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Registration number: 04818523

CMS Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

CMS Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 13

 

CMS Developments Limited

Company Information

Directors

N A Aldred

A L T Buckles

J P Yendell

Company secretary

A L T Buckles

Registered office

Unit 6 Penn Street Works
Penn Street
Amersham
Buckinghamshire
HP7 0FA

Accountants

Sable & Argent Limited
2 Elvetham Crescent
Fleet
Hampshire
GU51 1BU

 

CMS Developments Limited

(Registration number: 04818523)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

249,748

283,522

Investment property

5

6,086,156

6,544,241

Investments

6

100

100

 

6,336,004

6,827,863

Current assets

 

Stocks

7

1,029,987

1,037,598

Debtors

8

603,508

709,070

Cash at bank and in hand

 

247,106

340,765

 

1,880,601

2,087,433

Creditors: Amounts falling due within one year

9

(346,949)

(377,692)

Net current assets

 

1,533,652

1,709,741

Total assets less current liabilities

 

7,869,656

8,537,604

Creditors: Amounts falling due after more than one year

9

(2,150,000)

(2,390,000)

Provisions for liabilities

11

(757,181)

(900,858)

Net assets

 

4,962,475

5,246,746

Capital and reserves

 

Called up share capital

14

150

150

Capital redemption reserve

50

50

Fair value reserve

2,483,626

2,798,034

Retained earnings

2,478,649

2,448,512

Shareholders' funds

 

4,962,475

5,246,746

 

CMS Developments Limited

(Registration number: 04818523)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 June 2024 and signed on its behalf by:
 

A L T Buckles
Company secretary and director

J P Yendell
Director

 
     
 

CMS Developments Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Capital redemption reserve
£

Fair value reserve
£

Retained earnings
£

Total
£

At 1 February 2023

150

50

2,798,034

2,448,512

5,246,746

Loss for the year

-

-

-

(134,771)

(134,771)

Other comprehensive income

-

-

(314,408)

314,408

-

Total comprehensive income

-

-

(314,408)

179,637

(134,771)

Dividends

-

-

-

(149,500)

(149,500)

At 31 January 2024

150

50

2,483,626

2,478,649

4,962,475

Share capital
£

Capital redemption reserve
£

Fair value reserve
£

Retained earnings
£

Total
£

At 1 February 2022

200

-

2,891,391

2,735,696

5,627,287

Profit for the year

-

-

-

422,209

422,209

Other comprehensive income

-

-

(93,357)

93,357

-

Total comprehensive income

-

-

(93,357)

515,566

422,209

Dividends

-

-

-

(149,500)

(149,500)

Purchase of own share capital

(50)

-

-

(653,250)

(653,300)

Other capital redemption reserve movements

-

50

-

-

50

At 31 January 2023

150

50

2,798,034

2,448,512

5,246,746

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 6 Penn Street Works
Penn Street
Amersham
Buckinghamshire
HP7 0FA

These financial statements were authorised for issue by the Board on 21 June 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises income from the sale of developments and developer's fees, and property rental income invoiced during the year exclusive of Value Added Tax. Income from the sale of developments is recognised on the signing of contracts; developer's fees are recognised as the contracts progress. Property rental income is recognised in the period to which it relates.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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.

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Fixtures, fittings and equipment

at 25% or 10% p.a. straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Impairment of fixed assets

At each reporting date, the directors review the carrying amounts of the company's tangible assets to deternine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount if the asset is estimated in order to determine the extent of the impairment loss (if any).

Business combinations

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

Work in progress is valued on the basis of direct costs incurred. A provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

Other reserves

The company maintains a revaluation reserve which comprises the accumulated revaluations of its investment properties less the deferred tax provided thereon. Transfers are made to and from this non-distributable reserve from and to the profit and loss account so that the latter comprises distributable amounts.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts owed to group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments at a market rate of interest.

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments


Classification
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

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.


Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons (including directors) employed by the company in the year, was 4 (2023: 4).

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

182,678

174,632

357,310

Additions

34,413

91,695

126,108

Disposals

-

(114,553)

(114,553)

At 31 January 2024

217,091

151,774

368,865

Depreciation

At 1 February 2023

63,769

10,019

73,788

Charge for the year

18,975

26,354

45,329

At 31 January 2024

82,744

36,373

119,117

Carrying amount

At 31 January 2024

134,347

115,401

249,748

At 31 January 2023

118,909

164,613

283,522

5

Investment properties

2024
£

At 1 February

6,544,241

Fair value adjustments

(458,085)

At 31 January

6,086,156

The fair value of the company's investment properties, all of which are commercial properties, have been arrived at on the basis of a valuation carried out by the directors and was made by reference to rental yields.

There has been no valuation of investment property by an independent valuer.

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 February 2023

100

Carrying amount

At 31 January 2024

100

At 31 January 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Didcot Land Limited

Unit 6 Penn Street Works
Penn Street
Amersham
Buckinghamshire
HP7 0FA

England & Wales

ordinary share

100%

100%

Subsidiary undertakings

Didcot Land Limited

The principal activity of Didcot Land Limited is the development of land.

7

Stocks

2024
£

2023
£

Work in progress

1,029,987

1,037,598

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

170,558

261,395

Prepayments

4,950

19,675

Other debtors

428,000

428,000

 

603,508

709,070

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

208,448

205,011

Taxation and social security

94,166

170,581

Accruals and deferred income

2,400

2,000

Other creditors

41,935

100

346,949

377,692

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

2,150,000

2,390,000

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

2,150,000

2,390,000

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

11

Provisions for liabilities

Deferred tax
£

Total
£

At 1 February 2023

900,858

900,858

Increase (decrease) in existing provisions

(143,677)

(143,677)

At 31 January 2024

757,181

757,181

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £425,000 (2023: £425,000). This relates to a cross guarantee for all liabilities in respect of a bank loan provided by Allied Irish Bank (GB) to a company of which N. A. Aldred and P. A. Buckles are also directors.

 

CMS Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

13

Related party transactions

Summary of transactions with other related parties

Associated company
 The company has received loans from an associated company (with some common directors). Interest is charged at 4% on the loan in excess of £1,000,000. During the year ended 31 January 2024 £240,000 (2023: £3,750) of the loan was repaid and £nil (2023: £390,000) was additionally borrowed.
 

Loans from related parties

 

Other related parties

2024
£

2023
£

At start of period

2,390,000

2,003,750

Advanced

-

390,000

Repaid

(240,000)

(3,750)

At end of period

2,150,000

2,390,000

14

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary A shares of £1 each

25

25

25

25

ordinary B shares of £1 each

25

25

25

25

ordinary S shares of £1 each

50

50

50

50

ordinary Y shares of £1 each

50

50

50

50

150

150

150

150

Rights attaching to share classes

All classes of shares rank pari passu in all respects except in relation to distributions in that the directors can, at any time, resolve to declare a dividend on one or more classes of shares and not on the other classes.