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REGISTERED NUMBER: 02080753 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

COUNTRY ESTATES HOLDINGS LIMITED

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


COUNTRY ESTATES HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: W J Annan
G Denton
G P Smith





SECRETARY: Mrs L J Miller





REGISTERED OFFICE: Kingfisher House
17 Albury Close
Loverock Road
Reading
RG30 1BD





REGISTERED NUMBER: 02080753 (England and Wales)





AUDITORS: Haines Watts, Statutory Auditor
Chartered Accountants
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
2023 saw the completion of Stoneham Park with all but 2 apartments sold and completed. We can now report both are reserved and in solicitor's hands. The final GDV was £29 million. Plot 16 completed in April, 2024.

The land market continues to be difficult with so many trying to find the "right site" due to continued delays on planning generally and the difficulties of adjusting to 'Part L' of the new building regulations now in play.

We currently have 3 new sites.
18 Parkside Road, 10 new apartments, which will be completed in the Summer of 2024, it has received lots of early interest with 2 ground floor flats reserved well ahead of budget. We expect these to be in the main sold 2024.

Watercress Mews II Phase, 6 flats on land we already own. Work is progressing well and should be completed in May 2024. We hope to have sold these in 2024.

Gosbrook Road/Send Road Caversham, this site has taken time to get started due to planning conditions and party wall agreement. Demolition is now complete, but the delays mean the benefits of this site will not be available until 2025.

We are continuing to make regular offers and we are also working on 3 strategic sites we hope to bring forward at some point in the next 5-10 years. We remain confident suitable opportunities will continue to feed the pipeline to keep key staff employed, which remains our focus. Commercial lease renewals and take up was again strong, with minimal stock available, which has continued into 2024.

We also sold unit 23 Osprey Court and took reservations on both unit 5 & 6 Queen Isabelle House and Lansdowne Court.

5 Queen Isabelle house has now taken a lease with option to purchase in this current year - (2024)
6 Queen Isabelle house was completed in February 2024
6 Lansdowne is now in solicitor's hands and progressing.

Cash reserves remain strong, and borrowing are less than 10% of net assets.

The Directors are pleased to report another profit of £1,026,929 which in a tough market is a very good outcome. The Directors thank all staff, suppliers, and sub-contractors for their support in the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The group has adopted a risk averse approach to its trading activities historically, which has resulted in significant reserves being held. As such, in the short term, no particular risks are considered to be fundamental to the business, although the directors are always aware of internal and external threats to the business and the wider industry.

The principal risk affecting the group is that which affects the industry as a whole, being the long time period required to undertake property developments and the exposure to external changes in economic conditions.


COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

KEY PERFORMANCE INDICATORS
The key performance indicators considered by the group in respect of its trading activities are gross profit and group operating profit along with maintaining strong cash reserves.

ON BEHALF OF THE BOARD:





G P Smith - Director


23 September 2024

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The group carries on the business of development, construction and disposal of industrial and residential property together with the management of business parks. The group also holds properties for investment purposes.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £350,000.

FUTURE DEVELOPMENTS
The directors consider the group is well positioned to benefit from trading conditions in the year ahead.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

W J Annan
G Denton
G P Smith

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
In compliance with the Financial Reporting Council's 2019 revised ethical standards, following the completion of the statutory audit for the year ended 31 December 2023 Haines Watts will not be reappointed as statutory auditor for the Company. A resolution to appoint a new statutory auditor will be put to the shareholders at the Annual General Meeting.

