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Registration number: 03123699

Prepared for the registrar

C F Roberts (Holdings) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

C F Roberts (Holdings) Limited

(Registration number: 03123699)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

23,630

Investment property

5

1,300,000

1,310,000

Investments

6

614

614

 

1,300,614

1,334,244

Current assets

 

Debtors

7

1,637,006

1,702,674

Cash at bank and in hand

 

637,371

124,620

 

2,274,377

1,827,294

Creditors: Amounts falling due within one year

8

(1,894,152)

(1,820,478)

Net current assets

 

380,225

6,816

Net assets

 

1,680,839

1,341,060

Capital and reserves

 

Called up share capital

1,353

1,353

Revaluation reserve

134,244

50,237

Profit and loss account

1,545,242

1,289,470

Shareholders' funds

 

1,680,839

1,341,060

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 July 2024
 


P S Roberts
Director

 

C F Roberts (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

1

General information

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

The address of its registered office is:
The Coach House
Gaol Street
Hereford
HR1 2HU

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rental income from the Company's portfolio of investment properties, recharged utility and related costs, arising from operating leases, excluding VAT. The Company recognises such revenue on a straight line accruals basis.

Revenue from management charges to subsidiary undertakings is recognised on a straight-line accruals basis and represent the recharge of costs incurred in respect of the transaction.

Tax

The tax expense for the period comprises current corporation tax and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

 

C F Roberts (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Investment properties

Nil

Plant and machinery

25% straight line

Motor vehicles

25% reducing balance

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.

At each reporting date, the company reviews the carrying amounts of its investment property to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects market assessments of the time value of money and the risks specific to the asset for which the estimate of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

C F Roberts (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

4

Tangible assets

Motor vehicles
 £

Cost or valuation

At 1 November 2022

73,928

Disposals

(73,928)

At 31 October 2023

-

Depreciation

At 1 November 2022

50,298

Eliminated on disposal

(50,298)

At 31 October 2023

-

Carrying amount

At 31 October 2023

-

At 31 October 2022

23,630

 

C F Roberts (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

5

Investment properties

£

At 1 November 2022

1,310,000

Disposals

(300,000)

Fair value adjustments

290,000

At 31 October 2023

1,300,000

The carrying amount at historic cost is £1,121,008 (2022: £1,420,771).

The director considers the current carrying value in the accounts to be a fair reflection of the market value of the properties at the balance sheet date.

 

6

Investments

2023
£

2022
£

Investments in subsidiaries

614

614

Details of undertakings

Details of the investments 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

     

2023

2022

Subsidiary undertakings

Barrington Inns Limited

England

Ordinary

100%

100%

Barrington Investments (UK) Limited

England

Ordinary

100%

100%

Barrington Inns & Taverns Limited

England

Ordinary

100%

100%

Fryers Gate Freehold Management Limited

England

Ordinary

33%

33%

The net asset value of Barrington Inns Limited at the end of their last financial period was £425,968.

The net asset value of Barrington Investments (UK) Limited at the end of their last financial period was -£256,311.

The net asset value of Barrington Inns & Taverns Limited at the end of their last financial period was £1.

The net asset value of Fryers Gate Freehold Management Limited at the end of their last financial period was £4,645.

 

 

C F Roberts (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

96,780

36,994

Amounts owed by related parties

9

1,468,771

1,646,243

Other debtors

 

-

19,437

Prepayments

 

71,455

-

   

1,637,006

1,702,674

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

697

-

Amounts due to related parties

9

830,000

830,000

Social security and other taxes

 

3,333

-

Other creditors

 

990,842

985,478

Accrued expenses

 

8,330

5,000

Deferred income

 

60,950

-

 

1,894,152

1,820,478

 

C F Roberts (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

9

Related party transactions



Transactions with the ultimate parent company

At 31 October 2023 the company was owed £2,593 (2022 - £nil) from Third Generation Investments Limited in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.

During the year the company paid management charges of £nil (2022 - £887,720) to Third Generation Investments Limited.

Transactions with the director

At 31 October 2023 the company was owed £7,459 (2022 - £nil) from the director in the form of a directors loan account. The loan is unsecured, interest-free and repayable on demand.

Transactions with other related parties

At 31 October 2023 the company owed £875,048 (2022 - £875,053) to CFR Group Services Limited in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand. The companies are related by virtue of common control.

During the year the company received management charges of £nil (2022 - £110,000) from CFR Group Services Ltd.

At 31 October 2023 the company owed £110,245 (2022 - £110,245) to C.F. Roberts (Electrical Contractors) Limited in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand. The companies are related by virtue of common control.

At 31 October 2023 the company owed £5,369 (2022 - £nil) to the RHL Pension fund of which P Roberts is a member. The loan is unsecured, interest-free and repayable on demand.

During the year, the company recharged expenses to the RHL Pension Fund of which P Roberts is a member totalling £nil (2022 - £21,868).

During the year the company received dividends of £838 (2022 - £nil) from Fryers Gate Freehold Property Management Ltd, a company in which C F Roberts (Holdings) Ltd has significant control.

During the year the company paid management charges of £47,999 (2022 - £185,326) to Paisy Services LLP, a partnership in which P Roberts is a member.

During the year, the company recharged expenses to Belgravia Events Limited totalling £nil (2022 - £42,248) and also received interest received totalling £nil (2022 - £18,750).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is MBR Holdings Ltd and the ultimate controlling party is Third Generation Investments Ltd, both are companies incorporated in England and Wales.