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Registration number: 01551393

Crystal House Holdings Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Crystal House Holdings Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Crystal House Holdings Limited

Company Information

Director

M P Gregory

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Crystal House Holdings Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,500

-

Investment properties

5

2,838,184

2,954,320

Investments

6

50

50

Other financial assets

7

493,311

334,605

 

3,335,045

3,288,975

Current assets

 

Debtors

8

1,365,889

911,017

Cash at bank and in hand

 

36,587

133,539

 

1,402,476

1,044,556

Creditors: Amounts falling due within one year

9

(2,729,868)

(2,410,470)

Net current liabilities

 

(1,327,392)

(1,365,914)

Total assets less current liabilities

 

2,007,653

1,923,061

Provisions for liabilities

(183,090)

(191,073)

Net assets

 

1,824,563

1,731,988

Capital and reserves

 

Called up share capital

60

60

Capital redemption reserve

40

40

Profit and loss account

1,824,463

1,731,888

Total equity

 

1,824,563

1,731,988

For the financial year ending 31 December 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

 

Crystal House Holdings Limited

Statement of Financial Position as at 31 December 2023

Approved and authorised by the director on 31 July 2024
 

.........................................

M P Gregory

Director

Company registration number: 01551393

 

Crystal House Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of property investment and the provision of consultancy services.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company made a profit for the year ended 31 December 2023 and had net assets at that date amounting to £1,824,563 including cash at bank of £36,587.

The company also has net current liabilities at 31 December 2023 of £1,327,392. At this date an amount of £2,631,203 was due to the director, who has confirmed that he will not call for repayment until such time as the company has sufficient working capital and will continue to support the company for the foreseeable future.

After making enquiries, the director believes that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the director considers it appropriate to continue to adopt the going concern basis in preparing the accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The company recognises revenue from rental income over the period of the leases or licences and from consultancy services over the period in which the services are supplied.

Tax

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

 

Crystal House Holdings Limited

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

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 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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuation uses 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.

Investments

Investments are measured at cost less impairment.

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.

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.

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.

 

Crystal House Holdings Limited

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

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

-

-

Additions

3,500

3,500

At 31 December 2023

3,500

3,500

Depreciation

At 1 January 2023

-

-

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

3,500

3,500

At 31 December 2022

-

-

5

Investment properties

Fair value

2023
£

At 1 January 2023

2,954,320

Additions

73,864

Disposals

(190,000)

At 31 December 2023

2,838,184

The investment properties are reflected at fair value at 31 December 2023 as estimated by the director at an amount of £2,838,184.

 

Crystal House Holdings Limited

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

6

Investments

2023
£

2022
£

Investments in joint ventures

50

50

Joint ventures

£

Cost

At 1 January 2023 and 31 December 2023

50

Carrying amount

At 31 December 2023

50

At 31 December 2022

50

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

334,605

334,605

Reversal of previous impairment provision

3,706

3,706

Additions

155,000

155,000

At 31 December 2023

493,311

493,311

Carrying amount

At 31 December 2023

493,311

493,311

8

Debtors

2023
£

2022
£

Other debtors

1,365,889

911,017

1,365,889

911,017

 

Crystal House Holdings Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

8,279

4,670

Taxation and social security

34,711

18,268

Other creditors

2,686,878

2,387,532

2,729,868

2,410,470

10

Reserves

Profit and loss account - this reserve records retained earnings and accumulated losses. At 31 December 2023 this reserve includes an amount of £713,951 which is non-distributable.