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COMPANY REGISTRATION NUMBER: 12123280
Crescent Housing Limited
Filleted Unaudited Financial Statements
26 July 2024
Crescent Housing Limited
Statement of Financial Position
26 July 2024
26 Jul 24
31 Jul 23
Note
£
£
Fixed assets
Tangible assets
4
5,094,685
2,911,785
Current assets
Debtors
5
10,709
6,503
Cash at bank and in hand
116,649
61,548
---------
--------
127,358
68,051
Creditors: amounts falling due within one year
6
632,949
216,858
---------
---------
Net current liabilities
505,591
148,807
------------
------------
Total assets less current liabilities
4,589,094
2,762,978
Creditors: amounts falling due after more than one year
7
5,120,547
3,007,407
------------
------------
Net liabilities
( 531,453)
( 244,429)
------------
------------
Capital and reserves
Called up share capital
800
800
Profit and loss account
( 532,253)
( 245,229)
---------
---------
Shareholders deficit
( 531,453)
( 244,429)
---------
---------
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 statement of income and retained earnings has not been delivered.
For the period ending 26 July 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 period 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 .
Crescent Housing Limited
Statement of Financial Position (continued)
26 July 2024
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
M G Hawkes
Director
Company registration number: 12123280
Crescent Housing Limited
Notes to the Financial Statements
Period from 1 August 2023 to 26 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Corporation Road, Newport, South Wales, NP19 0AR.
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.
Taxation
The company has taken advantage of group relief and surrendered its losses to Rainbow Support Limited a wholly owned subsidiary of The Cresbow Group Limited
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2023
2,888,904
39,200
2,928,104
Additions
2,162,330
32,978
2,195,308
------------
--------
------------
At 26 July 2024
5,051,234
72,178
5,123,412
------------
--------
------------
Depreciation
At 1 August 2023
16,319
16,319
Charge for the period
12,408
12,408
------------
--------
------------
At 26 July 2024
28,727
28,727
------------
--------
------------
Carrying amount
At 26 July 2024
5,051,234
43,451
5,094,685
------------
--------
------------
At 31 July 2023
2,888,904
22,881
2,911,785
------------
--------
------------
5. Debtors
26 Jul 24
31 Jul 23
£
£
Trade debtors
10,709
4,781
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,722
--------
-------
10,709
6,503
--------
-------
6. Creditors: amounts falling due within one year
26 Jul 24
31 Jul 23
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
236,871
Other creditors
396,078
216,858
---------
---------
632,949
216,858
---------
---------
Other creditors contain £383,409 accrued interest on loans that will become payable within 12 months of the accounting year end (2023:£215,240).
7. Creditors: amounts falling due after more than one year
26 Jul 24
31 Jul 23
£
£
Bank loans and overdrafts
1,391,549
S Foxall-Smith loan
2,014,138
1,321,877
Other creditors
1,714,860
1,685,530
------------
------------
5,120,547
3,007,407
------------
------------
Other creditors are loans from the Directors that are secured by way of a fixed and floating charge over the freehold properties. S Foxall-Smith loan is secured by way of a fixed charge over the freehold properties. Barclays bank holds a fixed and floating charge over the Group's freehold properties.
8. Directors' advances, credits and guarantees
The company owes the Directors the following amounts:
2024 2023
£ £
M G Hawkes 1,293,109 1,263,734
K Farragher 421,751 421,796
9. Parent company
The company is a wholly owned subsidiary of The Cresbow Group Limited.