REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CRYSTALIGHT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CRYSTALIGHT LIMITED |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
CRYSTALIGHT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Non-distributable reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31 AUGUST 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Crystalight Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
An amount equal to any upwards revaluation, net of the associated provision for deferred taxation, is transferred to a non-distributable reserve. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
4. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 September 2022 | 7,500,898 |
Additions | 1 |
At 31 August 2023 | 7,500,899 |
NET BOOK VALUE |
At 31 August 2023 | 7,500,899 |
At 31 August 2022 | 7,500,898 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
Additions |
Revaluations | 2,849,291 |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2015 | 161,975 |
Valuation in 2016 | (141,622 | ) |
Valuation in 2017 | (15,634 | ) |
Valuation in 2018 | (440 | ) |
Valuation in 2019 | (169,202 | ) |
Valuation in 2020 | 51,895 |
Valuation in 2021 | 114,627 |
Valuation in 2022 | (982,266 | ) |
Valuation in 2023 | 2,849,291 |
Cost | 17,816,376 |
19,685,000 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.8.23 | 31.8.22 |
£ | £ |
Repayable by instalments |
Bank loans | 6,043,772 | 2,629,925 |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans |
The bank loans are secured by a legal charge over several of the company's freehold properties and a debenture over the company's assets. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.23 | 31.8.22 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
9. | RESERVES |
Non-distributable |
reserve |
£ |
Revaluation | 2,849,291 |
Transfer between reserves | (712,323 | ) |
At 31 August 2023 |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
10. | RELATED PARTY DISCLOSURES |
Watin Limited |
Subsidiary company |
This company has collected rents and paid expenses on behalf of the related party and has acquired some of the lated party's investment income portfolio on an arms length basis. At the year end £5,830,440 (2022: owed by £978,719) was owed to the related party and is shown in 'amounts owed to group undertakings' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Cedarbranch Limited |
Subsidiary company |
This company has paid costs and expenses on behalf of the related party. At the year end £325,867 (2022: £41,926) was owed by the related party and is shown in 'amounts owed by group undertakings' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Pittville Properties Limited |
Company under common control |
This company has advanced money to Pittville Properties Limited as working capital. It has also collected rents on behalf of Pittville Properties Limited and provided that company with administrative, accounting and management support. At the year end £4,797 (2022: owed to £1,101) was owed by the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Abbey College in Malvern Limited |
Company under common control |
The related party has advanced money to this company to provide it with working capital. At the year end £1,268,578 (2022: £1,539,163) was due to the related party and is shown in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Shafie Accumulation and Maintenance Trust |
Trust in which the sole director is a trustee |
This company acts as agent for the collection of rents for the Shafie Accumulation and Maintenance Trust and has received working capital funding from the Trust. At the year end £265,166 (2022: £265,134) was due to the related party and is shown in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
RELATED PARTY DISCLOSURES - continued |
A.D.B. (Malvern) Limited |
Company under common control |
This company has advanced money to the related party as working capital and to finance certain expenses of that company. At the year end £79,116 (2022: £85,911) was due from the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
H Kaveh Baghbadrani |
Sole director of the company |
The director has advanced funds to the company to enable it to purchase and develop properties. During the year the company charged management fees to the director and his wife totalling £80,000 (2022: £nil) on an arm's length basis. At the year end there was a balance owing to the director of £1,916,754 (2022: £2,114,394), which is included in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
My Freeholds Limited |
Company under common control |
This company acts as agent for the collection of rents on behalf of the related party. This company has received money from the related party for working capital. At the year end £1,006,053 (2022: £846,002) was due to the related party and is shown in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Malvern Freeholds Limited |
Company under common control |
This company acts as agent for the collection of rents on behalf of the related party. In addition, this company has advanced money to the related party as working capital and to finance certain expenses of that company. At the year end £154,983 (2022: £163,087) was due from the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Ellingham House Flats Limited |
Company under common control |
This company acts as agent for the collection of rents on behalf of the related party. In addition, this company has advanced money to the related party as working capital and to finance certain expenses of that company. At the year end £171,115 (2022: £298,160) was due from the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Ellingham House Limited |
Company under common control |
This company acts as agent for the collection of rents on behalf of the related party. In addition, this company has advanced money to the related party as working capital and to finance certain expenses of that company. At the year end £399,512 (2022: £435,057) was due from the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Mirkamali Limited |
Company under common control |
This company has advanced money to the related party as working capital and to finance certain expenses of that company. At the year end £1,094 (2022: due from £180) was due to the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
CRYSTALIGHT LIMITED (REGISTERED NUMBER: 03281350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
RELATED PARTY DISCLOSURES - continued |
Rodney Road Limited |
Company under common control |
This company has advanced money to the related party as working capital and to finance certain expenses of that company. At the year end £8,322 (2022: £2,035) was due from the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
New Baskerville House Ltd |
Company under common control |
This company has advanced money to the related party as working capital and to finance certain expenses of that company. At the year end £45,318 (2022: £40,000) was due from the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Linked Endeavours Ltd |
Company under common control |
This company has advanced money to the related party as working capital and to finance certain expenses of that company. At the year end £266 was due from the related party and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
Watin UK Ltd |
Subsidiary company |
This company acts as agent for collection of rents on behalf of the related party. In addition, the related party has advanced money to this company for working capital. At the year end £375,874 was owed to the related party and is shown in 'amounts owed to group undertakings' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |
St Margarets (Cheltenham) Ltd |
Company under common control |
This company acts as agent for the collection of rents on behalf of the related party. This company has received money from the related party for working capital. At the year end £520 was due to the related party and is shown in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed. |