Company registration number 08185784 (England and Wales)
1 CIRENCESTER ROAD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
1 CIRENCESTER ROAD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
1 CIRENCESTER ROAD LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,044
5,794
Investment property
4
2,325,000
2,325,000
2,330,044
2,330,794
Current assets
Debtors
5
118,605
135,738
Cash at bank and in hand
1,324
873
119,929
136,611
Creditors: amounts falling due within one year
6
(3,656,361)
(3,609,075)
Net current liabilities
(3,536,432)
(3,472,464)
Total assets less current liabilities
(1,206,388)
(1,141,670)
Creditors: amounts falling due after more than one year
8
(124,703)
(132,466)
Net liabilities
(1,331,091)
(1,274,136)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,331,191)
(1,274,236)
Total equity
(1,331,091)
(1,274,136)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
1 CIRENCESTER ROAD LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Miss N York
Director
Company registration number 08185784 (England and Wales)
1 CIRENCESTER ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
1 Cirencester Road Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Colwyn Chambers, 19 York Street, Manchester, M2 3BA.
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
Going concern
Despite the net liability position recorded at the year end, at the time of approving the financial statements the director is satisfied that the company has adequate resources to continue in operational existance for the forseeable future. Therefore the director continues to adopt the going concern basis of accounting in the preparation of these financial statements.true
1.3
Turnover
Revenue represents amounts receivable for commercial rent and services net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
1.5
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. Changes in fair value are recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
1 CIRENCESTER ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
545,772
Additions
1,575
At 31 August 2023
547,347
Depreciation and impairment
At 1 September 2022
539,978
Depreciation charged in the year
2,325
At 31 August 2023
542,303
Carrying amount
At 31 August 2023
5,044
At 31 August 2022
5,794
4
Investment property
2023
£
Fair value
At 1 September 2022 and 31 August 2023
2,325,000
1 CIRENCESTER ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,270
93,506
Other debtors
54,335
42,232
118,605
135,738
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
12,367
12,764
Other creditors
3,643,994
3,596,311
3,656,361
3,609,075
7
Loans and overdrafts
2023
2022
£
£
Bank loans
137,070
145,230
Payable within one year
12,367
12,764
Payable after one year
124,703
132,466
National Westminster Bank Plc. provided the company with a bank loan which is secured against the investment property. As at the year end £137,070 (2022 £145,229 ) was outstanding with £75,234 (2022 £81,410 ) due after five years.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
124,703
132,466
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
75,234
81,410
1 CIRENCESTER ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
9
Related party transactions
Other creditors includes an unsecured interest free loan from C York of £3,638,829 (2022 £3,591,329). The estate of C York has no intention of recalling the loan in the foreseeable future unless the company has the funds, to the extent that it can repay the loan.