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Company No: 08705623 (England and Wales)

CAA PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CAA PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CAA PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
CAA PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 277,137 292,107
Investment property 4 652,391 3,764,391
929,528 4,056,498
Current assets
Debtors 5 21 18,772
Cash at bank and in hand 75,799 775,439
75,820 794,211
Creditors: amounts falling due within one year 6 ( 6,410,618) ( 9,002,121)
Net current liabilities (6,334,798) (8,207,910)
Total assets less current liabilities (5,405,270) (4,151,412)
Provision for liabilities ( 595) ( 301,293)
Net liabilities ( 5,405,865) ( 4,452,705)
Capital and reserves
Called-up share capital 7 8 8
Profit and loss account 9 ( 5,405,873 ) ( 4,452,713 )
Total shareholders' deficit ( 5,405,865) ( 4,452,705)

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

Directors' responsibilities:

The financial statements of CAA Property Limited (registered number: 08705623) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Christopher John Adey
Director
CAA PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CAA PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CAA Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom. The principal place of business is Unit 3, Chiltern Road Business Park, Chiltern road, Cheltenham, GL52 5JS.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £5,405,865. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Vehicles 5 years straight line
Computer equipment 3 years straight line
Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Land and buildings Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 290,749 38,851 8,544 338,144
Additions 0 0 1,091 1,091
Disposals 0 0 ( 3,711) ( 3,711)
At 31 December 2023 290,749 38,851 5,924 335,524
Accumulated depreciation
At 01 January 2023 10,176 29,717 6,144 46,037
Charge for the financial year 5,815 7,770 2,383 15,968
Disposals 0 0 ( 3,618) ( 3,618)
At 31 December 2023 15,991 37,487 4,909 58,387
Net book value
At 31 December 2023 274,758 1,364 1,015 277,137
At 31 December 2022 280,573 9,134 2,400 292,107

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 3,764,391
Fair value movement 32,900
Disposals (3,144,900)
As at 31 December 2023 652,391

The valuation of the properties at the balance sheet date were made by the directors based on open market value for existing use basis. One of the properties has been sold post year end and therefore the sales value has been used for the valuation.

5. Debtors

2023 2022
£ £
Prepayments 0 17,980
VAT recoverable 0 792
Corporation tax 21 0
21 18,772

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 6,408,143 8,999,604
Accruals 2,475 2,517
6,410,618 9,002,121

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 2.00 each 8 8

8. Related party transactions

Transactions with the entity's directors

At the balance sheet date and included within creditors are amounts totalling £6,408,143 (2022: £8,999,604) as due to the company directors. Amounts withdrawn during the year total £2,591,461. The loan is interest free and is repayable on demand.

9. Profit and Loss Reserve

Included within the profit and loss reserve is a non-distributable amount totalling £24,675 (2022: £915,280) representing the cumulative fair value movement of the investment property, net of the deferred tax provision.