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Registration number: 09226329

Century Buildings (Investments) Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Century Buildings (Investments) Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 6

 

Century Buildings (Investments) Ltd

(Registration number: 09226329)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,972,847

1,972,847

Current assets

 

Debtors

5

12,224

12,041

Cash at bank and in hand

 

35,151

40,618

 

47,375

52,659

Creditors: Amounts falling due within one year

6

(122,406)

(114,870)

Net current liabilities

 

(75,031)

(62,211)

Total assets less current liabilities

 

1,897,816

1,910,636

Creditors: Amounts falling due after more than one year

6

(751,558)

(827,622)

Provisions for liabilities

(107,229)

(107,229)

Net assets

 

1,039,029

975,785

Capital and reserves

 

Called up share capital

120

120

Revaluation reserve

419,601

419,601

Retained earnings

619,308

556,064

Shareholders' funds

 

1,039,029

975,785

 

Century Buildings (Investments) Ltd

(Registration number: 09226329)
Statement of Financial Position as at 31 March 2024

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Mr S D Cook
Director

   
     
 

Century Buildings (Investments) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/o Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL
England

The principal place of business is:
Century Buildings
14 St Marys Parsonage
Manchester
M3 2DF

These financial statements were authorised for issue by the Board on 27 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for rent in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Century Buildings (Investments) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is shown at its open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the Financial Reporting Standard 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provision of the Act is required in order to give a true and fair view.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, finance liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Century Buildings (Investments) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

At 1 April

1,972,847

At 31 March

1,972,847


The property was valued during year ended 31 March 2018 by Mr S Cook, M.R.I.C.S on an open market basis. In the Director's opinion this value remains unchanged. Its cost on the 23 June 2015 was £1,323,170. Further property was acquired in 2018/2019 at a cost of £108,862 and in 2019/2020 at cost of £3,165, both relating to the original property purchased. In February 2020 a new property was purchased at a cost of £11,000.

5

Debtors

Current

2024
£

2023
£

Prepayments

12,224

12,041

 

12,224

12,041

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

57,286

52,365

Taxation and social security

 

26,830

27,463

Accruals and deferred income

 

38,290

35,042

 

122,406

114,870

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

751,558

827,622

 

Century Buildings (Investments) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

668,383

727,524

Other borrowings

83,175

100,098

751,558

827,622

2024
£

2023
£

Current loans and borrowings

Bank borrowings

57,286

52,365

Creditors falling due after more than one year includes bank loans amounting to £668,383 (2023 - £727,524), on which security has been given by the company.

8

Related party transactions

At the year end the company owed the directors £83,175 (2023 - £100,098). These loans are interest free with no set terms of repayment, but the directors have confirmed that they will not require repayment within the next twelve months. On that basis they are considered to be repayable after more than one year.