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Company registration number: 00318014
Curtis Trust Limited
Unaudited filleted financial statements
30 September 2023
Curtis Trust Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Curtis Trust Limited
Directors and other information
Directors Mr M W Seaman-Hill
Mr J J Hill
Secretary Mr M W Seaman-Hill
Company number 00318014
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
Hetfordshire
SG5 1DR
Curtis Trust Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Curtis Trust 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 Trust 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 Trust Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Curtis Trust Limited and state those matters that we have agreed to state to the board of directors of Curtis Trust 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 Trust Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Curtis Trust 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 Trust Limited. You consider that Curtis Trust 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 Trust 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
26 July 2024
Curtis Trust Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 2,870,628 2,895,982
Investments 5 1,993,214 2,546,657
_______ _______
4,863,842 5,442,639
Current assets
Debtors 6 425,553 385,071
Cash at bank and in hand 183,397 174,483
_______ _______
608,950 559,554
Creditors: amounts falling due
within one year 7 ( 123,015) ( 328,355)
_______ _______
Net current assets 485,935 231,199
_______ _______
Total assets less current liabilities 5,349,777 5,673,838
Creditors: amounts falling due
after more than one year 8 - ( 18,750)
Provisions for liabilities ( 72,898) ( 80,832)
_______ _______
Net assets 5,276,879 5,574,256
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Fair value reserve 1,891,469 1,902,771
Profit and loss account 3,384,410 3,670,485
_______ _______
Shareholders funds 5,276,879 5,574,256
_______ _______
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 26 July 2024 , and are signed on behalf of the board by:
Mr J J Hill
Director
Company registration number: 00318014
Curtis Trust 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 1,000 1,928,481 3,260,718 5,190,199
(Loss)/profit for the year 484,057 484,057
Other comprehensive income for the year:
Fair value adjustment to investment properties - ( 16,210) 16,210 -
Tax relating to components of other comprehensive income ( 9,500) 9,500 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 25,710) 509,767 484,057
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 100,000) ( 100,000)
_______ _______ _______ _______
At 30 September 2022 and 1 October 2022 1,000 1,902,771 3,670,485 5,574,256
(Loss)/profit for the year ( 197,377) ( 197,377)
Other comprehensive income for the year:
Fair value adjustment to investment properties - ( 19,236) 19,236 -
Tax relating to components of other comprehensive income 7,934 ( 7,934) -
_______ _______ _______ _______
Total comprehensive income for the year - ( 11,302) ( 186,075) ( 197,377)
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 100,000) ( 100,000)
_______ _______ _______ _______
At 30 September 2023 1,000 1,891,469 3,384,410 5,276,879
_______ _______ _______ _______
Curtis Trust 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 rent 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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. Tangible assets
Freehold investment properties Long leasehold investment properties Total
£ £ £
Cost or valuation
At 1 October 2022 2,385,982 510,000 2,895,982
Additions 124,764 - 124,764
Disposals ( 130,882) - ( 130,882)
Revaluation ( 19,236) - ( 19,236)
_______ _______ _______
At 30 September 2023 2,360,628 510,000 2,870,628
_______ _______ _______
Depreciation
At 1 October 2022 and 30 September 2023 - - -
_______ _______ _______
Carrying amount
At 30 September 2023 2,360,628 510,000 2,870,628
_______ _______ _______
At 30 September 2022 2,385,982 510,000 2,895,982
_______ _______ _______
Investment property
The fair value of the freehold investment properties has been arrived at on the basis of valuations carried out by the directors of the company. The valuations were made on an open market value basis for existing use on 30 September 2023.
