Company registration number 11110493 (England and Wales)
CROWN DEVELOPMENTS (SUSSEX) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
CROWN DEVELOPMENTS (SUSSEX) LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CROWN DEVELOPMENTS (SUSSEX) LTD
COMPANY INFORMATION
- 1 -
Directors
Mr S Sparks
Mr N Dowsing
Company number
11110493
Registered office
The Studio
Dacres
Kingston Road
Lewes
East Sussex
BN7 3ND
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
CROWN DEVELOPMENTS (SUSSEX) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
50,000
50,000
Current assets
Stocks
403,183
289,219
Debtors
4
8,432
5,046
Cash at bank and in hand
7,114
499
418,729
294,764
Creditors: amounts falling due within one year
5
(330,072)
(216,025)
Net current assets
88,657
78,739
Total assets less current liabilities
138,657
128,739
Creditors: amounts falling due after more than one year
6
(15,934)
(27,181)
Provisions for liabilities
(12,500)
(12,500)
Net assets
110,223
89,058
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
37,500
37,500
Profit and loss reserves
72,623
51,458
Total equity
110,223
89,058
CROWN DEVELOPMENTS (SUSSEX) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr S Sparks
Mr N Dowsing
Director
Director
Company registration number 11110493 (England and Wales)
CROWN DEVELOPMENTS (SUSSEX) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Crown Developments (Sussex) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Studio, Dacres, Kingston Road, Lewes, East Sussex, BN7 3ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of properties, provided in the normal course of business, net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

CROWN DEVELOPMENTS (SUSSEX) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

CROWN DEVELOPMENTS (SUSSEX) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
CROWN DEVELOPMENTS (SUSSEX) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Freehold land and buildings
£
Cost or valuation
At 1 January 2023 and 31 December 2023
50,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
50,000
At 31 December 2022
50,000

The fair value of the freehold property has been arrived at by the directors at the balance sheet date on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The directors believe the residual value of the freehold in 50 years time will be at least £50,000, therefore depreciation has been calculated as nil.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,432
5,046
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
11,247
11,247
Corporation tax
4,965
60,173
Other taxation and social security
968
-
0
Other creditors
312,892
144,605
330,072
216,025
CROWN DEVELOPMENTS (SUSSEX) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,934
27,181
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
37,500
-
0
Deferred tax on revaluation of tangible assets
-
(12,500)
Transfer to retained earnings
-
0
50,000
At the end of the year
37,500
37,500
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