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COMPANY REGISTRATION NUMBER: 12115263
CRAIGLYNNE PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
CRAIGLYNNE PROPERTIES LIMITED
FINANCIAL STATEMENTS
Year ended 30 April 2024
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
CRAIGLYNNE PROPERTIES LIMITED
BALANCE SHEET
30 April 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
1,920,214
1,936,211
CURRENT ASSETS
Stocks
20,662
14,583
Debtors
6
174,088
184,681
Cash at bank and in hand
297,020
251,580
---------
---------
491,770
450,844
CREDITORS: amounts falling due within one year
7
( 3,397,913)
( 3,263,732)
------------
------------
NET CURRENT LIABILITIES
( 2,906,143)
( 2,812,888)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 985,929)
( 876,677)
---------
---------
NET LIABILITIES
( 985,929)
( 876,677)
---------
---------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
( 986,929)
( 877,677)
---------
---------
SHAREHOLDERS FUNDS
( 985,929)
( 876,677)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Mr H H J Fentum
Mr A M Khalastchi
Director
Director
Mr M A Pears
Director
Company registration number: 12115263
CRAIGLYNNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 April 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis. The accounts show that the company had net liabilities of £985,929 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from the shareholders and other creditors. Were this support not available, the company may not be able to continue trading. The directors are satisfied that these creditors will continue to support the company for at least the next twelve months and that, with this continuing support, the company will be able to meet its liabilities as they fall due. On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of income due in the financial period, exclusive of Value Added Tax. Room income is recognised at the end of the financial day. Bar and restaurant takings are recognised at the point of sale.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% on cost
Fixtures and fittings
-
20% on cost
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 40 (2023: 41 ).
5. TANGIBLE ASSETS
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
2,018,338
108,642
2,126,980
Additions
59,198
59,198
------------
---------
------------
At 30 April 2024
2,018,338
167,840
2,186,178
------------
---------
------------
Depreciation
At 1 May 2023
145,424
45,345
190,769
Charge for the year
41,627
33,568
75,195
------------
---------
------------
At 30 April 2024
187,051
78,913
265,964
------------
---------
------------
Carrying amount
At 30 April 2024
1,831,287
88,927
1,920,214
------------
---------
------------
At 30 April 2023
1,872,914
63,297
1,936,211
------------
---------
------------
6. DEBTORS
2024
2023
£
£
Trade debtors
63,303
71,680
Other debtors
110,785
113,001
---------
---------
174,088
184,681
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
855,128
869,766
Trade creditors
117,766
168,791
Social security and other taxes
35,259
16,036
Other creditors
2,389,760
2,209,139
------------
------------
3,397,913
3,263,732
------------
------------
The above includes secured creditors of £855,128 (2023 - £869,766). These balances are secured over the freehold property held by the company.
8. RELATED PARTY TRANSACTIONS
Included within other creditors due within one year are the following balances due to shareholders and related companies:
2024 2023
£ £
WPG Treasury Limited 1,647,622 1,520,150
Strandpark Properties Limited 289,244 265,293
Bespoke Hotels Chester Limited 289,244 265,294
------------ ------------
2,226,110 2,050,737
------------ ------------
Included within these balances is interest charged at a rate of BASE plus 3% per annum, subject to a minimum rate of 5% per annum.
9. CONTROLLING PARTY
The controlling party is deemed to be Pears Property Ventures Limited, which owns 50% of the allotted share capital of the company.