0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 16,459 9,419 2,560 11,979 4,480 7,040 1,450,000 83,520 205,000 1,738,520 1,738,520 1,450,000 xbrli:pure xbrli:shares iso4217:GBP 05552953 2023-06-01 2024-05-31 05552953 2024-05-31 05552953 2023-05-31 05552953 2022-06-01 2023-05-31 05552953 2023-05-31 05552953 2022-05-31 05552953 core:FurnitureFittings 2023-06-01 2024-05-31 05552953 bus:Director1 2023-06-01 2024-05-31 05552953 bus:Director2 2023-06-01 2024-05-31 05552953 core:FurnitureFittings 2023-05-31 05552953 core:FurnitureFittings 2024-05-31 05552953 core:WithinOneYear 2024-05-31 05552953 core:WithinOneYear 2023-05-31 05552953 core:ShareCapital 2024-05-31 05552953 core:ShareCapital 2023-05-31 05552953 core:OtherReservesSubtotal 2024-05-31 05552953 core:OtherReservesSubtotal 2023-05-31 05552953 core:RetainedEarningsAccumulatedLosses 2024-05-31 05552953 core:RetainedEarningsAccumulatedLosses 2023-05-31 05552953 core:HedgingReserve 2023-05-31 05552953 core:HedgingReserve 2022-05-31 05552953 core:HedgingReserve 2024-05-31 05552953 core:HedgingReserve 2023-05-31 05552953 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 05552953 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-05-31 05552953 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-05-31 05552953 core:CostValuation core:Non-currentFinancialInstruments 2024-05-31 05552953 core:Non-currentFinancialInstruments 2024-05-31 05552953 core:Non-currentFinancialInstruments 2023-05-31 05552953 core:FurnitureFittings 2023-05-31 05552953 bus:Director1 2023-05-31 05552953 bus:Director1 2024-05-31 05552953 bus:Director2 2023-05-31 05552953 bus:Director2 2024-05-31 05552953 bus:Director1 2022-05-31 05552953 bus:Director1 2023-05-31 05552953 bus:Director2 2022-05-31 05552953 bus:Director2 2023-05-31 05552953 bus:Director1 2022-06-01 2023-05-31 05552953 bus:Director2 2022-06-01 2023-05-31 05552953 bus:SmallEntities 2023-06-01 2024-05-31 05552953 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05552953 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05552953 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05552953 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 05552953
Cavanagh Estates Ltd
Filleted Unaudited Financial Statements
31 May 2024
Cavanagh Estates Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
4,480
7,040
Investments
5
1,738,520
1,450,000
------------
------------
1,743,000
1,457,040
Current assets
Debtors
6
2,085
2,651
Cash at bank and in hand
6,434
66,417
-------
--------
8,519
69,068
Creditors: amounts falling due within one year
7
946,491
868,630
---------
---------
Net current liabilities
937,972
799,562
------------
------------
Total assets less current liabilities
805,028
657,478
Provisions
Taxation including deferred tax
146,453
91,293
---------
---------
Net assets
658,575
566,185
---------
---------
Cavanagh Estates Ltd
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Other reserves
8
630,955
481,115
Profit and loss account
8
27,618
85,068
---------
---------
Shareholders funds
658,575
566,185
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 May 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 22 October 2024 , and are signed on behalf of the board by:
J.R.T. Cavanagh
Director
Company registration number: 05552953
Cavanagh Estates Ltd
Notes to the Financial Statements
Year ended 31 May 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 Ground Floor, 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements are the valuations of investment properties. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
The turnover shown in the profit and loss account represents amounts derived from rental income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. 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. 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
Fixtures and fittings
Total
£
£
Cost
At 1 June 2023 and 31 May 2024
16,459
16,459
--------
--------
Depreciation
At 1 June 2023
9,419
9,419
Charge for the year
2,560
2,560
--------
--------
At 31 May 2024
11,979
11,979
--------
--------
Carrying amount
At 31 May 2024
4,480
4,480
--------
--------
At 31 May 2023
7,040
7,040
--------
--------
5. Investments
Investment Properties
£
Cost
At 1 June 2023
1,450,000
Additions
83,520
Revaluations
205,000
------------
At 31 May 2024
1,738,520
------------
Impairment
At 1 June 2023 and 31 May 2024
------------
Carrying amount
At 31 May 2024
1,738,520
------------
At 31 May 2023
1,450,000
------------
Investments held at valuation
The investment properties were revalued by the directors as at 31st May 2023.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment Properties
£
At 31 May 2024
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 31 May 2023
Aggregate cost
877,592
Aggregate depreciation
---------
Carrying value
877,592
---------
6. Debtors
2024
2023
£
£
Other debtors
2,085
2,651
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
749
1,643
Amounts owed to group undertakings and undertakings in which the company has a participating interest
612,318
612,271
Other creditors
333,424
254,716
---------
---------
946,491
868,630
---------
---------
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Fair value reserve - This reserve records the fair value movements on investment properties.
9. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2024
2023
£
£
At start of year
481,115
503,025
Reclassification from fair value reserve to profit and loss account
149,840
(21,910)
---------
---------
At end of year
630,955
503,025
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
J.R.T. Cavanagh
( 181,097)
( 53,108)
( 234,205)
H.J. Cavanagh
( 72,539)
( 25,600)
( 98,139)
---------
--------
---------
( 253,636)
( 78,708)
( 332,344)
---------
--------
---------
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
J.R.T. Cavanagh
( 187,932)
6,835
( 181,097)
H.J. Cavanagh
( 79,539)
7,000
( 72,539)
---------
--------
---------
( 267,471)
13,835
( 253,636)
---------
--------
---------
11. Related party transactions
The company was under the control of Mr J.R.T. Cavanagh throughout the current and previous year. Mr J.R.T. Cavanagh is the managing director and a major shareholder. At 31 May 2024 the amount owing to J. Cavanagh Limited was £612,318 (2023: £612,271). all the directors of this company are also directors of J. Cavanagh Limited. J.R.T. and H.J.Cavanagh are all further interested as shareholders of J. Cavanagh Limited.