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 Long leasehold investment properties Total
£ £ £
At 30 September 2023
Aggregate cost 729,424 366,736 1,096,160
Aggregate depreciation - - -
_______ _______ _______
Carrying amount 729,424 366,736 1,096,160
_______ _______ _______
At 30 September 2022
Aggregate cost 735,542 366,736 1,102,278
Aggregate depreciation - - -
_______ _______ _______
Carrying amount 735,542 366,736 1,102,278
_______ _______ _______
5. Investments
Shares in subsidiary and participating interests Loans to subsidiary and participating interests Other investments other than loans Total
£ £ £ £
Cost
At 1 October 2022 977,237 1,554,420 15,000 2,546,657
Additions 7,911 402,020 - 409,931
Disposals ( 39,293) ( 106,871) - ( 146,164)
Other movements - (5,489) - ( 5,489)
_______ _______ _______ _______
At 30 September 2023 945,855 1,844,080 15,000 2,804,935
_______ _______ _______ _______
Impairment
Impairment loss 811,721 - - 811,721
At 1 October 2022 and 30 September 2023 811,721 - - 811,721
_______ _______ _______ _______
Carrying amount
At 30 September 2023 134,134 1,844,080 15,000 1,993,214
_______ _______ _______ _______
At 30 September 2022 977,237 1,554,420 15,000 2,546,657
_______ _______ _______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Curtis Trust Inc 976 Brevard Avenue Suite A Rockledge FL USA 32955 Common Stock 100
McJade Properties Limited First Floor Offices 99 Bancroft Hitchin Hertfordshire SG5 1NQ Ordinary Shares 100
Curtis Land Limited First Floor Offices 99 Bancroft Hitchin Hertfordshire SG5 1NQ Ordinary Shares 100
Participating interest
Curtis Trust International Inc 20 Stavanger Drive St. John's NL Canada A1A 5E8 Common Stock 50
Ecoterms Limited First Floor Offices 99 Bancroft Hitchin Hertfordshire SG5 1NQ Ordinary Shares 43
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
Subsidiary undertakings
2022 2021 2022 2021
$ $ $ $
Curtis Trust Inc 328,071 360,984 ( 8,913) ( 1,541)
2023 2022 2023 2022
£ £ £ £
McJade Properties Limited 837,777 996,664 ( 158,887) 79,221
Curtis Land Limited 489 586,285 ( 137,362) 145,748
Participating interest
2022 2021 2022 2021
CAN$ CAN$ CAN$ CAN$
Curtis Trust International Inc (164,726) (169,355) 4,629 (835)
2023 2022 2023 2022
£ £ £ £
Ecoterms Limited 742,311 745,220 (2,909) 10,335
6. Debtors
2023 2022
£ £
Rent and insurance arrears 40,881 6,971
Amounts owed by group undertakings 5,734 -
Other debtors 378,938 378,100
_______ _______
425,553 385,071
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loan (secured) - 4,167
Rent, insurance and service charges received in advance 47,290 24,006
Corporation tax 42,429 66,326
Other creditors 33,296 233,856
_______ _______
123,015 328,355
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan (secured) - 18,750
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ - (2022 £ 2,083 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan was secured by a first legal charge over certain freehold investment properties.
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 17,567 31,549 - ( 14,068)
Messrs John Shilcock - Professional fees 8,611 16,488 - -
John Shilcock Limited - Rent collection fees 23,088 - 5,025 -
John Shilcock Limited - Professional fees 3,497 - - -
Jarvis Bay Limited - Interest receivable 8,017 8,034 686 2,981
Tiber Ludwig Limited - Interest receivable - 1,974 - -
Curtis Land Limited - Interest receivable - 5,587 - -
_______ _______ _______ _______
As at 30 September 2023 £50,869 (2022 £ -) was owed to the company by John Shilcock Limited, a company in which certain directors have an interest. The amount owed represents net rents collected by John Shilcock Limited as managing agents, retained to cover future expenses. The amount is unsecured, interest free and repayable on demand.As at 30 September 2023 £ - (2022 £53,659) was owed to the company by Messrs John Shilcock, a partnership in which certain directors had an interest. The amount owed represented net rents collected by Messrs John Shilcock as managing agents, retained to cover future expenses. The amount was unsecured, interest free and repayable on demand.Included in other debtors are the following loans made to companies in which certain directors have an interest:Jarvis Bay Limited £145,000 (2022 £145,000)The above loan is unsecured and repayable within 10 years of signing the agreements. Interest is receivable at a rate of 3% per annum.Jarvis Bay Limited £174,633 (2022 £174,633)The above loan is unsecured and repayable within 10 years of signing the agreement. Interest is receivable at a rate of 2.1% per annum.Tiber Ludwig Limited £747 (2022 £ -)The above loan is unsecured, interest free and repayable on demand.Included in other creditors are the following loans from businesses in which certain directors have an interest:Rowan Hill Properties Limited £2,039 (2022 £11,545)Messrs John Shilcock £ - (2022 £605)John Shilcock Limited £3,523 (2022 £ -)The above loans are unsecured, interest free and repayable on demand.
10. Controlling party
The immediate and ultimate parent company is Long Island Limited , a company incorporated in England and Wales, registered number 03486935, registered office address First Floor, 99 Bancroft, Hitchin, Hertfordshire SG5 1NQ .