● |
have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
● |
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
● |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
|
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
● |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
CROWN CREST (HOLDINGS) PLC |
Strategic Report |
|
Business Review |
The company buys properties soley for the purpose to receive rental income. The results for the year and financial position at the end of the year are shown in these financial statements. The directors are satisfied with the rental income achieved in the year and the resulting profit. |
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Principal risks and uncertainties |
Damage to the reputation of the company is a key risk and is regularly reviewed through close monitoring of the company's entire operations. Additionally, the company is exposed to the general risks associated with the sector it operates in. The company manages business risk by complying with industry standard quality assurance processes and maintaining strong relationships with agents and tenants. |
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Key Performance Indicators |
The company measures the performance by way of key metrics in the areas of safety, delivery, quality of service and income. |
|
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This report was approved by the board on 25 June 2024 and signed on its behalf. |
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|
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Sakil Rashid Tayub |
Director |
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|
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Investment Properties |
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All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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Impairment of fixed assets |
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Assets that are not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. Any impairment loss is recognised in the profit and loss account. |
|
2 |
Operating profit |
2024 |
|
2023 |
£ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
2,170 |
|
2,117 |
|
Directors' remuneration |
12,576 |
|
29,051 |
|
Auditors' remuneration for audit services |
4,800 |
|
4,800 |
|
Auditors' remuneration for other services |
6,198 |
|
6,008 |
|
|
|
|
|
|
|
|
|
|
3 |
Directors' emoluments |
2024 |
|
2023 |
£ |
£ |
|
|
Emoluments |
12,576 |
|
29,051 |
|
|
|
|
|
|
|
|
|
|
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Highest paid director: |
|
Emoluments |
12,576 |
|
29,051 |
|
|
|
|
|
|
|
|
|
|
4 |
Employees |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
5 |
Taxation |
2024 |
|
2023 |
£ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
73,510 |
|
47,878 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
73,510 |
|
47,878 |
|
|
|
|
|
|
|
|
|
|
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Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2024 |
|
2023 |
£ |
£ |
|
Profit on ordinary activities before tax |
291,959 |
|
1,598,771 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
|
19% |
|
£ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
72,990 |
|
303,766 |
|
|
Effects of: |
520 |
|
Expenses not deductible for tax purposes |
(255,888) |
|
|
Current tax charge for period |
73,510 |
|
47,878 |
|
|
|
|
|
|
|
|
|
|
6 |
Tangible fixed assets |
|
|
Investment Properties |
|
Plant and vehicles |
|
Leasehold Properties |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2023 |
8,373,107 |
|
13,173 |
|
232,223 |
|
8,618,503 |
|
Additions |
113,671 |
|
528 |
|
- |
|
114,199 |
|
At 31 March 2024 |
8,486,778 |
|
13,701 |
|
232,223 |
|
8,732,702 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2023 |
- |
|
10,050 |
|
36,253 |
|
46,303 |
|
Charge for the year |
- |
|
670 |
|
1,500 |
|
2,170 |
|
At 31 March 2024 |
- |
|
10,720 |
|
37,753 |
|
48,473 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
8,486,778 |
|
2,981 |
|
194,470 |
|
8,684,229 |
|
At 31 March 2023 |
8,373,107 |
|
3,123 |
|
195,970 |
|
8,572,200 |
|
|
|
|
|
|
|
|
|
|
7 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Corporation tax recoverable |
|
|
|
|
80,339 |
|
76,964 |
|
Other debtors |
283,557 |
|
245,425 |
|
|
|
|
|
|
363,896 |
|
322,389 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Corporation tax |
76,884 |
|
47,878 |
|
Other creditors |
7,021 |
|
7,020 |
|
|
|
|
|
|
83,905 |
|
54,898 |
|
|
|
|
|
|
|
|
|
9 |
FRC Ethical Standard - Provision Available for Small Entities |
|
|
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
|
10 |
General information |
|
|
Crown Crest (Holdings) Plc is a company, limited by shares, incorporated in England & Wales, registered number 02971805. The registered office 50 Woodgate, Leicester, LE3 5GF. |
|
|
11 |
Share capital |
Nominal |
|
2024 |
|
2024 |
|
2023 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
671,508 |
|
671,508 |
|
671,508 |
|
|
|
|
|
|
|
|
|
|
12 |
Profit and loss account |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 April |
8,763,669 |
|
7,287,776 |
|
Profit for the financial year |
218,449 |
|
1,550,893 |
|
Dividends |
(75,000) |
|
(75,000) |
|
|
At 31 March |
8,907,118 |
|
8,763,669 |
|
|
|
|
|
|
|
|
|
|
13 |
Dividends |
2024 |
|
2023 |
£ |
£ |
|
|
Dividends on ordinary shares (note 12) |
75,000 |
|
75,000 |
|
|
|
|
|
|
|
|
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