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REGISTERED NUMBER: SC460103 (Scotland)












Financial Statements

for the Year Ended 30 September 2023

for

Crownpoint Developments Limited

Crownpoint Developments Limited (Registered number: SC460103)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Crownpoint Developments Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Mr B Mitchell
Mr A A Calderwood





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC460103 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Crownpoint Developments Limited (Registered number: SC460103)

Statement of Financial Position
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 54,308 58,164
Property, plant and equipment 5 1,256 1,478
Investment property 6 2,230,460 2,110,978
2,286,024 2,170,620

CURRENT ASSETS
Debtors 7 423,927 705,315
Cash at bank 118,041 639,982
541,968 1,345,297
CREDITORS
Amounts falling due within one year 8 768,412 846,392
NET CURRENT (LIABILITIES)/ASSETS (226,444 ) 498,905
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,059,580

2,669,525

CREDITORS
Amounts falling due after more than one year 9 (513,599 ) (555,167 )

PROVISIONS FOR LIABILITIES (318,836 ) (318,892 )
NET ASSETS 1,227,145 1,795,466

CAPITAL AND RESERVES
Called up share capital 200 200
Investment property
revaluation reserve 1,113,391 1,113,391
Retained earnings 113,554 681,875
SHAREHOLDERS' FUNDS 1,227,145 1,795,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

Crownpoint Developments Limited (Registered number: SC460103)

Statement of Financial Position - continued
30 September 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





Mr B Mitchell - Director


Crownpoint Developments Limited (Registered number: SC460103)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Crownpoint Developments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover represents the monies received from the rental of industrial studios and warehouse space.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Professional fees on lease are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Computer equipment - 33% on cost

Government grants
Grants are accounted for under the accruals model. Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.


Crownpoint Developments Limited (Registered number: SC460103)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Professional
fees on
lease
£   
COST
At 1 October 2022
and 30 September 2023 58,807
AMORTISATION
At 1 October 2022 643
Amortisation for year 3,856
At 30 September 2023 4,499
NET BOOK VALUE
At 30 September 2023 54,308
At 30 September 2022 58,164

Crownpoint Developments Limited (Registered number: SC460103)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2022
and 30 September 2023 4,215 771 4,986
DEPRECIATION
At 1 October 2022 2,737 771 3,508
Charge for year 222 - 222
At 30 September 2023 2,959 771 3,730
NET BOOK VALUE
At 30 September 2023 1,256 - 1,256
At 30 September 2022 1,478 - 1,478

Cost or valuation at 30 September 2023 is represented by:

Plant and Computer
machinery equipment Totals
£    £    £   
Cost 4,215 771 4,986

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 2,110,978
Additions 119,482
At 30 September 2023 2,230,460
NET BOOK VALUE
At 30 September 2023 2,230,460
At 30 September 2022 2,110,978

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2015 506,042
Valuation in 2017 211,170
Valuation in 2021 714,702
Cost 798,546
2,230,460

Crownpoint Developments Limited (Registered number: SC460103)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

6. INVESTMENT PROPERTY - continued

If 142-146 Crownpoint Road had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 668,086 668,086

142-146 Crownpoint Road was valued on an open market basis on 23 November 2021 by DM Hall Chartered Surveyors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,596 5,138
Other debtors 413,331 700,177
423,927 705,315

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 46,205 50,843
Trade creditors 12,523 6,784
Taxation and social security 4,638 34,739
Other creditors 705,046 754,026
768,412 846,392

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 513,599 555,167

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 355,279 366,130

10. SECURED DEBTS

Barclays Security Trustee Limited hold a floating charge over all the property and undertakings of the company.

Crownpoint Developments Limited (Registered number: SC460103)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

11. RELATED PARTY DISCLOSURES

There is a balance owed to the director Bradley Mitchell of £2,563 (2022 - £1,393) as at 30th September 2023.

There is a balance owed to the director Andrew Calderwood of £8,269 (2022 - £19,099) as at 30th September 2023.

In the case of both loans, no interest is charged on the balances and there are no formal repayment terms.