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Company No: 09258370 (England and Wales)

CROWN DEVELOPMENT MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

CROWN DEVELOPMENT MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

CROWN DEVELOPMENT MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
CROWN DEVELOPMENT MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,078 5,098
4,078 5,098
Current assets
Debtors
- due within one year 4 886,535 625,011
- due after more than one year 4 34,571 34,571
Cash at bank and in hand 9,892 160,098
930,998 819,680
Creditors: amounts falling due within one year 5 ( 909,456) ( 790,450)
Net current assets 21,542 29,230
Total assets less current liabilities 25,620 34,328
Net assets 25,620 34,328
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 25,520 34,228
Total shareholders' funds 25,620 34,328

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Crown Development Management Limited (registered number: 09258370) were approved and authorised for issue by the Director. They were signed on its behalf by:

D Caplan
Director

06 February 2024

CROWN DEVELOPMENT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
CROWN DEVELOPMENT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crown Development Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Crown House, 44 Bellmount Wood Avenue, Watford, WD17 3BW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 November 2022 15,893 15,893
At 31 October 2023 15,893 15,893
Accumulated depreciation
At 01 November 2022 10,795 10,795
Charge for the financial year 1,020 1,020
At 31 October 2023 11,815 11,815
Net book value
At 31 October 2023 4,078 4,078
At 31 October 2022 5,098 5,098

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Amounts owed by directors 155,564 105,598
Accrued income 673,619 423,049
Corporation tax 48,844 43,901
Other debtors 8,508 52,463
886,535 625,011
Debtors: amounts falling due after more than one year
Corporation tax 34,571 34,571

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 34 2,664
Accruals 183,975 171,364
Corporation tax 21,728 39,715
Other taxation and social security 21,231 3,582
Other creditors 682,488 573,125
909,456 790,450

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 892 1,767

8. Related party transactions

Included within other debtors are balances of £8,508 (2022: £51,370) due from companies with shared directors. These balances are unsecured and interest free, with no fixed repayments terms.

Included within other creditors are balances of £nil (2022: £29,700) owed to shareholders of the Company. These balances are unsecured and interest free, with no fixed repayment terms.

Also included within other creditors are balances of £603,433 (2022: £512,706) owed to companies with shared directors. These balances are unsecured and interest free, with no fixed repayment terms.

Also included within other creditors is a balance of £78,163 (2022: £84,043) owed to a limited liability partnership of which the directors are designated members.

9. Directors’ benefits: advances, credit and guarantees

During the year there was a loan due from A Pulver, included within debtors. This comprised an opening balance of £81,029, advances of £5,769, and repayments of nil, leaving a year end balance of £86,798. This balance was unsecured with beneficial loan interest charged during the year and there are no fixed repayment terms.

During the year, there was also a loan due from D Caplan, included within debtors. This comprised an opening balance of £24,569, advances of £47,197, and repayments of £3,000, leaving a year end balance of £68,766. This balance was unsecured with beneficial loan interest charged during the year and there are no fixed repayment terms.