ON BEHALF OF THE BOARD:





G P Smith - Director


23 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTRY ESTATES HOLDINGS LIMITED


Opinion
We have audited the financial statements of Country Estates Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTRY ESTATES HOLDINGS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTRY ESTATES HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations;
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;
- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTRY ESTATES HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Newbold FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts, Statutory Auditor
Chartered Accountants
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

24 September 2024

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

TURNOVER 4 10,994,810 18,388,919

Cost of sales 8,902,651 15,907,875
GROSS PROFIT 2,092,159 2,481,044

Administrative expenses 1,102,546 1,028,698
989,613 1,452,346

Other operating income 96,877 32,260
GROUP OPERATING PROFIT 6 1,086,490 1,484,606

Share of operating profit in
Joint ventures 82,157 104,979

Interest receivable and similar income 161,983 20,630
161,983 20,630
1,330,630 1,610,215

Interest payable and similar expenses
Group 7 (201,009 ) (206,643 )
Joint ventures (74,499 ) (47,127 )
PROFIT BEFORE TAXATION 1,055,122 1,356,445

Tax on profit 8 232,385 241,630
PROFIT FOR THE FINANCIAL YEAR 822,737 1,114,815

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

822,737

1,114,815

Profit attributable to:
Owners of the parent 822,737 1,114,815

Total comprehensive income attributable to:
Owners of the parent 822,737 1,114,815

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 11 635,197 528,612
Investments 12
Interest in joint venture
Share of gross assets 1,264,878 1,248,687
Share of gross liabilities (124,437 ) (145,075 )
Investment property 13 5,855,300 6,095,300
7,630,938 7,727,524

CURRENT ASSETS
Stocks 14 16,884,849 17,351,000
Debtors 15 976,548 730,461
Cash at bank and in hand 4,397,969 4,235,088
22,259,366 22,316,549
CREDITORS
Amounts falling due within one year 16 4,307,091 2,490,820
NET CURRENT ASSETS 17,952,275 19,825,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,583,213

27,553,253

CREDITORS
Amounts falling due after more than one
year

17

(1,676,466

)

(3,609,112

)

PROVISIONS FOR LIABILITIES 20 (88,935 ) (99,066 )
NET ASSETS 23,817,812 23,845,075

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

CONSOLIDATED BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
CAPITAL AND RESERVES
Called up share capital 21 533,750 551,250
Share premium 22 1,930,000 1,930,000
Revaluation reserve 22 1,880,280 1,945,280
Capital redemption reserve 22 236,250 218,750
Capital reserve 22 750,054 776,684
Retained earnings 22 18,487,478 18,423,111
SHAREHOLDERS' FUNDS 23,817,812 23,845,075


The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




G P Smith - Director



G Denton - Director


COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 11 - -
Investments 12 2,710,100 2,710,100
Investment property 13 - -
2,710,100 2,710,100

CURRENT ASSETS
Debtors 15 1,025,000 1,000,000

CREDITORS
Amounts falling due within one year 16 752,260 749,760
NET CURRENT ASSETS 272,740 250,240
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,982,840

2,960,340

CAPITAL AND RESERVES
Called up share capital 21 533,750 551,250
Share premium 22 1,930,000 1,930,000
Capital redemption reserve 22 236,250 218,750
Retained earnings 22 282,840 260,340
SHAREHOLDERS' FUNDS 2,982,840 2,960,340

Company's profit for the financial year 872,500 797,500

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




G P Smith - Director



G Denton - Director


COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share
capital earnings premium
£ £ £
Balance at 1 January 2022 568,750 18,042,296 1,930,000

Changes in equity
Purchase of own shares (17,500 ) (500,000 ) -
Dividends - (300,000 ) -
Total comprehensive income - 1,180,815 -
Balance at 31 December 2022 551,250 18,423,111 1,930,000

Changes in equity
Purchase of own shares (17,500 ) (500,000 ) -
Dividends - (350,000 ) -
Total comprehensive income - 914,367 -
Balance at 31 December 2023 533,750 18,487,478 1,930,000
Capital
Revaluation redemption Capital Total
reserve reserve reserve equity
£ £ £ £
Balance at 1 January 2022 2,011,280 201,250 776,684 23,530,260

Changes in equity
Purchase of own shares - 17,500 - (500,000 )
Dividends - - - (300,000 )
Total comprehensive income (66,000 ) - - 1,114,815
Balance at 31 December 2022 1,945,280 218,750 776,684 23,845,075

Changes in equity
Purchase of own shares - 17,500 - (500,000 )
Dividends - - - (350,000 )
Total comprehensive income (65,000 ) - (26,630 ) 822,737
Balance at 31 December 2023 1,880,280 236,250 750,054 23,817,812

