Company Registration No. 00909536 (England and Wales)
Cecil Instruments Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Cecil Instruments Limited
Company information
Directors
Grenville Chamberlain
Stephen Robert Collins
Secretary
Grenville Chamberlain
Company number
00909536
Registered office
Suite 12
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Accountants
Saffery LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Bankers
Lloyds Bank plc
3 Sidney Street
Cambridge
CB2 3HQ
Cecil Instruments Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Cecil Instruments Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
4,500,000
4,000,000
Current assets
Debtors
4
88,797
97,939
Cash at bank and in hand
4,924
4,427
93,721
102,366
Creditors: amounts falling due within one year
5
(1,068,280)
(1,184,919)
Net current liabilities
(974,559)
(1,082,553)
Total assets less current liabilities
3,525,441
2,917,447
Provisions for liabilities - Deferred Tax
6
(731,749)
(606,749)
Net assets
2,793,692
2,310,698
Capital and reserves
Called up share capital
7
15,300
15,300
Share premium account
25,200
25,200
Profit and loss reserves
- Investment property fair value reserve
3,662,130
3,287,130
- Other profit & loss reserve
(908,938)
(1,016,932)
2,753,192
2,270,198
Total equity
2,793,692
2,310,698
Cecil Instruments Limited
Statement of financial position (continued)
As at 31 March 2024
2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
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 9 October 2024 and are signed on its behalf by:
Grenville Chamberlain
Director
Company Registration No. 00909536
Cecil Instruments Limited
Statement of changes in equity
For the year ended 31 March 2024
3
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 August 2022
15,300
25,200
3,287,130
(1,086,638)
2,240,992
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
-
-
69,706
69,706
Balance at 31 March 2023
15,300
25,200
3,287,130
(1,016,932)
2,310,698
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
-
-
482,994
482,994
Transfers
-
-
375,000
(375,000)
-
Balance at 31 March 2024
15,300
25,200
3,662,130
(908,938)
2,793,692
Cecil Instruments Limited
Notes to the financial statements
For the year ended 31 March 2024
4
1
Accounting policies
Company information
Cecil Instruments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 12, Westpoint, Peterborough Business Park, Lynch Wood, Peterborough, PE2 6FZ.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company was financed through a shareholder loan of £500k, held by the CSC Tarbet Will Trust. The loan was repayable on demand and was been included within current liabilities. During the year the trustees demanded repayment of the debenture loan however they re-issued the loan as a flexible loan arrangement. In addition to the loan there is an unpaid balance of accrued interest of £629k (2023: £596k) which is included in current liabilities. Accordingly the financial statements have been prepared on a going concern basis.true
1.3
Reporting period
The current period is for 8 months whereas the comparative period was for 12 months due to a change in accounting reference date.
1.4
Turnover
Turnover represents rental receipts and recharges excluding VAT. Rental turnover is recognised on an accruals basis over the term of the lease.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
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 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, 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, 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.
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 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.
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
Deferred 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 taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023
4,000,000
Revaluations
500,000
At 31 March 2024
4,500,000
The fair value of the investment property at 31 March 2024 has been determined by the director based on a valuation given by an independent valuer at 31 May 2023 by reference to market evidence of expected rental yields for similar properties.
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,010
16,879
Other debtors
58,787
81,060
88,797
97,939
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,789
2,861
Corporation tax
45,117
51,935
Other taxation and social security
289
Other creditors
369,911
18,552
Debenture loans
500,000
Accruals and deferred income
651,174
611,571
1,068,280
1,184,919
The debenture loan was secured by a charge on the freehold property and other assets of the company and was recalled in the year.
Included in other creditors is an unsecured loan amounting to £351,359 (2023: £nil).
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
731,749
606,749
2024
Movements in the year:
£
Liability at 1 April 2023
606,749
Charge to profit or loss
125,000
Liability at 31 March 2024
731,749
The deferred tax liability set out above relates to the revaluation of investment properties.
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
30,400 Ordinary 'A' shares of 50p each
15,200
15,200
100 Ordinary 'B' shares of £1 each
100
100
15,300
15,300
Each share of both classes is entitled to one vote and to rank pari passu as regards dividends irrespective of the nominal value of the shares but on winding up each issued fully paid up share shall be repaid at its nominal value.