Company registration number 09289385 (England and Wales)
Crystal Homes 2 Limited
financial statements
For the year ended 31 December 2023
Crystal Homes 2 Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Crystal Homes 2 Limited
Statement of financial position
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
4
44,250
165,847
Debtors
5
1,522,232
1,382,438
Cash at bank and in hand
13,548
41,126
1,580,030
1,589,411
Creditors: amounts falling due within one year
6
(656,698)
(645,592)
Net current assets
923,332
943,819
Creditors: amounts falling due after more than one year
7
-
0
(93,556)
Net assets
923,332
850,263
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
923,331
850,262
Total equity
923,332
850,263

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr S J Ashworth
Mr A C Park
Director
Director
Company registration number 09289385 (England and Wales)
Crystal Homes 2 Limited
Notes to the financial statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information

Crystal Homes 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Peter Street, Manchester, England, M2 5GP.

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 cover the company as an individual entity.

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

 

1.2
Going concern

The financial statements have been prepared on the assumption that the company is able to carrytrue on business as a going concern, which the directors consider appropriate having regard to the company's current and expected performance.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of property rental income (comprising ground rent, service charge and insurance rents) accounted for on an accruals basis, all net of VAT.

 

Turnover from the sale of long term leases is recognised on legal completion and is measured at the purchase price plus any extras.

1.4
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. Also included within cost are finance costs directly attributable to the acquisition, construction and production of stock.

 

When a sale is recognised, an appropriate proportion of stock is released to the cost of sales. This is apportioned based on the market value of the properties developed.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 

Crystal Homes 2 Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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 statement of financial position 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and loans from fellow group companies 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Taxation

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

Crystal Homes 2 Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Apportionment of loan

The loan balance seen within creditors has been apportioned between the company, other group companies and a company under common control based on the directors' assessment of the value of the respective companies' investment property and stock holdings.

Crystal Homes 2 Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 5 -
3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
4
Stocks
2023
2022
£
£
Stocks
44,250
165,847
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,034
13,032
Amounts owed by group undertakings
1,501,991
1,366,746
Other debtors
2,207
2,660
1,522,232
1,382,438
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
631,751
581,187
Corporation tax
24,947
63,550
Accruals and deferred income
-
0
855
656,698
645,592

 

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
93,556
Crystal Homes 2 Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Susan Redmond FCA
Statutory Auditor:
DJH Audit Limited
10
Financial commitments, guarantees and contingent liabilities

The company has given a cross guarantee in respect of a loan facility provided to Arrowmere Capital 9 Limited, Arrowmere Capital (Lancaster) Limited and Merepoint Capital Limited. At 31 December 2023 an amount of £19,971,656 (2022: £19,340,205) was outstanding in respect of this facility.

11
Ultimate parent company

The company is a 100% owned subsidiary of Arrowmere Holdings Limited, which is the ultimate parent company. The ultimate parent company prepares consolidated financial statements as at 31 December 2023 and these financial statements may be obtained from 40 Peter Street, Manchester, M2 5GP.

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