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 January 2022 568,750 262,840 1,930,000 201,250 2,962,840

Changes in equity
Purchase of own shares (17,500 ) (500,000 ) - 17,500 (500,000 )
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 797,500 - - 797,500
Balance at 31 December 2022 551,250 260,340 1,930,000 218,750 2,960,340

Changes in equity
Purchase of own shares (17,500 ) (500,000 ) - 17,500 (500,000 )
Dividends - (350,000 ) - - (350,000 )
Total comprehensive income - 872,500 - - 872,500
Balance at 31 December 2023 533,750 282,840 1,930,000 236,250 2,982,840

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,101,930 7,391,498
Interest paid (275,508 ) (253,770 )
Tax paid (185,492 ) (203,055 )
Net cash from operating activities 640,930 6,934,673

Cash flows from investing activities
Purchase of tangible fixed assets (364,662 ) (357,416 )
Sale of tangible fixed assets 95,519 165,550
Sale of investment property 240,000 330,000
Interest received 161,983 20,630
Net cash from investing activities 132,840 158,764

Cash flows from financing activities
Loan repayments in year (577,655 ) (9,217,788 )
New loans in the year 735,343 6,893,221
New HP loans raised 247,949 180,879
HP payments made (166,526 ) (81,777 )
Share buyback (500,000 ) (500,000 )
Equity dividends paid (350,000 ) (300,000 )
Net cash from financing activities (610,889 ) (3,025,465 )

Increase in cash and cash equivalents 162,881 4,067,972
Cash and cash equivalents at
beginning of year

2

4,235,088

167,116

Cash and cash equivalents at end of
year

2

4,397,969

4,235,088

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
2023 2022
£ £
Profit for the financial year 822,737 1,114,815
Depreciation charges 253,808 174,443
Profit on disposal of fixed assets (91,251 ) (137,449 )
Income from associated undertakings (36,829 ) (56,649 )
Finance costs 275,508 253,770
Finance income (161,983 ) (20,630 )
Taxation 232,385 241,630
1,294,375 1,569,930
Decrease in stocks 466,152 6,122,981
Increase in trade and other debtors (246,087 ) (194,070 )
Decrease in trade and other creditors (412,510 ) (107,343 )
Cash generated from operations 1,101,930 7,391,498

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 4,397,969 4,235,088
Year ended 31 December 2022
31/12/22 1/1/22
£ £
Cash and cash equivalents 4,235,088 1,377,401
Bank overdrafts - (1,210,285 )
4,235,088 167,116


COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 4,235,088 162,881 4,397,969
4,235,088 162,881 4,397,969
Debt
Finance leases (243,353 ) (81,424 ) (324,777 )
Debts falling due within 1 year (40,000 ) (2,120,343 ) (2,160,343 )
Debts falling due after 1 year (3,488,320 ) 1,962,655 (1,525,665 )
(3,771,673 ) (239,112 ) (4,010,785 )
Total 463,415 (76,231 ) 387,184

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


1. STATUTORY INFORMATION

Country Estates Holdings Limited is a private company, limited by shares, incorporated in England and Wales. Its primary trading activity is a holding company of a group involved in the development, construction and disposal of industrial and residential property, together with the management of business parks, and derives from its address in Reading, Berkshire. These financial statements represent the results of the company and its subsidiaries. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is pound sterling (£).

The financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties, and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Basis of consolidation
The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Joint ventures
An entity is treated as a joint venture where the group holds a long term interest and shares control under a contractual agreement.

In the group financial statements, interests in joint ventures are accounted for using the gross equity method of accounting. The consolidated statement of comprehensive income indicates the group's share of the joint venture's turnover and includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings based on audited financial statements. In the consolidated balance sheet, the group's share of the identifiable gross assets (including any unamortised premium paid on acquisition) and its share of the gross liabilities attributable to its joint ventures are shown separately.

Joint arrangement
The group also enters into joint arrangements with other entities, which are consolidated on a line by line basis in the proportions of the group's interest in the arrangement. Where this is the case, the group accounts for its own share of assets, liabilities, income, expenditure and cash flows.

