Company registration number 03538676 (England and Wales)
C & N PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
C & N PROPERTY LIMITED
COMPANY INFORMATION
Director
N H Clough
Secretary
M J Clough
Company number
03538676
Registered office
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
C & N PROPERTY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
C & N PROPERTY LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF C & N PROPERTY LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C & N Property Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of C & N Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of C & N Property Limited and state those matters that we have agreed to state to the board of directors of C & N Property Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C & N Property Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that C & N Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of C & N Property Limited. You consider that C & N Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of C & N Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
17 September 2024
C & N PROPERTY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,772,840
1,678,893
Current assets
Debtors
4
22,727
60,170
Cash at bank and in hand
537,556
673,077
560,283
733,247
Creditors: amounts falling due within one year
5
(118,305)
(218,309)
Net current assets
441,978
514,938
Total assets less current liabilities
2,214,818
2,193,831
Creditors: amounts falling due after more than one year
6
(560,332)
(630,626)
Provisions for liabilities
(29,029)
(32,793)
Net assets
1,625,457
1,530,412
Capital and reserves
Called up share capital
8
10
2
Revaluation reserve
126,220
194,150
Profit and loss reserves
1,499,227
1,336,260
Total equity
1,625,457
1,530,412

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 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

C & N PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 17 September 2024
N H Clough
Director
Company registration number 03538676 (England and Wales)
C & N PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

C & N Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Prospect Place, Millennium Way, Pride Park, Derby, DE24 8HG.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

                        

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Investment property

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.

 

Investment properties for which fair value cannot be measured reliably without undue cost or effort are measured at cost.

1.5
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

C & N PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
1
3
Investment property
2024
£
Fair value
At 1 May 2023
1,678,893
Additions
258,947
Disposals
(165,000)
At 30 April 2024
1,772,840

The fair value of the investment property has been arrived at on the basis of a valuation carried out in November 2018 by an independent valuer, who are not connected with the company. The fair value of investment property was reviewed by the director at 30 April 2024.

C & N PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
9,086
Other debtors
22,727
51,084
22,727
60,170
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,035
621
Amounts owed to companies under common control
144
2,400
Taxation and social security
45,077
163,185
Other creditors
71,049
52,103
118,305
218,309
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
560,332
630,626
560,332
630,626
7
Financial commitments, guarantees and contingencies

The total amount of future rental income expected to be received on the investment properties based on signed leases with tenants, but not included in the balance sheet is £278,208 (2023 - £153,958).

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8
2
8
2
Ordinary A shares of £1 each
2
-
2
-
10
2
10
2
C & N PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Directors' transactions

At the balance sheet date amounts owed to the directors amounted to £610,333 (2023 - £655,197).

 

2024-04-302023-05-01false17 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityN H CloughM J Cloughfalsefalse035386762023-05-012024-04-3003538676bus:Director12023-05-012024-04-3003538676bus:CompanySecretary12023-05-012024-04-3003538676bus:RegisteredOffice2023-05-012024-04-30035386762024-04-30035386762023-04-3003538676core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3003538676core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3003538676core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3003538676core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3003538676core:CurrentFinancialInstruments2024-04-3003538676core:CurrentFinancialInstruments2023-04-3003538676core:Non-currentFinancialInstruments2024-04-3003538676core:Non-currentFinancialInstruments2023-04-3003538676core:ShareCapital2024-04-3003538676core:ShareCapital2023-04-3003538676core:RevaluationReserve2024-04-3003538676core:RevaluationReserve2023-04-3003538676core:RetainedEarningsAccumulatedLosses2024-04-3003538676core:RetainedEarningsAccumulatedLosses2023-04-3003538676core:ShareCapitalOrdinaryShares2024-04-3003538676core:ShareCapitalOrdinaryShares2023-04-30035386762022-05-012023-04-30035386762023-04-3003538676core:WithinOneYear2024-04-3003538676core:WithinOneYear2023-04-3003538676bus:PrivateLimitedCompanyLtd2023-05-012024-04-3003538676bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3003538676bus:FRS1022023-05-012024-04-3003538676bus:AuditExemptWithAccountantsReport2023-05-012024-04-3003538676bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP