CF 103 Limited |
Registered number: |
10493307 |
Balance Sheet |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
5,790,000 |
|
|
5,330,000 |
|
Current assets |
Debtors |
4 |
|
976,870 |
|
|
51,745 |
Cash at bank and in hand |
|
|
13,879 |
|
|
18,176 |
|
|
|
990,749 |
|
|
69,921 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,489,723) |
|
|
(4,413,064) |
|
Net current liabilities |
|
|
|
(498,974) |
|
|
(4,343,143) |
|
Total assets less current liabilities |
|
|
|
5,291,026 |
|
|
986,857 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(3,039,977) |
|
|
(26,667) |
|
Provisions for liabilities |
|
|
|
(840,305) |
|
|
(380,749) |
|
|
Net assets |
|
|
|
1,410,744 |
|
|
579,441 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
1,410,743 |
|
|
579,440 |
|
Shareholder's funds |
|
|
|
1,410,744 |
|
|
579,441 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their 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. |
|
|
|
|
Tariq Usmani |
Director |
Approved by the board on 30 August 2024 |
|
CF 103 Limited |
Notes to the Accounts |
for the year ended 31 December 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). |
|
|
Turnover |
|
Turnover comprises rent receivable net of VAT by the company and is recognised when it falls due. |
|
|
Investments |
|
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. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 January 2023 |
5,330,000 |
|
Revaluation |
1,375,000 |
|
Disposals |
(915,000) |
|
|
At 31 December 2023 |
5,790,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 January 2023 |
3,343,781 |
|
At 31 December 2023 |
2,428,781 |
|
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
(5,254) |
|
47,619 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
933,027 |
|
- |
|
Other debtors |
49,097 |
|
4,126 |
|
|
|
|
|
|
976,870 |
|
51,745 |
|
|
|
|
|
|
|
|
|
|
5 |
Investments held as current assets |
2023 |
|
2022 |
£ |
£ |
|
Fair value |
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in fair value included in the profit and loss account for the financial year |
|
Unlisted investments |
1,375,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
The fair value of the investment properties has been arrived on the basis of a valuation which was carried out in December 2022 by Lambert Smith Hampton for the amount of £6,705,000. The valuation was made on an open market value basis derived from current market rents for similar properties, adjusted if necessary for any difference in nature, location or condition of the specific assets. The properties were transferred from related companies at a value of £5,330,000 in 2017. The investment properties have historical cost of £3,343,781. In the financial year part of the freehold properties which comprises the residential units have been transferred to related companies at cost of £915,000. |
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
98,966 |
|
2,405,568 |
|
Trade creditors |
6,505 |
|
- |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,289,444 |
|
1,981,578 |
|
Taxation and social security costs |
2,619 |
|
12,200 |
|
Other creditors |
92,189 |
|
13,718 |
|
|
|
|
|
|
1,489,723 |
|
4,413,064 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
3,039,977 |
|
26,667 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
3,138,943 |
|
2,432,235 |
|
|
|
|
|
|
|
|
|
|
The main bank loan of £3.13m is being repaid in monthly instalments and attracts interest at 6.05% per annum. The loan is secured on the company's investment properties and is repayable by 2028. The other bank loan of £37k is a Bounce Back Loan which is to be repaid in full via instalments by 6 August 2026. The loan is secured by a government guarantee. |
|
|
9 |
Related party transactions |
|
|
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ not to disclose related party transactions between two or more wholly owned members of a group. |
|
|
10 |
Controlling party |
|
|
The ultimate parent company is Henley Homes Public Limited which was placed in administration in August 2023. The ultimate controlling party throughout this and the previous period were the directors of the parent company. The accounts of this company are not consolidated within the accounts of Henley Homes Public Limited Company due to its being in liquidation. The registered office of Henley Homes (in administration) is C/O James Cowper Kreston the White Building 1-4, Cumberland Place, Southampton, SO15 2NP. |
|
|
11 |
Other information |
|
|
CF 103 Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
50 Havelock Terrace |
|
London |
|
SW8 4AL |