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Sale of properties

Revenue from the sale of properties is recognised when all of the following conditions are satisfied:

- the group has transferred the significant risks and rewards of ownership to the buyer;
- the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the properties sold;
- the amount of revenue can be measured reliably;
- it is probable that the group will receive the consideration sue under the transaction, and;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Group will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
- the costs incurred and the costs to complete the contract can be measured reliably.

Incidental income arising from properties held for sale, such as rental income are recognised over the period to which they relate.

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:

The estimated useful lives range as follows:

Fixtures & fittings-4-10 years
Plant & machinery-4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income' in the Consolidated statement of comprehensive income.

Operating leases
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Leased assets: Leasee
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

Investment properties
Investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is calculated as follows:

Land - cost less provisions for diminution in value.
Work in progress and finished goods - cost of raw materials and labour, together with attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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 insignificant risk of change in value.

Financial instruments
The Group 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate of in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.


COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


2. ACCOUNTING POLICIES - continued
Financial instruments (continued)
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net or transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Interest income
Interest income is recognised in the profit and loss account using the effective interest method.

Provision for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to setting the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.


COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change 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 and the group operate and generate income.

Deferred tax
Deferred 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;
-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
-Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Government grants
The company receives government grants in respect of the job retention scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3. ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include the useful economic life of tangible fixed assets, the net realisable value of stock, the valuation of investment properties and certain accruals.

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

Turnover is wholly attributable to the principal activities of the group and arose solely in the United Kingdom.

Turnover is analysed as follows:
2023 2022
£    £   
Income from residential property sales 7,295,423 15,161,475
Income from commercial property sales 489,000 130,000
Income from estates management 1,324,305 1,040,236
Income from construction contracts 4,757,111 7,706,440
Other income 2,549,521 2,435,456
Investment property income 721,636 775,936
17,136,996 27,249,543
Intra group turnover (6,142,186 ) (8,860,624 )
10,994,810 18,388,919

5. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 1,808,901 1,589,077
Social security costs 204,958 181,487
Other pension costs 47,932 44,251
2,061,791 1,814,815

The average number of employees during the year was as follows:
2023 2022

Office and management 23 25
Productive 17 16
40 41

2023 2022
£ £
Directors' remuneration 437,021 397,377

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 226,489 192,643

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 92,745 64,538
Depreciation - assets on hire purchase contracts 161,064 109,905
Profit on disposal of fixed assets (91,251 ) (137,449 )
Auditors' remuneration 46,100 30,000
Defined contribution pension cost 47,932 44,251

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£ £
Bank interest 1,591 17,028
Bank loan interest 186,494 183,600
Hire purchase 12,924 6,015
201,009 206,643

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 223,607 166,584
Joint ventures corporation tax 19,090 20,270
Total current tax 242,697 186,854

Deferred tax:
Deferred tax (10,131 ) 54,958
Joint ventures deferred tax (181 ) (182 )
Total deferred tax (10,312 ) 54,776

Tax on profit 232,385 241,630

UK corporation tax has been charged at 25 % (2022 - 19 %).

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 1,055,122 1,356,445
Profit multiplied by the standard rate of corporation tax in the UK of
23.500 % (2022 - 19 %)

247,954

257,725

Effects of:
Expenses not deductible for tax purposes (12,998 ) 23,561
Utilisation of tax losses - (475 )

Other items (19,591 ) (54,800 )
Share of the joint venture's tax charge 19,090 20,270
Capital loss/(gain) on sale of revalued property 9,114 (39,081 )
Effect of tax rate changes (11,184 ) 34,430
Total tax charge 232,385 241,630

The group has taxation losses of approximately £26,369 (2022 - £26,369) available for offset against future trading profits.

Deferred tax is provided at 25%.

