CTR Developments Limited 06165585 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true 06165585 2023-04-01 2024-03-31 06165585 2024-03-31 06165585 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06165585 core:CurrentFinancialInstruments 2024-03-31 06165585 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06165585 core:FurnitureFittingsToolsEquipment 2024-03-31 06165585 core:MotorVehicles 2024-03-31 06165585 bus:SmallEntities 2023-04-01 2024-03-31 06165585 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06165585 bus:FullAccounts 2023-04-01 2024-03-31 06165585 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06165585 bus:RegisteredOffice 2023-04-01 2024-03-31 06165585 bus:Director1 2023-04-01 2024-03-31 06165585 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06165585 core:FurnitureFittings 2023-04-01 2024-03-31 06165585 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06165585 core:MotorVehicles 2023-04-01 2024-03-31 06165585 countries:EnglandWales 2023-04-01 2024-03-31 06165585 2023-03-31 06165585 core:FurnitureFittingsToolsEquipment 2023-03-31 06165585 core:MotorVehicles 2023-03-31 06165585 2022-04-01 2023-03-31 06165585 2023-03-31 06165585 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06165585 core:CurrentFinancialInstruments 2023-03-31 06165585 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06165585 core:FurnitureFittingsToolsEquipment 2023-03-31 06165585 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06165585

Prepared for the registrar

CTR Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

CTR Developments Limited

(Registration number: 06165585)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

428

571

Investment property

5

1,230,000

1,230,000

 

1,230,428

1,230,571

Current assets

 

Debtors

6

718

805

Cash at bank and in hand

 

6,099

35,776

 

6,817

36,581

Creditors: Amounts falling due within one year

7

(1,110,422)

(1,181,245)

Net current liabilities

 

(1,103,605)

(1,144,664)

Total assets less current liabilities

 

126,823

85,907

Deferred tax liabilities

9

(107)

(108)

Net assets

 

126,716

85,799

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

126,616

85,699

Shareholders' funds

 

126,716

85,799

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

Mrs C Taylor
Director

   
     
 

CTR Developments Limited

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 and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover is the fair value of rent received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

CTR Developments Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% of net book value per annum

Fixtures and fittings

25% of net book value per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers or the directors'. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss.

 

3

Staff numbers

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

 

CTR Developments Limited

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

 

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

24,567

4,900

29,467

At 31 March 2024

24,567

4,900

29,467

Depreciation

At 1 April 2023

24,047

4,849

28,896

Charge for the year

130

13

143

At 31 March 2024

24,177

4,862

29,039

Carrying amount

At 31 March 2024

390

38

428

At 31 March 2023

520

51

571

 

5

Investment properties

2024
£

At 1 April 2023 and 31 March 2024

1,230,000

The directors have reviewed the book value of the investment properties at the end of the financial year end and consider that the market value is not significantly different from this value.

 

6

Debtors

2024
 £

2023
 £

Trade debtors

365

365

Prepayments

353

440

718

805

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8, 10

1,095,511

1,170,340

Accrued expenses

 

2,682

2,500

Corporation tax liability

12,229

8,405

 

1,110,422

1,181,245

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Directors' loan

1,095,511

1,170,340

 

CTR Developments Limited

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

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

107

2023

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

108

 

10

Related party transactions

Summary of transactions with the director

At the year end, the company owed the directors Mr and Mrs C Taylor £1,095,511 (2023 - £1,170,340) in the form of a directors' loan account. The loan is unsecured, interest free and repayable on demand.