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Company registration number: 03249494
Curtis Land Limited
Unaudited filleted financial statements
30 September 2023
Curtis Land Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Curtis Land Limited
Directors and other information
Directors
Mr M W Seaman-Hill
Mr J J Hill
Company number 03249494
Registered office First Floor Offices
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Accountants Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers HSBC
1 Market Place
Hitchin
Hertfordshire
SG5 1DR
Curtis Land Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Curtis Land Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Curtis Land Limited for the year ended 30 September 2023 which comprise the statement of financial position, statement of changes in equity and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Curtis Land Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Curtis Land Limited and state those matters that we have agreed to state to the board of directors of Curtis Land Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Curtis Land Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Curtis Land 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 loss of Curtis Land Limited. You consider that Curtis Land 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 Curtis Land 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.
Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
24 July 2024
Curtis Land Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 - 291,528
Investments 6 85 307,284
_______ _______
85 598,812
Current assets
Debtors 7 215 3,087
Cash at bank and in hand 15,374 53,181
_______ _______
15,589 56,268
Creditors: amounts falling due
within one year 8 ( 15,185) ( 49,384)
_______ _______
Net current assets 404 6,884
_______ _______
Total assets less current liabilities 489 605,696
Provisions for liabilities - ( 19,411)
_______ _______
Net assets 489 586,285
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve - 147,353
Profit and loss account 389 438,832
_______ _______
Shareholders funds 489 586,285
_______ _______
For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
Mr J J Hill
Director
Company registration number: 03249494
Curtis Land Limited
Statement of changes in equity
Year ended 30 September 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 October 2021 100 173,142 323,295 496,537
(Loss)/profit for the year 145,748 145,748
Other comprehensive income for the year:
Fair value adjustment to investment property - ( 25,789) 25,789 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 25,789) 171,537 145,748
Dividends paid and payable ( 56,000) ( 56,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 56,000) ( 56,000)
_______ _______ _______ _______
At 30 September 2022 and 1 October 2022 100 147,353 438,832 586,285
(Loss)/profit for the year ( 137,362) ( 137,362)
Other comprehensive income for the year:
Fair value adjustment to investment property - ( 166,764) 166,764 -
Tax relating to components of other comprehensive income 19,411 ( 19,411) -
_______ _______ _______ _______
Total comprehensive income for the year - ( 147,353) 9,991 ( 137,362)
Dividends paid and payable ( 448,435) ( 448,435)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 448,435) ( 448,435)
_______ _______ _______ _______
At 30 September 2023 100 - 389 489
_______ _______ _______ _______
Curtis Land Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover represents the rents of properties which are included on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Office equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Tax on loss/profit
Major components of tax income/expense
2023 2022
£ £
Current tax:
UK current tax expense 2,343 31,515
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 19,411) -
_______ _______
Tax on loss/profit ( 17,068) 31,515
_______ _______
5. Tangible assets
Freehold investment properties Total
£ £
Cost or valuation
At 1 October 2022 291,528 291,528
Disposals ( 124,764) ( 124,764)
Revaluation ( 166,764) ( 166,764)
_______ _______
At 30 September 2023 - -
_______ _______
Depreciation
At 1 October 2022 and 30 September 2023 - -
_______ _______
Carrying amount
At 30 September 2023 - -
_______ _______
At 30 September 2022 291,528 291,528
_______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold investment properties Total
£ £
At 30 September 2023
Aggregate cost - -
Aggregate depreciation - -
_______ _______
Carrying amount - -
_______ _______
At 30 September 2022
Aggregate cost 124,764 124,764
Aggregate depreciation - -
_______ _______
Carrying amount 124,764 124,764
_______ _______
6. Investments
Shares in group undertakings and participating interests Loans to group undertakings and participating interests Total
£ £ £
Cost
At 1 October 2022 135 307,149 307,284
Disposals ( 50) (307,149) ( 307,199)
_______ _______ _______
At 30 September 2023 85 - 85
_______ _______ _______
Impairment
At 1 October 2022 and 30 September 2023 - - -
_______ _______ _______
Carrying amount
At 30 September 2023 85 - 85
_______ _______ _______
At 30 September 2022 135 307,149 307,284
_______ _______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Mark Guthead Properties Inc 4006 - 7071 Bayers Road Halifax Nova Scotia Canada B3L 2C2 Ordinary Shares 67
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
2023 2022 2023 2022
£ £ £ £
Subsidiary undertakings
Mark Guthead Properties Inc 223,826 377,254 ( 7,860) 26,017
7. Debtors
2023 2022
£ £
Rent arrears - 151
Other debtors 215 2,936
_______ _______
215 3,087
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Rent in advance - 8
Amounts owed to group undertakings 5,734 -
Corporation tax 2,343 31,515
Other creditors 7,108 17,861
_______ _______
15,185 49,384
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Messrs John Shilcock - Rent collection fees 2,319 3,968 - ( 1,246)
John Shilcock Limited - Rent collection fees 57 - - -
John Shilcock Limited - Management fees 2,400 - 5,400 -
Messrs John Shilcock - Management fees - 3,000 - 3,000
Curtis Trust Limited - Interest payable - 5,587 - -
Curtis Medical Investments Limited - Interest payable - 176 - -
_______ _______ _______ _______
Included in other creditors within amounts falling due within one year was the following loan from a business in which the directors have an interest:Messrs John Shilcock £ - (2022 £1,000).The above loan was unsecured, interest free and repayable on demand.
10. Controlling party
In the opinion of the directors the parent undertaking of the company is Curtis Trust Limited , a company incorporated in England and Wales, registered number 00318014, registered office First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire SG5 1NQ. The ultimate parent undertaking of Curtis Trust Limited is Long Island Limited , a company incorporated in England and Wales, registered number 03486935, registered office First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire SG5 1NQ .