C & S FINANCE LIMITED |
Registered number: |
07453631 |
Balance Sheet |
as at 30 November 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
275 |
|
|
367 |
Investments |
4 |
|
|
1,280,120 |
|
|
873,007 |
|
|
|
|
1,280,395 |
|
|
873,374 |
|
Current assets |
Debtors |
5 |
|
32,302 |
|
|
100,299 |
Cash at bank and in hand |
|
|
995 |
|
|
5,890 |
|
|
|
33,297 |
|
|
106,189 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,089,122) |
|
|
(679,610) |
|
Net current liabilities |
|
|
|
(1,055,825) |
|
|
(573,421) |
|
Total assets less current liabilities |
|
|
|
224,570 |
|
|
299,953 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(450,439) |
|
|
(447,406) |
|
|
|
Net liabilities |
|
|
|
(225,869) |
|
|
(147,453) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(225,969) |
|
|
(147,553) |
|
Shareholders' funds |
|
|
|
(225,869) |
|
|
(147,453) |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
…............................ |
Mr S Kazolides |
Director |
Approved by the board on 24 August 2024 |
|
C & S FINANCE LIMITED |
Notes to the Accounts |
for the year ended 30 November 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts are prepared in Pound sterling, which is the functional currency of the company. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable. Turnover represents rent receivable from investment properties accounted on accruals basis. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
25% reducing balance |
|
|
Investment property |
|
Investment property, leasehold or freehold, is initially recorded at cost, which includes purchse price and directly attributable expenditure. In accordance with FRS102, investment properties whose fair value can be measures reliably without undue cost or efforts are measured at fair value at each reporting date and any changes in fair value are recognised in profit and loss account. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Going concern |
|
As at the balance sheet date the company's current liabilities exceeded its current assets. The director, however, considers that the company has sufficient support from its creditors. The director has provided loans to the company and has confirmed that he will not recall the loan for repayment until the company is in position to do so. Therefore, the accounts are prepared on a going concern basis. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Fixtures and fittings |
£ |
|
Cost |
|
At 1 December 2022 |
1,545 |
|
At 30 November 2023 |
1,545 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2022 |
1,178 |
|
Charge for the year |
92 |
|
At 30 November 2023 |
1,270 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2023 |
275 |
|
At 30 November 2022 |
367 |
|
|
4 |
Investment property |
|
Other |
investments |
£ |
|
Cost |
|
At 1 December 2022 |
873,007 |
|
Additions |
407,113 |
|
|
At 30 November 2023 |
1,280,120 |
|
|
Investment properties have been valued by the director on an open market basis on 30 November 2023. |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
32,302 |
|
100,299 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
39,200 |
|
39,735 |
|
Trade creditors |
- |
|
1,913 |
|
Director's account |
377,302 |
|
323 |
|
Other creditors |
672,620 |
|
637,639 |
|
|
|
|
|
|
1,089,122 |
|
679,610 |
|
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
450,439 |
|
447,406 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
An analysis of the maturity of loans is given below: |
|
|
Amounts falling due within one year: |
|
Bank loans |
|
|
|
|
39,200 |
|
39,735 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due in more than one year: |
|
Payable in 1-2 year |
|
|
|
|
39,200 |
|
39,200 |
|
Payable in 2-5 year |
|
|
|
|
411,239 |
|
408,206 |
|
|
|
|
|
|
450,439 |
|
447,406 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
489,639 |
|
486,606 |
|
|
|
|
|
|
|
|
|
|
The bank loans totalling £489,639 (2022: £486,606) are secured by first legal charge over the leasehold investment properties, personal guarantees have been provided by the director for the amount of £825,000 and further guarantees have been provided by a company related to the director. |
|
|
9 |
Related party transactions |
|
|
Included in other creditors is an amount owed to Polystep Limited in the sum of £671,852 (2022: £633,919). The loan is payable on demand. C&S Finance Limited and Polystep Limited are connected by virtue of a common director. |
|
|
10 |
Other information |
|
|
C & S FINANCE LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
4 Porchester Terrace |
|
London |
|
W2 3TL |