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REGISTERED NUMBER: 09213918 (England and Wales)








CINNABAR PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






CINNABAR PROPERTY LIMITED (REGISTERED NUMBER: 09213918)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

CINNABAR PROPERTY LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: Mr P K Rooke
Mrs P Rooke
Mr S T P Rooke





REGISTERED OFFICE: Flat 50
Cinnabar Wharf Central
24 Wapping High Road
London
E1W 1NQ





REGISTERED NUMBER: 09213918 (England and Wales)





ACCOUNTANTS: Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

CINNABAR PROPERTY LIMITED (REGISTERED NUMBER: 09213918)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 1,901 370
Investment property 6 5,779,093 5,777,355
5,780,994 5,777,725

CURRENT ASSETS
Debtors 7 20,208 20,305
Cash at bank 227,426 175,514
247,634 195,819
CREDITORS
Amounts falling due within one year 8 (3,865,329 ) (3,470,380 )
NET CURRENT LIABILITIES (3,617,695 ) (3,274,561 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,163,299 2,503,164

CREDITORS
Amounts falling due after more than one year 9 (1,348,666 ) (1,834,134 )
NET ASSETS 814,633 669,030

CAPITAL AND RESERVES
Called up share capital 102 102
Non-distributable reserve 13 29,547 32,476
Retained earnings 784,984 636,452
SHAREHOLDERS' FUNDS 814,633 669,030

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CINNABAR PROPERTY LIMITED (REGISTERED NUMBER: 09213918)

BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:




Mr P K Rooke - Director



Mrs P Rooke - Director


CINNABAR PROPERTY LIMITED (REGISTERED NUMBER: 09213918)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Cinnabar Property Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
Unless indicated otherwise in the accounting policies below, the financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The directors have made key assumptions in the determination of the fair value of the investment properties.

Turnover
Turnover represents the rental income receivable, excluding value added tax.

Rent free periods or other incentives received for entering into a lease are accounted for over the period of the lease so as to spread the benefits received over the lease term.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates on order to write off each asset over its estimated useful life.

Plant and machinery etc - 20% and 33.3% straight line

On disposal, the difference between net proceeds and the carrying amount of item sold is recognised in the profit and loss account and is included in administrative expenses.

Investment property
Investment property is initially measured at cost, including transaction costs. Subsequently investment property is shown at the most recent valuation, being the fair value of the property. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account and is subsequently transferred to non-distributable reserves on the balance sheet.

Where a deficit arising is in excess of a previously recognised surplus, the change in fair value is only transferred to non-distributable reserves so far as to match previous upwards valuations.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

All financial assets and liabilities are initially measured at the transaction price (including transaction cost), and with the exception of investment property the company has no financial assets classified at fair value through profit or loss.

All subsequent remeasurement of financial assets and liabilities are recognised at amortised cost.


CINNABAR PROPERTY LIMITED (REGISTERED NUMBER: 09213918)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


3. ACCOUNTING POLICIES - continued
Taxation
Current tax is the amount of corporation tax payable in respect of the taxable profit for the period or prior periods. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

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 that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Operating lease - lessor accounting
Investment properties are held for use in operating leases. Rent receivable under operating leases are charged to income on a straight line basis over the lease term.

The cost of rent free periods granted as incentives to lessees is spread over the lease term.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 10,008
Additions 2,629
At 31 March 2024 12,637
DEPRECIATION
At 1 April 2023 9,638
Charge for year 1,098
At 31 March 2024 10,736
NET BOOK VALUE
At 31 March 2024 1,901
At 31 March 2023 370

CINNABAR PROPERTY LIMITED (REGISTERED NUMBER: 09213918)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 5,777,355
Additions 7,867
Change in fair value (6,129 )
At 31 March 2024 5,779,093
NET BOOK VALUE
At 31 March 2024 5,779,093
At 31 March 2023 5,777,355

Freehold investment property was valued on an open market basis on 31 March 2024 by the directors. Open market value is considered to be equal to the property's fair value. During the prior year two of the properties were valued by Haslams Chartered Surveyors LLP and one of the properties was valued by Vail Williams LLP and the directors are of the opinion the values remain appropriate. The remaining properties were included at director's valuation.

The company has granted a fixed charge over three of the investment properties with a combined carrying value of £2,615,000 as security for the bank loan.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 20,208 20,305

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans 25,000 25,000
Trade creditors 6,155 1,675
Taxation and social security 65,444 47,166
Other creditors 3,768,730 3,396,539
3,865,329 3,470,380

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 293,750 718,750
Other creditors 1,054,916 1,115,384
1,348,666 1,834,134

Other creditors relates to loan notes which are redeemable by 2036.

CINNABAR PROPERTY LIMITED (REGISTERED NUMBER: 09213918)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


10. LEASING AGREEMENTS

The company has a number of operating leases relating to its investment property.

The minimum rent receivable under non-cancellable operating leases are as follows:

2024 2023
£ £

Within one year 156,332 160,105
Between one and five years 885,875 955,477
In more than five years 257,071 509,692
1,299,278 1,625,274

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 318,750 743,750

The bank loans are secured by way of a fixed charge over three of the investment properties.

12. DEFERRED TAX
£   
Balance at 1 April 2023 (2,930 )
Provided during year (3,200 )
Decelerated capital allowances 405
Balance at 31 March 2024 (5,725 )

The deferred tax asset of £5,725 has been included within other debtors.

13. RESERVES



Non
distributable
reserves
£
Balance at 1 April 202332,476
Transfer - change in fair value in year(6,129)
Transfer - deferred tax on change in fair value3,200
At 31 March 202429,547

Non-distributable reserves comprise the fair value movement in investment property value and the associated deferred tax on the change in fair value.

CINNABAR PROPERTY LIMITED (REGISTERED NUMBER: 09213918)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


14. RELATED PARTY DISCLOSURES

Included within other creditors is £3,717,372 (2023: £3,339,873) owed to the directors. The loan is interest free and repayable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CINNABAR PROPERTY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cinnabar Property Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Cinnabar Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cinnabar Property Limited and state those matters that we have agreed to state to the Board of Directors of Cinnabar Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cinnabar Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cinnabar Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cinnabar Property Limited. You consider that Cinnabar Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cinnabar Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk.






Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR


17 April 2024