Registered number
03830322
Crownhawk Properties Limited
Filleted Accounts
31 December 2023
Cross & Bowen
Chartered Certified Accountants
Riverside House
Normandy Road
Swansea
SA1 2JA
Crownhawk Properties Limited
Registered number: 03830322
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 24,879 34,830
Investment properties 4 2,982,540 2,982,540
Tangible assets 5 468,149 406,015
Investments 6 104,763 104,763
3,580,331 3,528,148
Current assets
Stocks 129,774 26,050
Debtors 7 1,190,082 736,945
Cash at bank and in hand 22,297 19,143
1,342,153 782,138
Creditors: amounts falling due within one year 8 (1,996,382) (1,356,139)
Net current liabilities (654,229) (574,001)
Total assets less current liabilities 2,926,102 2,954,147
Creditors: amounts falling due after more than one year 9 (1,524,040) (1,680,691)
Provisions for liabilities (310,000) (310,000)
Net assets 1,092,062 963,456
Capital and reserves
Called up share capital 20 20
Capital redemption reserve 80 80
Profit and loss account 1,091,962 963,356
Shareholder's funds 1,092,062 963,456
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.
R.H. Lloyd
Director
Approved by the board on 19 September 2024
Crownhawk Properties 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Investment properties
Investment properties are measured at market value.
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:
Plant and machinery 15% to 25% straight line
Motor vehicles 17% to 33% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 40 35
3 Intangible fixed assets £
Rebrand:
Cost
At 1 January 2023 39,805
At 31 December 2023 39,805
Amortisation
At 1 January 2023 4,975
Provided during the year 9,951
At 31 December 2023 14,926
Net book value
At 31 December 2023 24,879
At 31 December 2022 34,830
Intangible assets are written off in equal annual instalments over their estimated economic life of 4 years.
4 Investment properties 2023 2022
£ £
Market value
At 1 January 2023 2,982,540 2,982,540
2,982,540 2,982,540
5 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 175,334 508,510 683,844
Additions 14,416 410,527 424,943
Disposals - (318,670) (318,670)
At 31 December 2023 189,750 600,367 790,117
Depreciation
At 1 January 2023 152,959 124,870 277,829
Charge for the year 11,091 121,018 132,109
On disposals - (87,970) (87,970)
At 31 December 2023 164,050 157,918 321,968
Net book value
At 31 December 2023 25,700 442,449 468,149
At 31 December 2022 22,375 383,640 406,015
6 Investments
Other
investments
£
Cost
At 1 January 2023 104,763
At 31 December 2023 104,763
7 Debtors 2023 2022
£ £
Trade debtors 349,990 549,950
Other debtors 840,092 186,995
1,190,082 736,945
8 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 318,714 318,714
Obligations under finance lease and hire purchase contracts 73,647 73,647
Trade creditors 254,960 125,478
Taxation and social security costs 263,970 291,650
Other creditors 1,085,091 546,650
1,996,382 1,356,139
9 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,098,277 1,256,016
Obligations under finance lease and hire purchase contracts 425,763 326,875
Other creditors - 97,800
1,524,040 1,680,691
10 Other information
Crownhawk Properties Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Riverside House
Normandy Road
Swansea
SA1 2JA
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