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Registration number: 09893849

Creake Business Park Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Creake Business Park Limited

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Creake Business Park Limited

Company Information

Directors

Mr Wyndham Spice

Mrs Sarah Spice

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Creake Business Park Limited

(Registration number: 09893849)
Statement of financial position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,422,670

1,416,729

Current assets

 

Debtors

5

306,011

285,503

Cash at bank and in hand

 

10,213

17,885

 

316,224

303,388

Creditors: Amounts falling due within one year

6

(733,550)

(737,881)

Net current liabilities

 

(417,326)

(434,493)

Total assets less current liabilities

 

1,005,344

982,236

Creditors: Amounts falling due after more than one year

6

(575,418)

(609,870)

Provisions for liabilities

(55,144)

(55,144)

Net assets

 

374,782

317,222

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

202,863

202,863

Retained earnings

171,819

114,259

Shareholders' funds

 

374,782

317,222

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 26 January 2024 and signed on its behalf by:
 

 

Creake Business Park Limited

(Registration number: 09893849)
Statement of financial position as at 30 November 2023

.........................................
Mr Wyndham Spice
Director

 

Creake Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 26 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Creake Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

 

Creake Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

At 1 December

1,416,729

Additions

5,941

At 30 November

1,422,670

The directors have revalued the Investment Property

5

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

303,885

283,261

Other debtors

 

435

492

Prepayments

 

1,691

1,750

 

306,011

285,503

 

Creake Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

37,000

39,000

Amounts due to related parties

9

672,974

673,830

Social security and other taxes

 

5,400

5,173

Accruals

 

3,275

2,275

Tax liability

14,901

17,603

 

733,550

737,881

Due after one year

 

Loans and borrowings

8

575,418

609,870

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

575,418

609,870

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

45

45

45

45

Ordinary B Shares of £1 each

45

45

45

45

Ordinary C Shares of £1 each

5

5

5

5

Ordinary D Shares of £1 each

5

5

5

5

 

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

Creake Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

575,418

609,870

2023
£

2022
£

Current loans and borrowings

Bank borrowings

37,000

39,000

9

Related party transactions

In the year, Creake Business Park Limited charged rental income totalling £108,000 (2022: £111,400) to W G Spice Building Limited.
W G Spice Building Limited recharged expenses totalling £NIL (2022: nil).
At the year end, Creake Business Park Limited was owed £18,025 (2022: £17,401 ) by South Creake Business Park Limited, and £285,860 (2022: £265,860) by W Spice Building Limited.
At the year end, Creake Business Park Limited owed £637,946 (2022: £632,805) to W G Spice Building Limited.
Mr. W. Spice a director of Creake Business Park Limited is also a director of W G Spice Building Limited and W Spice Building Limited and South Creake Business Park Limited