REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
COUNTRY ESTATES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
COUNTRY ESTATES LIMITED |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
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 |
COUNTRY ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
The Lightbox |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
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 |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Country Estates Limited, a company limited by shares, is incorporated in the UK. Its primary trading activities which are property development and construction, and ownership and rental of industrial estates, derive from its address in Reading, Berkshire. These financial statements represent the results of the company alone, and do not include the results of its subsidiary. |
The presentation currency of the financial statements is the 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 unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
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 market 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. |
Associates and joint ventures |
Associates and Joint Ventures are held at cost less impairment. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding any discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Revenue from the sale of properties is recognised when all of the following conditions are satisfied: |
- | the Company has transferred the significant risks and rewards of ownership to the buyer; |
- | the Company 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 Company will receive the consideration due under the transaction, and; |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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 Company 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 the properties held for sale, such as rental income are recognised over the period in which they relate. |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
NOTES TO THE 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. |
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: |
Plant and machinery | - | 4 years |
Fixtures & fittings | - | 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 in the Statement of Comprehensive Income. |
Revaluation of tangible fixed assets |
Individual freehold and leasehold properties are carried at current year value at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date. |
Fair values are determined from the marked based evidence. |
Investment property |
Investment property is carried at fair value determined annually by the directors 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 available, 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 LIMITED (REGISTERED NUMBER: 00976581) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks and work in progress |
Stock and work in progress are valued at lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Costs include all direct costs and an appropriate proportion of fixed and variable overheads. |
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 company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtor and creditors, loans from banks and other third parties, loans to related parties and investments in non-pultable 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 with one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of 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 or in the case of an out-right short-term loan not at a market rate, the financial asset or liability measured, initially, at the 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 Statement of comprehensive income. |
For financial assets measured at amoritised 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 assets 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 of the recoverable amount, which is an appropriate of the amount that the Company 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. |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to the Statement of Comprehensive Income 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, Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
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. |
Leased assets |
Assets obtained under hire purchase contracts and finance lease are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. FInance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Pensions |
Defined contribution pension plan |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as liability in the Balance Sheet. The assets of the plan are held separately from the Company in Independently administered funds. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by 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 Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risk and uncertainties. |
When payments are eventually made, they are charged to the provision in the Balance Sheet. |
Current and deferred taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. |
Deferred tax balances are recognised in respect of 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 condition for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Long | Plant and | and |
property | leasehold | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Freehold and leasehold properties are investment properties and have been included in the balance sheet at fair value by G P Smith FCCA, a director on 31 December 2023. |
The historic cost of the investment properties is £1,335,000 (2022 - £1,335,000). |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The Company owns 100% of the issued share capital of Country Estates Construction Limited and 50% of the issued share capital of Altovale Limited. Both companies are incorporated in the United Kingdom. |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 10) |
The hire purchases contracts falling due within and after one year are secured on the assets to which they relate. |
10. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
COUNTRY ESTATES LIMITED (REGISTERED NUMBER: 00976581) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the Company to the fund and and amounted to £29,652 (2022 - £26,959). |
At the year end there was £5,744 outstanding (2022 - £10,642) in respect of defined pension contributions. |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemptions under section 33.1A of FRS 102 not to disclose transactions with other wholly owned group members. |
During the year the Company made sales of £34,718 (2022 - £8,139) and purchases of £1,000 (2022 - £980) in respect of properties owned by the directors and pension schemes of which they are members. At the year end the balance owed to the Company in respect of these transactions was £7,757 (2022 - £477) and amounts owed by the Company £Nil (2022 - £Nil). |
During the year the Company made sales of £49,680 (2022 - £47,937) to joint ventures in which it has an interest. At the year end the balance owed to the company in respect of the transactions in the prior year was £7,043 (2022 - £4,294). |
All of the above transactions were at arms length and under commercial terms. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Country Estates Holdings Limited, a company registered in England. |
Country Estates Holdings Limited is the parent of the smallest and largest groups of which the Company is a member. |
The company is controlled by G P Smith and G J Denton by virtue of their shareholding in the ultimate holding company. |
Copies of the consolidated financial statements of Country Estate Holdings Limited can be obtained from Companies House. |