Company registration number 07137805 (England and Wales)
CTB PROPERTY DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CTB PROPERTY DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,774,795
1,934,159
Current assets
Debtors
4
8,685
10,686
Cash at bank and in hand
707
267
9,392
10,953
Creditors: amounts falling due within one year
5
(78,439)
(61,127)
Net current liabilities
(69,047)
(50,174)
Total assets less current liabilities
2,705,748
1,883,985
Creditors: amounts falling due after more than one year
6
(2,236,900)
(1,397,802)
Provisions for liabilities
10
(68,541)
(72,875)
Net assets
400,307
413,308
Capital and reserves
Called up share capital
30
30
Investment property reserve
419,645
419,645
Profit and loss reserves
(19,368)
(6,367)
Total equity
400,307
413,308

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CTB PROPERTY DEVELOPMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr T Crabb
Director
Company Registration No. 07137805
CTB PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
CTB Property Developments Ltd (the "company") is a private company limited by shares incorporated in
England and Wales. The Company's registered number is 07137805. The registered office is C/O Mazars
LLP, One St. Peter's Square, Manchester, M2 3DE.
                                                                                                                                                                                                                                 The principal activity of the company is that of rental of investment property.
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements. The directors have considered a period in excess of twelve months from the date of approval of these financial statements in making their assessment.true

 

The company owes a close family member of the directors £666,211 (2023: £400,391). This close family member has indicated his willingness to the company not to demand repayment if it is to the detriment of the financial position of the company and will ensure that the company has suitable working capital when needed to meet its short term liabilities. This informal arrangement is reviewed 12 months and 1 day following the year end date on an annual basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue derived from renting out the company's investment property is recognised on a receivable basis.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CTB PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CTB PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 February 2023
1,934,159
Additions
840,636
At 31 January 2024
2,774,795

The directors value the investment property annually, on an open market value for existing use basis.

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,070
7,070
Prepayments and accrued income
6,615
3,616
8,685
10,686
CTB PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
43,461
34,240
Trade creditors
2,544
2,310
Taxation and social security
392
550
Deferred income
3,625
1,680
Other creditors
25,747
19,790
Accrued expenses
2,670
2,557
78,439
61,127

The company has provided security to lenders over borrowing of £43,461 (2023: £34,240) on the investment properties to which the borrowing relates.

6
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,570,690
997,412
Other borrowings
666,210
400,390
2,236,900
1,397,802

The company has provided security to lenders over borrowing of £1,570,690 (2023: £997,412) on the investment properties to which the borrowing relates.

Amounts included above which fall due after five years are as follows:
Payable by instalments
1,340,182
807,227
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Tax losses
(23,445)
(19,111)
Investment property
91,986
91,986
68,541
72,875
CTB PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Deferred taxation
(Continued)
- 7 -
2024
Movements in the year:
£
Liability at 1 February 2023
72,875
Credit to profit or loss
(4,334)
Liability at 31 January 2024
68,541
8
Related party transactions

 

The company has received loans from a close family member of the directors. At the year end the company owes this close family member £666,211 (2023: £400,391) in respect of these loans. The company received additional loans during the year of £268,083 (2023: £124,417). Loan repayments were made during the year of £2,262 (2023: £1,500).

 

The loans are interest free and repayable on demand. However, this individual has given his express intention to the company to not require repayment of the loan within the twelve months following the date of approval of this report.

9
Directors' transactions

The company has received loans from a director. At the year end the company owed a director £17,900 (2023: £15,400) in respect of these loans. The loans are interest free and repayable on demand.

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