Cupio Propco Limited 11441354 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the provision of rental services. Digita Accounts Production Advanced 6.30.9574.0 true true true 11441354 2022-07-01 2023-06-30 11441354 2023-06-30 11441354 bus:OrdinaryShareClass1 2023-06-30 11441354 core:RetainedEarningsAccumulatedLosses 2023-06-30 11441354 core:RevaluationReserve 2023-06-30 11441354 core:ShareCapital 2023-06-30 11441354 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 11441354 core:FurnitureFittingsToolsEquipment 2023-06-30 11441354 core:LandBuildings 2023-06-30 11441354 bus:SmallEntities 2022-07-01 2023-06-30 11441354 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 11441354 bus:FullAccounts 2022-07-01 2023-06-30 11441354 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 11441354 bus:RegisteredOffice 2022-07-01 2023-06-30 11441354 bus:Director1 2022-07-01 2023-06-30 11441354 bus:Director2 2022-07-01 2023-06-30 11441354 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 11441354 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11441354 core:Buildings 2022-07-01 2023-06-30 11441354 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 11441354 core:LandBuildings 2022-07-01 2023-06-30 11441354 countries:EnglandWales 2022-07-01 2023-06-30 11441354 2022-06-30 11441354 core:FurnitureFittingsToolsEquipment 2022-06-30 11441354 core:LandBuildings 2022-06-30 11441354 2021-07-01 2022-06-30 11441354 2022-06-30 11441354 bus:OrdinaryShareClass1 2022-06-30 11441354 core:RetainedEarningsAccumulatedLosses 2022-06-30 11441354 core:RevaluationReserve 2022-06-30 11441354 core:ShareCapital 2022-06-30 11441354 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 11441354 core:FurnitureFittingsToolsEquipment 2022-06-30 11441354 core:LandBuildings 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11441354

Prepared for the registrar

Cupio Propco Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Cupio Propco Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Cupio Propco Limited

Company Information

Directors

M Dhanak

S Dhanak

Registered office

Unit 4 Bradbourne Drive
Tilbrook
Milton Keynes
MK7 8BN

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Cupio Propco Limited

(Registration number: 11441354)
Balance Sheet as at 30 June 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

10,067,161

10,207,749

Current assets

 

Debtors

5

2,436,119

1,544,981

Cash at bank and in hand

 

136,274

568,751

 

2,572,393

2,113,732

Creditors: Amounts falling due within one year

6

(405,771)

(286,182)

Net current assets

 

2,166,622

1,827,550

Total assets less current liabilities

 

12,233,783

12,035,299

Deferred tax liabilities

(953,501)

(953,501)

Net assets

 

11,280,282

11,081,798

Capital and reserves

 

Called up share capital

7

1

1

Revaluation reserve

3,814,004

3,814,004

Profit and loss account

7,466,277

7,267,793

Total equity

 

11,280,282

11,081,798

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 March 2024 and signed on its behalf by:
 


M Dhanak
Director

 

Cupio Propco 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 England and Wales.

The address of its registered office is:
Unit 4 Bradbourne Drive
Tilbrook
Milton Keynes
MK7 8BN
United Kingdom

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.

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 and after eliminating sales within the company. 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 the profit and loss account, except that a charge 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.

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.

 

Cupio Propco Limited

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

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

Freehold buildings

2% on cost

Freehold land is not depreciated.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Cupio Propco Limited

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

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Cupio Propco Limited

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

 

4

Tangible assets

Freehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022 and at 30 June 2023

10,485,029

3,896

10,488,925

Depreciation

At 1 July 2022

279,228

1,948

281,176

Charge for the year

139,614

974

140,588

At 30 June 2023

418,842

2,922

421,764

Carrying amount

At 30 June 2023

10,066,187

974

10,067,161

At 30 June 2022

10,205,801

1,948

10,207,749

Included within the net book value of land and buildings above is £10,066,187 (2022 - £10,205,801) in respect of freehold land and buildings.

Freehold land of £1,731,000 (2022 - £1,731,000) has not been depreciated.

The freehold properties were revalued for the year ended 30 June 2020 by an external valuer who specialises in the care home sector. The valuation was based on its existing use basis as a rental property.

 

5

Debtors

2023
 £

2022
 £

Amounts owed by related parties

856,292

409,292

Other debtors

1,577,830

1,135,689

Prepayments

1,997

-

 

2,436,119

1,544,981

 

6

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

58,448

41,636

Accrued expenses

1,207

1,546

Corporation tax liability

346,116

242,522

Deferred income

-

478

405,771

286,182

 

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Cupio Propco Limited

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

 

8

Parent and ultimate parent undertaking

The ultimate and only parent company is Cupio Holdco Limited, a company controlled by M Dhanak.

 

9

Disclosure under Section 444 (5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.