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Registered number: 05190433










CROCKHERBTOWN ESTATES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CROCKHERBTOWN ESTATES LIMITED
REGISTERED NUMBER: 05190433

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
6,459,000
6,459,000

  
6,459,000
6,459,000

Current assets
  

Debtors: amounts falling due within one year
 6 
548,025
605,130

Cash at bank and in hand
  
1,174,912
875,264

  
1,722,937
1,480,394

Creditors: amounts falling due within one year
 7 
(2,968,070)
(2,985,237)

Net current liabilities
  
 
 
(1,245,133)
 
 
(1,504,843)

Total assets less current liabilities
  
5,213,867
4,954,157

Provisions for liabilities
  

Deferred tax
  
(324,237)
(324,237)

  
 
 
(324,237)
 
 
(324,237)

Net assets
  
4,889,630
4,629,920


Capital and reserves
  

Called up share capital 
  
3
3

Retained earnings - non-distributable fair value reserves
 10 
1,634,282
1,634,282

Retained earnings
 10 
3,255,345
2,995,635

  
4,889,630
4,629,920


Page 1

 
CROCKHERBTOWN ESTATES LIMITED
REGISTERED NUMBER: 05190433
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 August 2024.




Nicholas John Clwyd Griffith
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CROCKHERBTOWN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Crockherbtown Estates Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05190433 and  registered office is The Warehouse Wyndham Arcade, St Mary Street, Cardiff, Wales, CF10 1FH.
The presentation currency of the financial statements is Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. The company has reported a profit in the year and has net assets at the statement of financial position date. The directors believe that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
CROCKHERBTOWN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Bad debt provision

A specific provision is made against older debtor balances. Additional provisions are made against newer debtor balances where there is evidence to suggest that a balance may not recoverable.

  
2.5

Turnover

Turnover represents rental and insurance income after deduction of value added tax.
Revenue is recognised evenly over the period to which it relates.

  
2.6

Tangible fixed assets

The company's freehold land and buildings are treated as an investment properties, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties for which fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value annually, with the change recognised in the income statement. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non-distributable reserve.

Page 4

 
CROCKHERBTOWN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

Basic financial assets, which include trade and other debtors and cash at bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.


3.


Judgments in applying accounting policies 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.
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.


4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 5

 
CROCKHERBTOWN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Investment property

£



Valuation


At 1 January 2023
6,459,000



At 31 December 2023
6,459,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.

The freehold properties are treated as investment properties under FRS 102 1A. No depreciation has been charged in accordance with FRS 102 1A.
The historical cost of the fixed assets is £4,500,480 (2022 - £4,500,480). The company's freehold properties are treated as investment properties under FRS 102 1A. They were valued at the statement of financial position date by Mr N J C Griffith and Mr J D Devonald, both directors at fair value on the basis of existing use.
 


Cost or valuation of investment properties at the balance sheet date is represented by:


2023
2022
£
£


Cost
4,500,480
4,500,480

Surplus on revaluation of properties
1,958,520
1,958,520

6,459,000
6,459,000


6.


Debtors

2023
2022
£
£


Amounts owed by related parties
544,164
600,790

Prepayments and accrued income
3,861
4,340

548,025
605,130


Page 6

 
CROCKHERBTOWN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,382
1,945

Amounts owed to related parties
2,735,375
2,785,832

Corporation tax
88,134
69,682

Other taxation and social security
26,370
23,876

Accruals and deferred income
116,809
103,902

2,968,070
2,985,237



8.

Secured debts

The following secured debts are included within creditors:

2023
2022
        £
        £
Amounts owed to related parties

2,555,707

2,620,227
 

The balance is secured and interest is charged at 2.6% plus SONIA rate per annum.


9.


Deferred taxation




2023


£






At beginning of year
(324,237)



At end of year
(324,237)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax
(324,237)
(324,237)

(324,237)
(324,237)

Deferred tax provision is in respect of gains on revaluation of investment properties.

Page 7

 
CROCKHERBTOWN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Reserves

Retained earnings - non-distributable reserves relate to revaluation gains/losses on the company's investment properties of £1,958,519 (2022 - £1,958,519) net of deferred tax on the unrealised capital gains on these properties of £324,237 (2022 - £324,237).


11.


Ultimate controlling party

There is no single controlling party. The company is jointly controlled by G Capital Limited and Devestates Limited. G Capital Limited is controlled by the director NJC Griffith and Devestates Limited is controlled by the director J D Devonald.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by James Dobson BSc FCA (Senior statutory auditor) on behalf of MHA.

 
Page 8