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REGISTERED NUMBER: 02385794 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

CRAIG & WATTS HOLDINGS LIMITED

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CRAIG & WATTS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: C R Watts
Mrs S J Watts



SECRETARY: C R Watts



REGISTERED OFFICE: c/o Fields
2nd Floor, Landchard House
Victoria Street
West Bromwich
West Midlands
B70 8ER



REGISTERED NUMBER: 02385794 (England and Wales)



ACCOUNTANTS: Fields Business Advisors Ltd
2nd Floor
Landchard House
Victoria Street
West Bromwich
West Midlands
B70 8ER



BANKERS: Cynergy Bank
PO Box 17484
87 Chase Side
London
N14 5WH

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,698,615 1,699,353
Investments 6 12,392,807 12,007,859
Investment property 7 4,350,704 4,350,704
18,442,126 18,057,916

CURRENT ASSETS
Debtors 8 4,526,682 4,396,468
Cash at bank 2,660 11
4,529,342 4,396,479
CREDITORS
Amounts falling due within one year 9 7,760,405 7,610,025
NET CURRENT LIABILITIES (3,231,063 ) (3,213,546 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,211,063

14,844,370

CREDITORS
Amounts falling due after more than one year 10 (1,293,037 ) (1,322,416 )

PROVISIONS FOR LIABILITIES (280,357 ) (280,357 )
NET ASSETS 13,637,669 13,241,597

CAPITAL AND RESERVES
Called up share capital 9 9
Revaluation reserve 12 12,379,816 11,994,868
Fair value reserve 12 1,045,654 1,045,654
Retained earnings 212,190 201,066
SHAREHOLDERS' FUNDS 13,637,669 13,241,597

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

BALANCE SHEET - continued
31ST MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd December 2023 and were signed on its behalf by:





C R Watts - Director


CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Craig & Watts Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling which is the functional currency of the company and are rounded to the nearest £1.

Going concern
The directors believe that there are no material uncertainties related to events or conditions, that may cast significant doubt on the ability of the company to continue as a going concern and therefore the going concern basis remains appropriate in the preparation of the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.

The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as detailed below.

Turnover
Turnover consists of management fees charged to group companies. Management fees are recognised when the services are rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Investment property
Investment properties are included at fair value. Any changes in fair value are recognised in the Income Statement and because the gains are not distributable, they are included within a fair value reserve.

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
With few exceptions, the company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.

Basic financial instruments such as those above are recognised in the financial statements at amortised cost.

Any exception to the above are either immaterial or do not affect more than one accounting period.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash at bank and in hand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The companies in the Craig and Watts Group receive or surrender their losses within the group. Group members do not pay for losses surrendered or received.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Group accounts
The company has taken advantage of the exemption conferred by section 398 of the Companies Act 2006 from the requirement to prepare group accounts. Accordingly these financial statements present information about the company as an individual undertaking.

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

3. ACCOUNTING POLICIES - continued

Investments
The company accounts for it's investments in subsidiary undertakings by the equity method, whereby the original cost of the investments is adjusted for the movement in underlying net assets applicable to the investments since their date of acquisition, as adjusted for any impairment in value that, in the judgement of the Board, needs to be reflected in the financial statements, with an adjustment to the company's revaluation reserve.

In deciding whether an impairment loss needs to be reflected in the financial statements of Craig and Watts Holdings Limited the directors consider the value of the assets and liabilities in the subsidiary company at each reporting date, and compare this with the carrying value of the fixed asset investment in the company's balance sheet.

If the investment's recoverable amount is estimated to be less than its carrying amount then the carrying amount is reduced to the recoverable amount, with the impairment loss being recognised in the income statement.


Development costs
Development costs relating to properties that are at the stage of completion are included as an asset in the financial statements when it is reasonable to assume that rental income will be generated in respect of these properties.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2022
and 31st March 2023 1,695,384 8,223 3,708 1,631 1,708,946
DEPRECIATION
At 1st April 2022 - 4,942 3,337 1,314 9,593
Charge for year - 328 94 316 738
At 31st March 2023 - 5,270 3,431 1,630 10,331
NET BOOK VALUE
At 31st March 2023 1,695,384 2,953 277 1 1,698,615
At 31st March 2022 1,695,384 3,281 371 317 1,699,353

6. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Other investments 12,392,807 12,007,859

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

6. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Other
investments
£   
COST OR VALUATION
At 1st April 2022 11,995,968
Revaluations 384,948
At 31st March 2023 12,380,916
NET BOOK VALUE
At 31st March 2023 12,380,916
At 31st March 2022 11,995,968

Cost or valuation at 31st March 2023 is represented by:

Other
investments
£   
Valuation in 2023 12,380,916

If shares in group undertakings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,200 1,200

Shares in group undertakings were valued on a fair value basis on 31st March 2023 by the directors .

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Other investments 11,891 11,891

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022
and 31st March 2023 4,350,704
NET BOOK VALUE
At 31st March 2023 4,350,704
At 31st March 2022 4,350,704

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

7. INVESTMENT PROPERTY - continued

The above investment properties and are held for use under operating leases.

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2023 4,350,704

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,024,693 3,024,693

Investment property was valued on an open market basis on 31st March 2023 by the directors .

8. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Other debtors - 38,999
Directors' loan accounts 2,036,195 1,417,045
Section 455 tax recoverable 91,989 91,989
2,128,184 1,548,033

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,747,317 2,406,217
Section 455 tax recoverable 651,181 442,218
2,398,498 2,848,435

Aggregate amounts 4,526,682 4,396,468

The company has provided support to Craig Watts Developments Limited and Happy Girls Limited, it's subsidiary companies, in the development and construction of it's properties. The amounts owed by the group undertakings will be recovered on completion of the properties. As the properties are at the development stage the balance owed has been disclosed as due in more than one year.

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 42,829 27,584
Amounts owed to group undertakings 1,319,238 1,352,436
Corporation tax 86,836 36,213
Section 455 tax payable 618,048 409,085
Social security and other taxes 130,008 87,729
Other creditors 5,523,422 5,572,596
Directors' loan accounts - 110,382
Accrued expenses 40,024 14,000
7,760,405 7,610,025

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1-2 years 52,691 46,895
Bank loans - 2-5 years 1,240,346 1,275,521
1,293,037 1,322,416

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,335,866 1,350,000

The Bank Loan is a 5 year loan maturing 16th March 2026. Interest and capital is payable quarterly.

The company has provided security by way of a legal charge over one of its investment properties.

12. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1st April 2022 11,994,868 1,045,654 13,040,522
Revaluation during the year 384,948 - 384,948

At 31st March 2023 12,379,816 1,045,654 13,425,470

13. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

An inter-company composite guarantee has been provided to Gainlive Limited, a subsidiary of the company.

CRAIG & WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 02385794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The total aggregated advances to directors during the year was £729,530 (2022: 197,902) and the balance outstanding at the end of the year was £2,036,195 (2022: £1,306,663).

The above loans are unsecured, interest free and repayable on demand.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C R Watts.