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Registration number: 09010808

CB Holdings Driffield Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

CB Holdings Driffield Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

CB Holdings Driffield Limited

Company Information

Directors

C J Burrell

D Burrell

G L Shaw-Dunn

K Taylor

Registered office

Halifax Approach
New Cut
Lissett
Driffield
East Yorkshire
YO25 8PT

 

CB Holdings Driffield Limited

(Registration number: 09010808)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,786

17,234

Investment property

5

1,900,000

1,770,000

 

1,913,786

1,787,234

Current assets

 

Debtors

6

39,444

21,517

Cash at bank and in hand

 

10,361

9,775

 

49,805

31,292

Creditors: Amounts falling due within one year

7

(491,849)

(278,432)

Net current liabilities

 

(442,044)

(247,140)

Total assets less current liabilities

 

1,471,742

1,540,094

Creditors: Amounts falling due after more than one year

7

(236,026)

(347,690)

Provisions for liabilities

(162,223)

(166,330)

Net assets

 

1,073,493

1,026,074

Capital and reserves

 

Called up share capital

1,000

1,000

Other reserves

560,398

573,380

Retained earnings

512,095

451,694

Shareholders' funds

 

1,073,493

1,026,074

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.

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 within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the Board on 1 March 2023 and signed on its behalf by:
 

.........................................
K Taylor
Director

 

CB Holdings Driffield Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in Engalnd.

The address of its registered office is:
Halifax Approach
New Cut
Lissett
Driffield
East Yorkshire
YO25 8PT
England

These financial statements were authorised for issue by the Board on 1 March 2023.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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 rental of property 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 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.

 

CB Holdings Driffield Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

20% reducing balance

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.

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 the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

 

CB Holdings Driffield Limited

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

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.

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 profit and loss account 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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2022 - 4).

 

CB Holdings Driffield Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

84,772

84,772

At 30 June 2023

84,772

84,772

Depreciation

At 1 July 2022

67,538

67,538

Charge for the year

3,448

3,448

At 30 June 2023

70,986

70,986

Carrying amount

At 30 June 2023

13,786

13,786

At 30 June 2022

17,234

17,234

5

Investment properties

2023
£

At 1 July

1,770,000

Additions

142,982

Fair value adjustments

(12,982)

At 30 June

1,900,000


The investment property was valued on 6 May 2022 by Sanderson Weatherall, an independant valuer, on a fair value basis. Subsequent valuations are made by the Directors on the same basis.

If investment property had not have been revalued, it would be stated at a historical cost of £1,264,896 (2022: £1,121,914).

6

Debtors

Current

2023
£

2022
£

Trade debtors

23,332

21,362

Prepayments

132

155

Other debtors

15,980

-

 

39,444

21,517

 

CB Holdings Driffield Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

111,665

111,665

Trade creditors

 

-

1,899

Taxation and social security

 

32,598

42,210

Accruals and deferred income

 

1,310

1,232

Other borrowings

 

346,276

121,426

 

491,849

278,432

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

236,026

347,690

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

236,026

347,690

2023
£

2022
£

Current loans and borrowings

Bank borrowings

111,665

111,665

Other borrowings

346,276

121,426

457,941

233,091

The bank borrowings and overdraft are secured by a fixed and floating charge over the Company's investment property.

Other borrowings include unsecured loans from directors and other related parties.

9

Related party transactions

Other transactions with Directors

At the year end the company owed the directors £1,426 (2022: £1,426). Loans made to the company by the directors are unsecured, interest free and repayable on demand.

 

CB Holdings Driffield Limited

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

Summary of transactions with other related parties


CB Solutions U.K Limited
(Company under common control of C Burrell)

At the year end, the net amount due to CB Solutions UK Limited was £344,850 (2022: £100,380). The amount is unsecured, interest free and repayable on demand.