REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 30 May 2023 |
for |
Cranborne Chase Asset Finance Ltd |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 30 May 2023 |
for |
Cranborne Chase Asset Finance Ltd |
Cranborne Chase Asset Finance Ltd (Registered number: 08993312) |
Contents of the Financial Statements |
for the Year Ended 30 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Cranborne Chase Asset Finance Ltd |
Company Information |
for the Year Ended 30 May 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor, Chartered Accountants |
Eighth Floor, 6 New Street Square |
New Fetter Lane |
London |
EC4A 3AQ |
Cranborne Chase Asset Finance Ltd (Registered number: 08993312) |
Balance Sheet |
30 May 2023 |
30.5.23 | 30.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cranborne Chase Asset Finance Ltd (Registered number: 08993312) |
Notes to the Financial Statements |
for the Year Ended 30 May 2023 |
1. | STATUTORY INFORMATION |
Cranborne Chase Asset Finance Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, based on services rendered and in accordance with underlying contracts. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment 33.3% |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in jointly controlled entities |
Investments in jointly controlled entities are recognised at cost less impairment. |
Cranborne Chase Asset Finance Ltd (Registered number: 08993312) |
Notes to the Financial Statements - continued |
for the Year Ended 30 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements in compliance with FRS 102 Section 1A requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The critical judgements that have been made in arriving at the amounts recognised in the financial statements and the key areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the financial statements are noted below; |
(i) Carrying value of investments in jointly controlled entities |
In line with the accounting policy, the investment in the jointly controlled entity is held at cost less impairment, in line with FRS 102. The company estimates the recoverable amount of the investment and whether this is lower than the cost it is held at in the financial statements. When assessing the carrying value, management considers factors such as current and forecast financial performance, the appropriateness of discount factors used, as well as projected net asset values. |
Having deemed a 100% impairment in the prior year; the company was reimbursed 50% of the value of the impairment from the other joint venture partner. This has been credited to the income statement in the year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 31 May 2022 |
Additions |
Disposals | ( |
) |
At 30 May 2023 |
DEPRECIATION |
At 31 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 May 2023 |
NET BOOK VALUE |
At 30 May 2023 |
At 30 May 2022 |
Cranborne Chase Asset Finance Ltd (Registered number: 08993312) |
Notes to the Financial Statements - continued |
for the Year Ended 30 May 2023 |
5. | FIXED ASSET INVESTMENTS |
The company has a 50% partnership in a joint venture, Swallowcliffe Finance Limited ("SFL"). The joint venture is held at a carrying value of £nil (2022 - £nil). |
The initial cost of Cranborne Chase share in the joint venture prior to recognizing the impairment amounted to £68,364. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.5.23 | 30.5.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.5.23 | 30.5.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.5.23 | 30.5.22 |
value: | £ | £ |
Ordinary | 10p | 100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The company holds an investment in Swallowcliffe Finance Limited ("SFL"), a UK company registered in England and Wales, as a jointly controlled entity (see note 8). One of the directors of Cranborne Chase Asset Finance Ltd is also a director of this UK company. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate holding company is Star Capital Investments Ltd a company incorporated in the British Virgin Islands. The ultimate controlling party is Sheikh S B H B I Al Khalifa. |