CUMBRAE LIMITED

Company Registration Number:
03311996 (England and Wales)

Unaudited statutory accounts for the year ended 30 December 2023

Period of accounts

Start date: 31 December 2022

End date: 30 December 2023

CUMBRAE LIMITED

Contents of the Financial Statements

for the Period Ended 30 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CUMBRAE LIMITED

Directors' report period ended 30 December 2023

The directors present their report with the financial statements of the company for the period ended 30 December 2023

Directors

The director shown below has held office during the whole of the period from
31 December 2022 to 30 December 2023

A R M Breton


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 September 2024

And signed on behalf of the board by:
Name: A R M Breton
Status: Director

CUMBRAE LIMITED

Profit And Loss Account

for the Period Ended 30 December 2023

2023 2022


£

£
Turnover: 607,112 515,969
Cost of sales: ( 324,031 ) ( 406,530 )
Gross profit(or loss): 283,081 109,439
Administrative expenses: ( 50,202 ) ( 64,013 )
Operating profit(or loss): 232,879 45,426
Interest payable and similar charges: ( 131,530 ) ( 116,361 )
Profit(or loss) before tax: 101,349 (70,935)
Tax: 0 0
Profit(or loss) for the financial year: 101,349 (70,935)

CUMBRAE LIMITED

Balance sheet

As at 30 December 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 2,515 3,354
Investments: 4 8,112,285 8,240,930
Total fixed assets: 8,114,800 8,244,284
Current assets
Debtors: 5 67,261 22,093
Cash at bank and in hand: 63,152 57,871
Total current assets: 130,413 79,964
Creditors: amounts falling due within one year: 6 ( 1,228,085 ) ( 1,221,744 )
Net current assets (liabilities): (1,097,672) (1,141,780)
Total assets less current liabilities: 7,017,128 7,102,504
Creditors: amounts falling due after more than one year: 7 ( 3,504,000 ) ( 3,504,000 )
Provision for liabilities: ( 817,820 ) ( 850,904 )
Total net assets (liabilities): 2,695,308 2,747,600
Capital and reserves
Called up share capital: 1,929 1,929
Other reserves: 2,653,638 2,794,679
Profit and loss account: 39,741 (49,008 )
Total Shareholders' funds: 2,695,308 2,747,600

The notes form part of these financial statements

CUMBRAE LIMITED

Balance sheet statements

For the year ending 30 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 20 September 2024
and signed on behalf of the board by:

Name: A R M Breton
Status: Director

The notes form part of these financial statements

CUMBRAE LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax.

    Tangible fixed assets depreciation policy

    Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Plant and machinery - 25% reducing balance Fittings, fixtures and equipment - 25% reducing balance Motor vehicles - 25% reducing balance If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

    Other accounting policies

    Taxation Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing differences. Fixed asset investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. Impairment A review for indiators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Provisions Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Defined contribution plans Contributions to defined plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

CUMBRAE LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

CUMBRAE LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 31 December 2022 3,740 20,228 2,600 26,568
Additions
Disposals
Revaluations
Transfers
At 30 December 2023 3,740 20,228 2,600 26,568
Depreciation
At 31 December 2022 3,739 18,337 1,138 23,214
Charge for year 473 366 839
On disposals
Other adjustments
At 30 December 2023 3,739 18,810 1,504 24,053
Net book value
At 30 December 2023 1 1,418 1,096 2,515
At 30 December 2022 1 1,891 1,462 3,354

CUMBRAE LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2023

4. Fixed assets investments note

The property was valued at 31 December 2023 by the director Mr A R M Breton, at £8,190,875. Provisions for corporation tax are made in respect of changes in the value of the portfolio. They are recorded as deferred taxation movements.

CUMBRAE LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2023

5. Debtors

2023 2022
£ £
Other debtors 67,261 22,093
Total 67,261 22,093

Other debtors comprises of a loan to a third party, which is repayable on demand and tenant deposits

CUMBRAE LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 197 10,731
Taxation and social security 5,256 22,080
Other creditors 1,222,632 1,188,933
Total 1,228,085 1,221,744

CUMBRAE LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 3,504,000 3,504,000
Total 3,504,000 3,504,000

Bank loans amointing to £3,504,000 (2022 - £3,504,000) are secured by priority legal charges over the portfolio of properties and a debenture over the company assets. The loan bears interest at 2.5% over LIBOR.