Company registration number 04304775 (England and Wales)
CROWZON (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CROWZON (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CROWZON (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
465,000
465,000
Investments
4
10,150
10,150
475,150
475,150
Current assets
Debtors
5
6,000
26,000
Investments
6
440,761
393,106
Cash at bank and in hand
136,277
216,300
583,038
635,406
Creditors: amounts falling due within one year
7
(2,970)
(3,125)
Net current assets
580,068
632,281
Total assets less current liabilities
1,055,218
1,107,431
Provisions for liabilities
(49,693)
(49,693)
Net assets
1,005,525
1,057,738
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,005,425
1,057,638
Total equity
1,005,525
1,057,738

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

For the financial year ended 31 January 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.

CROWZON (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
P Jordan
Director
Company Registration No. 04304775
CROWZON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Crowzon (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tullys Edge, Rickmans Lane, Kirdford, Billingshurst, United Kingdom, RH14 0LD.

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 the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

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.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future having considered the continued impact of the global economic uncertainty on the company's trade. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The directors have indicated their willingness to support the company, if required, for the foreseeable future to support this assumption.

1.3
Turnover

Turnover comprises rents receivable and management charges, which are recognised on an accruals basis.

1.4
Investment properties

Investment properties are valued by the directors on an open market value basis, any surplus or deficit arising upon revaluation is charged to the income statement.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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 current liabilities.

CROWZON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.

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

Valuation of investments

Investments in listed company shares, trusts and gilts, which have been classified as current asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).

CROWZON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
465,000

The investment properties are held for rental purposes. They were valued on an open market basis on 31 January 2024 by the director Mr P Jordan.

 

Corporation tax of approximately £49,693 (2023 - £49,693) would be payable if the properties were sold at their revalued amounts. Under the provisions of FRS 102, this has been recognised as a liability and the movement on the recognised amounts is charged to the statement of comprehensive income.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
244,830
244,830
Accumulated depreciation
(54,496)
(49,599)
Carrying amount
190,334
195,231
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
10,150
10,150

The company's shares in group undertakings at the Balance Sheet date include the following:

 

Crowzon Builders Limited

Registered office: 67 Farncombe Street, Godalming, Surrey, GU7 3LJ

Nature of business: Building contractors and property developers

 

%

Class of shares:                  holding

Ordinary                     40

'A' Non Voting                 66

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
20,000
Other debtors
6,000
6,000
6,000
26,000
CROWZON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Current asset investments
2024
2023
£
£
Other investments
440,761
393,106

All current asset investments are shares held in listed companies, trusts and gilts which are traded on a regular basis.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,970
3,125
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
170,477
170,477

Non-distributable profits relating to the revaluation of investment properties included in retained earnings total £170,477 (2023 - £170,477). This amount is net of the tax charge which is expected on the disposal of the properties.

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