Company No:
Contents
Note | 31.07.2022 | 31.05.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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3,521,952 | 3,521,952 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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829,086 | 801,608 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (2,223,123) | (2,246,704) | ||
Total assets less current liabilities | 1,298,829 | 1,275,248 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Canprop I Limited (registered number:
C J Mitchell
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Canprop I Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, 33 Hendford, Yeovil, BA20 1UN, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The reporting period length has been shortened to 2 months for the period ended 31 July 2022. This was done to better align the gains and expenditure so that these fell into the same 12 month period in the future for corporation tax purposes. Comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Land and buildings | not depreciated |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Period from 01.06.2022 to 31.07.2022 |
Year ended 31.05.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director/s |
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Land and buildings | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2022 |
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At 31 July 2022 |
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Accumulated depreciation | |||
At 01 June 2022 |
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At 31 July 2022 |
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Net book value | |||
At 31 July 2022 |
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At 31 May 2022 |
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Investments in joint ventures | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 June 2022 |
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At 31 July 2022 |
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Carrying value at 31 July 2022 |
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Carrying value at 31 May 2022 |
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The company owns a 47.50% equity interest in Kepler Properties LLP, a limited liability partnership incorporated in England & Wales, registration number OC389714.
The company owns a 92.00% equity interest in Tone MCC Developments LLP, a limited liability partnership incorporated in England & Wales, registration number OC393233.
The company owns a 70.00% equity interest in Redcliffe Parade MCC LLP, a limited liability partnership incorporated in England & Wales, registration number OC396961.
Under the provision of section 248 of the Companies Act 1985 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
31.07.2022 | 31.05.2022 | ||
£ | £ | ||
Other debtors |
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31.07.2022 | 31.05.2022 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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The company was under the control of Mr M R Cannon throughout the current year. Mr M R Cannon was the sole shareholder.
Other Creditors (note 6) includes a loan advanced to the company by Mr M R Cannon of £3,032,262 (31 May 2022 - £3,032,262). This loan is made available on interest free terms with no fixed repayment date.