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COMPANY REGISTRATION NUMBER: 09113137
C G DEVELOPMENT MANAGEMENT LTD
Filleted Unaudited Financial Statements
31 July 2023
C G DEVELOPMENT MANAGEMENT LTD
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Current assets
Debtors
6
16,676
78,782
Cash at bank and in hand
56,523
37,605
--------
---------
73,199
116,387
Creditors: amounts falling due within one year
7
81,744
142,516
--------
---------
Net current liabilities
8,545
26,129
-------
--------
Total assets less current liabilities
( 8,545)
( 26,129)
-------
--------
Net liabilities
( 8,545)
( 26,129)
-------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 9,545)
( 27,129)
-------
--------
Shareholders deficit
( 8,545)
( 26,129)
-------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 July 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 were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
MR C C A BROWN
Director
Company registration number: 09113137
C G DEVELOPMENT MANAGEMENT LTD
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced in respect of the principal activity during the period, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: Nil).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
Adjustments in respect of prior periods
( 541)
Deferred tax:
Origination and reversal of timing differences
4,450
11,861
-------
--------
Tax on profit
3,909
11,861
-------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: the same as) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
21,493
62,425
--------
--------
Profit on ordinary activities by rate of tax
4,450
11,861
Adjustment to tax charge in respect of prior periods
( 541)
--------
--------
Tax on profit
3,909
11,861
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
13,000
70,656
Other debtors
3,676
8,126
--------
--------
16,676
78,782
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
53,382
117,122
Social security and other taxes
2,062
17,594
Other creditors
26,300
7,800
--------
---------
81,744
142,516
--------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
MR C C A BROWN
( 24,500)
( 24,500)
----
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
MR C C A BROWN
----
----
----
9. Related party transactions
The company incurred consultancy costs on various projects which were recharged: During the year, the company recharged consultancy fees of £Nil (£106,333 : 2022) to CG (Slough) Ltd, a company in which Mr Rossano Mansoori-Dara and Mr C C A Brown are directors. A debtor balance of £10,000 (£10,000 : 2022) remains outstanding at the year end. During the year, the company recharged consultancy fees of £165,431 (£93,715 : 2022) to CG (WBR2) Ltd, a company in which Mr Rossano Mansoori-Dara and Mr C C A Brown are directors. Consultancy fees of £68,000 (2022 : £103,000) were paid to RYMD Advisors Ltd, a company managed and controlled by Mr Rossano Mansoori-Dara. A debtor balance of £24,000 (£Nil : 2022) remains outstanding at the year end. The company also paid £61,333 (2022 : £70,594) in respect of consultancy fees to Prime City Properties Limited, a company managed and controlled by Mr C C A Brown. A debtor balance of £24,000 (£Nil : 2022) remains outstanding at the year end. During the course of the year, a few non-trading loan balances were written off as non-recoverable as follows: A loan balance of £6,000 owed to C Group Developments Ltd was written off, a company in which Mr C C A Brown and Mr Rossano Mansoori-Dara are directors and have significant control over the affairs of the company. A loan balance of £7,926 owed by associated companies was written off as these companies were dissolved at Companies House. Mr C C A Brown and Mr Rossano Mansoori-Dara were directors and had significant control over the affairs of the companies. All transactions were on an arm's length basis in accordance with Management Agreements.