Company registration number 04291190 (England and Wales)
CROWN YEALM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CROWN YEALM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CROWN YEALM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,081
76,133
Investment properties
4
4,685,000
4,450,000
4,725,081
4,526,133
Current assets
Debtors
5
1,014,845
828,789
Cash at bank and in hand
44,107
194,116
1,058,952
1,022,905
Creditors: amounts falling due within one year
6
(174,213)
(191,729)
Net current assets
884,739
831,176
Total assets less current liabilities
5,609,820
5,357,309
Creditors: amounts falling due after more than one year
7
(2,467,164)
(2,523,051)
Provisions for liabilities
8
(507,281)
(451,855)
Net assets
2,635,375
2,382,403
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,635,373
2,382,401
Total equity
2,635,375
2,382,403
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CROWN YEALM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Mr J W Johns
Mr K W D Johns
Director
Director
Company Registration No. 04291190
CROWN YEALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Crown Yealm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crown Bray House, Bucknell Way, Pathfields Business Park, South Molton, Devon, EX36 3LH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
7 years straight line/15% per annum on book value/33% per annum on cost/30% per annum on book value
Computer software
20% per annum on book value
Computer equipment
50% per annum on book value
Motor vehicles
50% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
CROWN YEALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
CROWN YEALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
463,124
Depreciation and impairment
At 1 April 2023
386,991
Depreciation charged in the year
36,052
At 31 March 2024
423,043
Carrying amount
At 31 March 2024
40,081
At 31 March 2023
76,133
4
Investment property
2024
£
Fair value
At 1 April 2023
4,450,000
Revaluations
235,000
At 31 March 2024
4,685,000
The fair value of the company's principal investment property is based upon an independent professional valuation, dated 1 September 2023, which valued the property at £4.3m.
The fair value of other investment property has been estimated by the directors based on comparable property values.
The historical cost of the investment property is £2,029,844 (2023: £2,029,844).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
99,703
66,628
Other debtors
915,142
762,161
1,014,845
828,789
CROWN YEALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
39,874
33,810
Trade creditors
12,935
38,754
Taxation and social security
32,163
14,970
Other creditors
89,241
104,195
174,213
191,729
Other creditors include £15,322 (2023: £15,071) in respect of obligations due under finance lease contracts which are secured on the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Debenture loans
2,435,000
2,435,000
Bank loans and overdrafts
15,056
55,621
Obligations under finance leases
17,108
32,430
2,467,164
2,523,051
The company's debenture loan is secured on freehold property owned by the company.
Amounts owed under finance leases are secured on the assets to which they relate.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
507,281
451,855
9
Distributable reserves
The company's retained earnings contain amounts totalling £2,204,691 (2023: £2,028,441) which are considered to be non-distributable reserves, relating to the revaluation of investment property and the associated deferred tax.