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REGISTERED NUMBER: 10879657 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CYCLONE PROPERTY HOLDINGS LIMITED

CYCLONE PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10879657)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CYCLONE PROPERTY HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A M Collman
O S Harris





REGISTERED OFFICE: Thameside House
Hurst Road
East Molesey
Surrey
KT8 9AY





REGISTERED NUMBER: 10879657 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

CYCLONE PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10879657)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 5,138
Investment property 5 385,950 1,801,697
385,950 1,806,835

CURRENT ASSETS
Debtors 6 1,314 3,696
Cash at bank 83 4,158
1,397 7,854
CREDITORS
Amounts falling due within one year 7 746,321 1,238,002
NET CURRENT LIABILITIES (744,924 ) (1,230,148 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(358,974

)

576,687

CREDITORS
Amounts falling due after more than one
year

8

(238,924

)

(1,208,381

)

PROVISIONS FOR LIABILITIES - (1,284 )
NET LIABILITIES (597,898 ) (632,978 )

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 (597,900 ) (632,980 )
SHAREHOLDERS' FUNDS (597,898 ) (632,978 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:



O S Harris - Director


CYCLONE PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10879657)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Cyclone Property Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has the support of the directors via a creditor which is subject to common control and has confirmed it will not demand repayment of amounts owing to it to the detriment of the company's ability to meet it's liabilities as they fall due for the foreseeable future. The directors confirm financial facilities will remain available to the company for at least the next 12 months.

Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover comprises of rental income recognised on an accrual basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The directors consider that as at the balance sheet date the fair value of the investment properties matched their acquisition cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

CYCLONE PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10879657)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 8,332
Disposals (8,332 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 3,194
Charge for year 2,083
Eliminated on disposal (5,277 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 5,138

CYCLONE PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10879657)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 1,801,697
Disposals (1,415,747 )
At 31 December 2023 385,950
NET BOOK VALUE
At 31 December 2023 385,950
At 31 December 2022 1,801,697

Investment property is held at original cost, which the directors believe to be fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Called up share capital not paid 1 1
Prepayments 1,313 3,695
1,314 3,696

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 302 -
Other creditors 743,949 1,230,130
Accruals and deferred income 2,070 7,872
746,321 1,238,002

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 238,924 1,208,381

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs
non-instalments 238,924 1,208,381
238,924 1,208,381

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs
non-instalments 238,924 1,208,381
238,924 1,208,381

CYCLONE PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10879657)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. LOANS - continued

Bank loans refer to an interest only mortgage. These loans are secured against the investment properties - Flat 1 The Leys (2023 - £238,924 - 2022: £233,097) and Flat 10 Oxshott Lodge (2023 £0 - 2022: £975,284).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1.00 2 2

11. RESERVES
Retained
earnings
£   

At 1 January 2023 (632,980 )
Profit for the year 35,080
At 31 December 2023 (597,900 )

12. RELATED PARTY DISCLOSURES

Montreux Group Overseas Limited
Common control

During the year the company received loan advances of £41,405 and repayments of £650,000 (2022: net £19,912) from Montreux Group Overseas Limited. As at 31st December 2023 the net balance outstanding to Montreux Group Overseas Limited was £743,949 (2022: £1,227,930). Interest on the loan is charged at 12% per annum, £124,614 (2022: £131,019).

13. CHARGES

The company has two existing charges held against properties, that remain outstanding at the balance sheet date. The charges are held over debentures in relation to the mortgages secured upon the properties by the banks providing the mortgages.