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£ £
Allotted called up and fully paid Ordinary shares of 10p each
Final 350,000 300,000

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and
machinery fittings Totals
£ £ £
COST
At 1 January 2023 995,165 432,198 1,427,363
Additions 338,160 26,502 364,662
Disposals (94,303 ) (5,817 ) (100,120 )
At 31 December 2023 1,239,022 452,883 1,691,905
DEPRECIATION
At 1 January 2023 558,498 340,253 898,751
Charge for year 194,235 59,574 253,809
Eliminated on disposal (92,309 ) (3,543 ) (95,852 )
At 31 December 2023 660,424 396,284 1,056,708
NET BOOK VALUE
At 31 December 2023 578,598 56,599 635,197
At 31 December 2022 436,667 91,945 528,612

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
COST
At 1 January 2023 565,372
Additions 208,588
At 31 December 2023 773,960
DEPRECIATION
At 1 January 2023 189,375
Charge for year 161,064
At 31 December 2023 350,439
NET BOOK VALUE
At 31 December 2023 423,521
At 31 December 2022 375,997

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


12. FIXED ASSET INVESTMENTS

Group
Interest in
joint
venture
£
COST
At 1 January 2023 1,103,612
Share of profit/(loss) 61,829
Dividends received (25,000 )
At 31 December 2023 1,140,441
NET BOOK VALUE
At 31 December 2023 1,140,441
At 31 December 2022 1,103,612

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


Group

Interest in joint venture

At 31 December 2023, Country Estates Holdings Limited held through its subsidiary company, Country Estates Limited, a 50% shareholding in Altovale Limited. The company carries on the trade of industrial and commercial property development and is registered in England.

The group acquired its 50% holding on 13 June 1989. The post-acquisition reserves are £2,280,882 and its profit for the year was £73,658.

The group's investment in joint ventures is made up as follows:

2023 2022
£    £   
Balance brought forward 1,103,612 1,046,963
Share of profit after taxation 36,829 56,649
Balance carried forward 1,140,441 1,103,612

The group's share of the results and net assets are as follows:

2023 2022
£    £   
Turnover - rental income on investment properties 126,234 129,620
Operating profit 82,156 104,980
Interest payable (1,418 ) (3,242 )
Profit before taxation 80,738 101,738
Taxation (18,909 ) (20,089 )
Dividends (25,000 ) (25,000 )
Profit after taxation 36,829 56,649
Fixed assets 1,137,930 1,138,655
Current assets 126,948 110,032
Liabilities due in less than one year (124,074 ) (144,531 )
Liabilities due in more than one year (363 ) (544 )
Net assets 1,140,441 1,103,612

Joint arrangements with other entities

At 31 December 2023, Country Estates Holdings Limited had through its subsidiary companies an interest in the following joint arrangements:

Denton & Gibson Limited hold a 50% share in a joint arrangement with Checkmore Limited. The joint arrangement is in connection with property development.


COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


12. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 2,710,100
NET BOOK VALUE
At 31 December 2023 2,710,100
At 31 December 2022 2,710,100


The Company's subsidiaries which are all wholly owned and registered in England, and are included in these consolidated financial statements, are as follows:-

Pam Technical Services Limited, an estate management company, which has the following subsidiaries, all of which are wholly owned and registered in England and carrying on the principal activity of development, construction, ownership and management of industrial parks.

Country Estates (Hampshire) Limited
Country Estates Properties Limited
Country Estates Developments Limited
Crestnet Limited
Isisford Limited
Country Estates (Berkshire) Limited (dormant company)

Country Estates Limited, which has a subsidiary, Country Estates Construction Limited, which is wholly owned and registered in England. The parent and subsidiary undertakings carry on the principal activity of development, construction, ownership and management of industrial parks.

Country Estates Investments Limited, a wholly owned subsidiary registered in England, whose principal activity is the holding of an investment portfolio of properties.

Denton Holdings Limited, a holding company which has the following subsidiaries, all of which are wholly owned and registered in England and carrying on the principal activity of commercial and residential development, construction, ownership and management of business parks.

