELOPMENTS LIMITED
Directors and other information
|
|
|
|
|
Directors |
I S Johal |
(Resigned 31 December 2022) |
|
|
A S Johal |
|
|
|
V P S Johal |
|
|
|
|
|
|
|
|
|
|
Company number |
05377897 |
|
|
|
|
|
|
|
|
|
|
Registered office |
Unit D, Forest Business Park |
|
|
|
Walker Road |
|
|
|
Bardon, Coalville |
|
|
|
Leicestershire |
|
|
|
LE67 1TU |
|
|
|
|
|
|
|
|
|
|
Business address |
84-86 Charles Street |
|
|
|
Leicester |
|
|
|
Leicestershire |
|
|
|
LE1 1GE |
|
|
|
|
|
|
|
|
|
|
Accountants |
MKD (UK) LIMITED |
|
|
|
33 Cleeve |
|
|
|
Abbotsgate |
|
|
|
Tamworth |
|
|
|
Staffordshire |
|
|
|
B77 2QD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Natwest Bank |
|
|
Leicester, Granby Street Branch |
|
|
1 Granby Street |
|
|
Leicester |
|
|
LE1 9GT |
|
|
|
|
|
|
|
Solicitors |
Equitas Law Limited |
|
|
Shakespeare House |
|
|
17 Wellington Street |
|
|
Leicester |
|
|
LE1 6HU |
|
|
|
CROWNLINE PROPERTY DEVELOPMENTS LIMITED
Statement of financial position
31 March 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
6 |
55,877 |
|
|
|
55,877 |
|
|
Tangible assets |
|
7 |
92,451 |
|
|
|
76,788 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
148,328 |
|
|
|
132,665 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
12,312 |
|
|
|
9,735 |
|
|
Debtors |
|
8 |
255,215 |
|
|
|
86,271 |
|
|
Cash at bank and in hand |
|
|
229,221 |
|
|
|
214,679 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
496,748 |
|
|
|
310,685 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
570,438) |
|
|
|
(
292,801) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current (liabilities)/assets |
|
|
|
|
(
73,690) |
|
|
|
17,884 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
74,638 |
|
|
|
150,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
74,638 |
|
|
|
150,549 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
10 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
74,538 |
|
|
|
150,449 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
74,638 |
|
|
|
150,549 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 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 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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
22 December 2023
, and are signed on behalf of the board by:
VPS Johal
Director
Company registration number:
05377897
CROWNLINE PROPERTY DEVELOPMENTS LIMITED
Statement of changes in equity
Year ended 31 March 2023
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2021 |
|
100 |
|
(
35,950) |
(
35,850) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the year |
|
|
|
186,399 |
186,399 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
186,399 |
186,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2022 and 1 April 2022 |
|
100 |
|
150,449 |
150,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the year |
|
|
|
(
75,911) |
(
75,911) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
75,911) |
(
75,911) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
|
100 |
|
74,538 |
74,638 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CROWNLINE PROPERTY DEVELOPMENTS LIMITED
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit D, Forest Business Park, Walker Road, Bardon, Coalville, Leicestershire, LE67 1TU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
20 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
30
(2022:
23
).
5.
Tax on loss/profit
Major components of tax income/expense
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
- |
47,292 |
|
Adjustments in respect of previous periods |
|
(
21,480) |
- |
|
|
|
_______ |
_______ |
|
Tax on loss/profit |
|
(
21,480) |
47,292 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax income/expense
The tax assessed on the loss/profit for the year is lower than (2022: higher than) the
standard rate of corporation tax in the UK
of
19.00
% (2022: 19.00%).
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
(Loss)/profit before taxation |
|
(
97,391) |
233,691 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
(Loss)/profit multiplied by rate of tax |
|
(
18,504) |
44,401 |
|
Adjustments in respect of prior periods |
|
(
21,480) |
- |
|
Effect of capital allowances and depreciation |
|
2,976 |
16,029 |
|
Utilisation of tax losses |
|
15,528 |
(
13,138) |
|
|
|
_______ |
_______ |
|
Tax on loss/profit |
|
(
21,480) |
47,292 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Intangible assets
|
|
Other intangible assets |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
55,877 |
55,877 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2023 |
55,877 |
55,877 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2022 |
55,877 |
55,877 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2022 |
497,308 |
497,308 |
|
|
|
|
|
|
Additions |
82,370 |
82,370 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2023 |
579,678 |
579,678 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2022 |
420,520 |
420,520 |
|
|
|
|
|
|
Charge for the year |
66,707 |
66,707 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2023 |
487,227 |
487,227 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2023 |
92,451 |
92,451 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2022 |
76,788 |
76,788 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
125,357 |
57,844 |
|
Prepayments and accrued income |
|
75,710 |
28,427 |
|
Other debtors |
|
54,148 |
- |
|
|
|
_______ |
_______ |
|
|
|
255,215 |
86,271 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
99,670 |
124,538 |
|
Amount owed to related undertaking |
|
427,200 |
- |
|
Accruals and deferred income |
|
40,465 |
66,490 |
|
Corporation tax |
|
- |
47,292 |
|
Social security and other taxes |
|
2,462 |
21,437 |
|
Other creditors |
|
641 |
33,044 |
|
|
|
_______ |
_______ |
|
|
|
570,438 |
292,801 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Capital commitments
There were no capital commitments at 31 March 2023 (2022 - £0).
12.
Contingent assets and liabilities
There were no contingent assets and liabilities at 31 March 2023 (2022 - £0).
13.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2023 |
2022 |
2023 |
2022 |
|
|
£ |
£ |
£ |
£ |
|
Johal Holdings Limited |
787,834 |
- |
(
427,200) |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
During the year rent & insurance of £656,528 (2022 - £183,679) were made to Johal Holdings Limited, a company which is ultimately related by the common control by the director's AJ Johal & VPS Johal.
The balance outstading as at 31 March 2023 is £427,200 (2022 - £0).
14.
Controlling party
The company and ultimate controlling party of Crownline Property Developments Limited is Johal Holdings Limited, a private company registered in Gibraltar.