IRIS Accounts Production v24.2.0.383 01747112 Board of Directors 1.1.23 31.12.23 31.12.23 24.9.24 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017471122022-12-31017471122023-12-31017471122023-01-012023-12-31017471122021-12-31017471122022-01-012022-12-31017471122022-12-3101747112ns15:EnglandWales2023-01-012023-12-3101747112ns14:PoundSterling2023-01-012023-12-3101747112ns10:Director12023-01-012023-12-3101747112ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101747112ns10:SmallEntities2023-01-012023-12-3101747112ns10:Audited2023-01-012023-12-3101747112ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101747112ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101747112ns10:FullAccounts2023-01-012023-12-3101747112ns10:Director22023-01-012023-12-3101747112ns10:CompanySecretary12023-01-012023-12-3101747112ns10:RegisteredOffice2023-01-012023-12-3101747112ns5:CurrentFinancialInstruments2023-12-3101747112ns5:CurrentFinancialInstruments2022-12-3101747112ns5:ShareCapital2023-12-3101747112ns5:ShareCapital2022-12-3101747112ns5:RetainedEarningsAccumulatedLosses2023-12-3101747112ns5:RetainedEarningsAccumulatedLosses2022-12-3101747112ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101747112ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 01747112 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CRESTNET LIMITED

CRESTNET LIMITED (REGISTERED NUMBER: 01747112)

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


CRESTNET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G Denton
G P Smith





SECRETARY: P A Pennicott





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





REGISTERED NUMBER: 01747112 (England and Wales)





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

CRESTNET LIMITED (REGISTERED NUMBER: 01747112)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Stocks 372,163 341,184
Debtors 4 4,528,667 4,910,366
Cash at bank 5 432,241 158,224
5,333,071 5,409,774
CREDITORS
Amounts falling due within one year 6 58,366 182,259
NET CURRENT ASSETS 5,274,705 5,227,515
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,274,705

5,227,515

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,274,605 5,227,415
5,274,705 5,227,515

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 Comprehensive Income has not been delivered.

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


CRESTNET LIMITED (REGISTERED NUMBER: 01747112)

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


1. STATUTORY INFORMATION

Crestnet Limited, a company limited by shares, is incorporated in the UK. Its primary trading trading activities which are property development and ownership and rental of industrial estates, derive from its address in Reading, Berkshire.

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.

Revenue
Revenue is recognised to the extent that 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 discounts, rebates, value added tax and other sales taxes.

Stocks
Stock and work in progress are valued at lower of cost and net realisable value after making due allowance of 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.

CRESTNET LIMITED (REGISTERED NUMBER: 01747112)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
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.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net ot 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.

Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.

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 a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.


CRESTNET LIMITED (REGISTERED NUMBER: 01747112)

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


2. ACCOUNTING POLICIES - continued
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 risks and uncertainties.

When payments are eventually made, they are charged to the provision carried 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 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 operates and generates income.

Deferred tax 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; and
- Any deferred tax balances are reversed if and when all conditions 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 NIL (2022 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 106,140 79,176
Amounts owed by group undertakings 4,406,168 4,822,376
Other debtors 16,359 8,814
4,528,667 4,910,366

5. CASH AT BANK
2023 2022
£ £
Cash at bank and in hand 432,241 158,224

CRESTNET LIMITED (REGISTERED NUMBER: 01747112)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 1,159 1,352
Taxation and social security 14,514 20,583
Other creditors 42,693 160,324
58,366 182,259

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Newbold FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts, Statutory Auditor

8. 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 £2,859 (2022 - £1,164) in respect of properties owned by the directors and their families and pension schemes of which they are members. At the year end the balance owed to the Company in respect of these transactions was £769 (2022 - £677).

All the above transactions were at arms length and under normal commercial terms.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling parent company is Country Estates Holdings Limited, a company registered in England.

PAM Technical Services Limited is the parent company of the smallest group 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 Estates Holdings Limited can be obtained from Companies House.