Denton & Gibson Limited
Darcliffe Homes Limited

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


13. INVESTMENT PROPERTY

Group
Total
£
FAIR VALUE
At 1 January 2023 6,095,300
Disposals (240,000 )
At 31 December 2023 5,855,300
NET BOOK VALUE
At 31 December 2023 5,855,300
At 31 December 2022 6,095,300

The 2023 valuations were made by the directors on an open market value for existing use basis. The directors consider that in view of the directors' knowledge of the investment properties and the business parks on which they are located it is appropriate for valuations to be undertaken by the directors.

The historic cost of investment properties is £5,855,300 (2022: £6,095,300).

14. STOCKS

Group
2023 2022
£ £
Properties held for sale 5,589,184 5,761,572
Work-in-progress 11,295,665 11,589,428
16,884,849 17,351,000

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 495,119 409,091 - -
Amounts owed by group undertakings - - 1,025,000 1,000,000
Other debtors 55,802 8,775 - -
Prepayments and accrued income 425,627 312,595 - -
976,548 730,461 1,025,000 1,000,000

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts (see note 18) 2,160,343 40,000 - -
Hire purchase contracts (see note 19) 173,976 122,561 - -
Trade creditors 484,956 669,385 - -
Amounts owed to group undertakings - - 752,260 749,760
Tax 224,158 167,134 - -
Social security and other taxes 68,399 62,190 - -
VAT 67,370 97,294 - -
Other creditors 654,261 822,925 - -
Accruals and deferred income 473,628 509,331 - -
4,307,091 2,490,820 752,260 749,760

Bank loans of £3,686,008 (2022: £3,528,320) and overdraft facilities are secured by charges over the land and buildings and are subject to varying interest rates. The hire purchase obligations are secured over the assets to which they relate.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£ £
Bank loans (see note 18) 1,525,665 3,488,320
Hire purchase contracts (see note 19) 150,801 120,792
1,676,466 3,609,112

The bank loans due after one year are secured by charges over the land and buildings and are subject to varying interest rates.

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 2,160,343 40,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,525,665 3,488,320

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 173,976 122,561
Between one and five years 150,801 120,792
324,777 243,353

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£ £
Deferred tax 88,935 99,066

Group
Deferred tax
£
Balance at 1 January 2023 99,066
Provided during year (10,131 )
Balance at 31 December 2023 88,935

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
5,337,500 Allotted called up and fully
paid Ordinary 10p 533,750 551,250

During the year the company purchased 175,000 of its own ordinary share capital for consideration of £500,000.

Share premium
20212020
£   £   
Premium arising on shares issued1,930,0001,930,000

COUNTRY ESTATES HOLDINGS LIMITED (REGISTERED NUMBER: 02080753)

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


22. RESERVES

Capital redemption reserve
The capital redemption reserve represents a reserve required under the Companies Act 2006 whenever a company undertakes a purchase of own shares in order that the company maintains its overall level of capital funding.

Profit & loss account
The profit and loss account represents the cumulative profits and losses net of dividends and other adjustments.

Capital reserve
The capital reserve represents a reserve in respect of certain inter group transactions that have not yet been realised externally.

Revaluation reserve
The revaluation reserve represents the revaluation surplus over cost arising from the revaluation of investment properties prior to the adoption of FRS 102.

23. RELATED PARTY DISCLOSURES

During the year the group provided services for estate management and collections of rents amounting to £75,765 (2022: £47,937) to joint ventures. At 31 December 2023 an amount of £38,345 (2022: £4,294) was owed to the group in relation to this.

During the year the group provided management services of £110,000 (2022: £120,000) to joint agreement not entities. At 31 December 2023 a balance of £nil (2022: £Nil) was owed to the group.

During the year the group provided goods and services at market value of £74,108 (2022: £40,667) in respect of properties owned by the directors and pension schemes in which they are members. At 31 December 2023 a balance of £10,071 (2022: £1,633) was owed to the group in relation to this.

During the year the group received goods and services at market value of £31,220 (2022: £31,280) in respect of properties owned by the directors and pension schemes in which they are members. At 31 December 2023 a balance of £Nil (2022: £Nil) was owed by the group in relation to this.

24. ULTIMATE CONTROLLING PARTY

By virtue of their shareholdings, the Company and the Group are under the control of G P Smith and G J Denton.