Silverfin false false 31/03/2024 01/04/2023 31/03/2024 HJT Guest 22/06/2017 RV Guest 06/11/2017 AM Jones 17/03/2010 PCT Ricks 20/06/1991 11 October 2024 The company and its subsidiary's principal activity during the year remained that of property investment. The company continued its policy of investment throughout the year and the position at the year end is satisfactory. 00332296 2024-03-31 00332296 bus:Director1 2024-03-31 00332296 bus:Director2 2024-03-31 00332296 bus:Director3 2024-03-31 00332296 bus:Director4 2024-03-31 00332296 2023-03-31 00332296 core:CurrentFinancialInstruments 2024-03-31 00332296 core:CurrentFinancialInstruments 2023-03-31 00332296 core:ShareCapital 2024-03-31 00332296 core:ShareCapital 2023-03-31 00332296 core:CapitalRedemptionReserve 2024-03-31 00332296 core:CapitalRedemptionReserve 2023-03-31 00332296 core:RetainedEarningsAccumulatedLosses 2024-03-31 00332296 core:RetainedEarningsAccumulatedLosses 2023-03-31 00332296 core:LandBuildings 2023-03-31 00332296 core:Vehicles 2023-03-31 00332296 core:ComputerEquipment 2023-03-31 00332296 core:LandBuildings 2024-03-31 00332296 core:Vehicles 2024-03-31 00332296 core:ComputerEquipment 2024-03-31 00332296 core:CostValuation 2023-03-31 00332296 core:CostValuation 2024-03-31 00332296 core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 00332296 2023-04-01 2024-03-31 00332296 bus:FilletedAccounts 2023-04-01 2024-03-31 00332296 bus:SmallEntities 2023-04-01 2024-03-31 00332296 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00332296 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00332296 bus:Director1 2023-04-01 2024-03-31 00332296 bus:Director2 2023-04-01 2024-03-31 00332296 bus:Director3 2023-04-01 2024-03-31 00332296 bus:Director4 2023-04-01 2024-03-31 00332296 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 00332296 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 00332296 2022-04-01 2023-03-31 00332296 core:LandBuildings 2023-04-01 2024-03-31 00332296 core:Vehicles 2023-04-01 2024-03-31 00332296 core:ComputerEquipment 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 00332296 (England and Wales)

CRITERION ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

CRITERION ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CRITERION ESTATES LIMITED

BALANCE SHEET

As at 31 March 2024
CRITERION ESTATES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,470,723 1,470,271
Investments 4 1,155,893 1,049,334
2,626,616 2,519,605
Current assets
Debtors 5 542,956 570,297
Cash at bank and in hand 491,650 798,654
1,034,606 1,368,951
Creditors: amounts falling due within one year 6 ( 169,357) ( 82,950)
Net current assets 865,249 1,286,001
Total assets less current liabilities 3,491,865 3,805,606
Provision for liabilities ( 133,677) ( 133,677)
Net assets 3,358,188 3,671,929
Capital and reserves
Called-up share capital 38,456 38,456
Capital redemption reserve 2,975,741 2,975,741
Profit and loss account 343,991 657,732
Total shareholders' funds 3,358,188 3,671,929

For the financial year ending 31 March 2024 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 Criterion Estates Limited (registered number: 00332296) were approved and authorised for issue by the Board of Directors on 11 October 2024. They were signed on its behalf by:

HJT Guest
Director
AM Jones
Director
CRITERION ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CRITERION ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Criterion Estates 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 Aldgate Tower, 2 Leman Street, London, E1W 9US, United Kingdom.

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

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

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is derived from rental income received from leasehold properties leased out under operating leases recognised in the profit and loss account on a straight-line basis over the term of the lease net of VAT. Lease incentives granted are recognised as an integral part of total rental income.

Rental income is accounted for on an accruals basis.

Taxation

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
depreciated over the life of the lease
Vehicles 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 1,481,361 67,864 0 1,549,225
Additions 0 0 972 972
At 31 March 2024 1,481,361 67,864 972 1,550,197
Accumulated depreciation
At 01 April 2023 11,090 67,864 0 78,954
Charge for the financial year 223 0 297 520
At 31 March 2024 11,313 67,864 297 79,474
Net book value
At 31 March 2024 1,470,048 0 675 1,470,723
At 31 March 2023 1,470,271 0 0 1,470,271

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 2
At 31 March 2024 2
Carrying value at 31 March 2024 2
Carrying value at 31 March 2023 2

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 1,049,332 1,049,332
Movement in fair value 106,559 106,559
At 31 March 2024 1,155,891 1,155,891
Carrying value at 31 March 2024 1,155,891 1,155,891
Carrying value at 31 March 2023 1,049,332 1,049,332

Criterion Estates Limited holds 100% of the share capital of Springbreak Limited, a company registered in the UK.

5. Debtors

2024 2023
£ £
Trade debtors 80,585 90,663
Amounts owed by Group undertakings 400,606 386,870
Other debtors 61,765 92,764
542,956 570,297

The loan to Springbreak Limited is interest free and repayable on demand.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 20,268 ( 1)
Other taxation and social security 69,461 59,567
Other creditors 79,628 23,384
169,357 82,950

7. Related party transactions

Other related party transactions

At the year end, £400,606 (2023 - £386,869) was due from Springbreak Limited, a 100% subsidiary company, in respect of an interest free loan which is repayable on demand.

A summary of the director transactions during the year and balances at year end are as below:

At the year end the company owed £14,884 (2023: £18,584) to the Estate of J Guest in respect of unpaid expenses.

At the year end, the company was owed £34,952 (2023: £36,725) by the director A Jones, in respect of a 2.25% interest bearing loan.

8. Ultimate controlling party

The company is controlled by the directors as disclosed in the directors' report.