Registration number:
CRG Properties Ltd
for the Year Ended 30 June 2023
CRG Properties Ltd
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
CRG Properties Ltd
Company Information
Director |
Ms Chantal Garman |
Registered office |
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Accountants |
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CRG Properties Ltd
Director's Report for the Year Ended 30 June 2023
The director presents her report and the financial statements for the year ended 30 June 2023.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is letting of residential properties.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
CRG Properties Ltd
for the Year Ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CRG Properties Ltd for the year ended 30 June 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements. These are based on the principles approved by IFAC..
This report is made solely to the Board of Directors of CRG Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of CRG Properties Ltd and state those matters that we have agreed to state to the Board of Directors of CRG Properties Ltd, as a body, in this report in accordance with CIMA. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CRG Properties Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that CRG Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of CRG Properties Ltd. You consider that CRG Properties Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of CRG Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Warwick
Warwickshire
CV34 6LN
CRG Properties Ltd
(Registration number: 10213392)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
15 |
15 |
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Retained earnings |
15,897 |
14,842 |
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Shareholders' funds |
15,912 |
14,857 |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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The director acknowledges her 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 within Part 15 of the Companies Act 2006.
Approved and authorised by the
CRG Properties Ltd
(Registration number: 10213392)
Balance Sheet as at 30 June 2023
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CRG Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
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.
Tax
The tax expense for the period comprises current and deferred 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.
CRG Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% on cost |
Investment property
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 creditors
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.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
CRG Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
At 30 June 2023 other creditors include loans made to the company by its director amounting to £105,394 (2022 £103,174).
The loans are interest free with no fixed date for repayment.
Other creditors include two loans from the director's parents and family:
Loan 1: At 30 June 2023 £10,250 was outstanding (2022 £13,250) - This loan was taken on an interest free basis.
Loan 2: At 30 June 2023 £127,500 (£2022 £127,500) -This loan has an interest of 4.5% per annum and the loan repayment is on an interest only basis.
Loam 3: At 30 June 2023 £50,000 (£2022 £0) -This loan has an interest of 6% per annum and the loan repayment is on an interest only basis.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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CRG Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
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Disposals |
( |
( |
At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Investment properties |
2023 |
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At 1 July |
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At 30 June |
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Investment property is shown at most recent valuation, unless the most recent valuation is not materially different to cost. In this instance the investment property remains at cost. Where there is a material aggregate surplus or deficit arising from changes in fair value it is shown at fair value and the variance recognised in profit or loss.
The fair value is based on a valuation from an external estate agent.
Impairment of investment property
The amount of impairment loss included in profit or loss is £Nil (2022 - £Nil). The amount of reversal of impairment recognised in profit or loss is £Nil (2022 - £Nil). The valuations have not been materially different from the purchase prices of the two properties
CRG Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Debtors |
Current |
2023 |
2022 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Other non-current financial liabilities |
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2023 |
2022 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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