6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,226,935 116,496 1,343,431 xbrli:pure xbrli:shares iso4217:GBP 11229784 2023-01-01 2023-12-31 11229784 2023-12-31 11229784 2022-12-31 11229784 2022-01-01 2022-12-31 11229784 2022-12-31 11229784 2021-12-31 11229784 core:PlantMachinery 2023-01-01 2023-12-31 11229784 bus:Director2 2023-01-01 2023-12-31 11229784 core:WithinOneYear 2023-12-31 11229784 core:WithinOneYear 2022-12-31 11229784 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 11229784 core:PlantMachinery 2022-12-31 11229784 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 11229784 core:PlantMachinery 2023-12-31 11229784 core:DeferredTaxation 2023-01-01 2023-12-31 11229784 core:AfterOneYear 2023-12-31 11229784 core:AfterOneYear 2022-12-31 11229784 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 11229784 core:ShareCapital 2023-12-31 11229784 core:ShareCapital 2022-12-31 11229784 core:OtherReservesSubtotal 2023-12-31 11229784 core:OtherReservesSubtotal 2022-12-31 11229784 core:RetainedEarningsAccumulatedLosses 2023-12-31 11229784 core:RetainedEarningsAccumulatedLosses 2022-12-31 11229784 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 11229784 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11229784 core:PlantMachinery 2022-12-31 11229784 core:DeferredTaxation 2022-12-31 11229784 core:DeferredTaxation 2023-12-31 11229784 bus:SmallEntities 2023-01-01 2023-12-31 11229784 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11229784 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11229784 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11229784 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 11229784
CROWNVALLEY PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
CROWNVALLEY PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
14,120,900
14,038,984
Current assets
Debtors
7
712,155
710,885
Cash at bank and in hand
5,601
----------
----------
717,756
710,885
Creditors: amounts falling due within one year
8
2,643,654
2,202,366
-------------
-------------
Net current liabilities
1,925,898
1,491,481
---------------
---------------
Total assets less current liabilities
12,195,002
12,547,503
Creditors: amounts falling due after more than one year
9
8,705,817
9,156,567
Provisions
10
1,343,431
1,226,935
---------------
---------------
Net assets
2,145,754
2,164,001
---------------
---------------
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
12
3,338,298
3,338,298
Profit and loss account
12
( 1,193,544)
( 1,175,297)
-------------
-------------
Shareholders funds
2,145,754
2,164,001
-------------
-------------
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.
For the 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.
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 .
CROWNVALLEY PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 July 2024 , and are signed on behalf of the board by:
Z Virani
Director
Company registration number: 11229784
CROWNVALLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Diamond House, 179 -181 Lower Richmond Road, Richmond, England, TW9 4LN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 certain financial assets and liabilities and properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations. Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Rental income is recognised as space is made available to tenants.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
-
5% reducing balance
The company does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
Impairment of fixed assets
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.
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 as a finance cost 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
116,496
26,247
----------
---------
Tax on profit
116,496
26,247
----------
---------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £Nil
(2022: £ 437,392 ).
6. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost or revaluation
At 1 January 2023
10,685,106
4,500,755
15,185,861
Additions
252,383
252,383
---------------
-------------
---------------
At 31 December 2023
10,685,106
4,753,138
15,438,244
---------------
-------------
---------------
Depreciation
At 1 January 2023
1,146,877
1,146,877
Charge for the year
170,467
170,467
---------------
-------------
---------------
At 31 December 2023
1,317,344
1,317,344
---------------
-------------
---------------
Carrying amount
At 31 December 2023
10,685,106
3,435,794
14,120,900
---------------
-------------
---------------
At 31 December 2022
10,685,106
3,353,878
14,038,984
---------------
-------------
---------------
In the opinion of the directors, the carrying value of the property as at 31 December 2023, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.
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 property
£
At 31 December 2023
Aggregate cost
6,410,765
Aggregate depreciation
-------------
Carrying value
6,410,765
-------------
At 31 December 2022
Aggregate cost
6,410,765
Aggregate depreciation
-------------
Carrying value
6,410,765
-------------
7. Debtors
2023
2022
£
£
Trade debtors
7,631
11,143
Other debtors
704,524
699,742
----------
----------
712,155
710,885
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
425,024
390,661
Trade creditors
19,775
43,323
Accruals and deferred income
151,796
88,953
Social security and other taxes
52,560
29,423
Amounts owed to related parties
1,400,000
1,400,000
Other creditors
594,499
250,006
-------------
-------------
2,643,654
2,202,366
-------------
-------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,386,331
5,007,075
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,279,486
2,109,492
Amounts due to related parties
2,040,000
2,040,000
-------------
-------------
8,705,817
9,156,567
-------------
-------------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £3,354,547) 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 is repayable by instalments at an interest rate of 3.25% over base rate.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
1,226,935
Additions
116,496
-------------
At 31 December 2023
1,343,431
-------------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
1,343,431
1,226,935
-------------
-------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
305,542
189,046
Deferred tax on revaluation of property
1,037,889
1,037,889
-------------
-------------
1,343,431
1,226,935
-------------
-------------
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Other reserve (non-distributable) - This reserve is used to record changes in the fair value of properties, net of deferred tax.
13. Related party transactions
At 31 December 2023, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £1,400,000 (2022: £1,400,000) in respect of a loan from a shareholder with a participating interest. The loan is unsecured, repayable on demand and interest free. At 31 December 2023, creditors, amounts falling due after more than year, included amounts owed to related parties amounting to £4,319,486 (2022: £4,149,492), in respect of loans from related party companies. The companies are related parties by virtue of either the significant common influence exerted by the directors & shareholders or through a group relationship. The loans are unsecured, due after more than one year and interest of £87,205 (2022: £82,990) was accrued in the year.
14. Controlling party
The company is a 76.70% subsidiary of Dowgate Limited, a company registered in England & Wales. The registered office of Dowgate Limited is Diamond House, 179-181 Lower Richmond Road, Richmond, England, TW9 4LN.