30 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05377897 2022-04-01 2023-03-31 05377897 2023-03-31 05377897 2022-03-31 05377897 2021-04-01 2022-03-31 05377897 2022-03-31 05377897 2021-03-31 05377897 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05377897 bus:RegisteredOffice 2022-04-01 2023-03-31 05377897 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05377897 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 05377897 bus:Director1 2022-04-01 2023-03-31 05377897 bus:Director2 2022-04-01 2023-03-31 05377897 bus:Director3 2022-04-01 2023-03-31 05377897 core:WithinOneYear 2023-03-31 05377897 core:WithinOneYear 2022-03-31 05377897 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 05377897 core:FurnitureFittingsToolsEquipment 2022-03-31 05377897 core:FurnitureFittingsToolsEquipment 2023-03-31 05377897 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 05377897 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05377897 core:UKTax 2022-04-01 2023-03-31 05377897 core:UKTax 2021-04-01 2022-03-31 05377897 core:ShareCapital 2023-03-31 05377897 core:ShareCapital 2022-03-31 05377897 core:RetainedEarningsAccumulatedLosses 2023-03-31 05377897 core:RetainedEarningsAccumulatedLosses 2022-03-31 05377897 core:ShareCapital 2021-03-31 05377897 core:RetainedEarningsAccumulatedLosses 2021-03-31 05377897 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 05377897 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 05377897 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 05377897 core:FurnitureFittingsToolsEquipment 2022-03-31 05377897 bus:SmallEntities 2022-04-01 2023-03-31 05377897 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05377897 bus:FullAccounts 2022-04-01 2023-03-31 05377897 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05377897 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05377897 core:AllAssociates 2023-03-31
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.