Company registration number 01518821 (England and Wales)
CAMPBELL PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CAMPBELL PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mrs M Morris
Miss L Morris
Company number
01518821
Registered office
Tall Trees
Cadger Bank
Lanchester
County Durham
DH7 0HB
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ
Bankers
National Westminster Bank Plc
The Galleries
Washington Centre
Washington
Tyne and Wear
NE38 7SG
CAMPBELL PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CAMPBELL PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
65,000
347,050
Current assets
Debtors
5
533,197
523,419
Cash at bank and in hand
349,896
119,979
883,093
643,398
Creditors: amounts falling due within one year
6
(46,451)
(50,740)
Net current assets
836,642
592,658
Net assets
901,642
939,708
Capital and reserves
Called up share capital
7
198
198
Profit and loss reserves
901,444
939,510
Total equity
901,642
939,708
CAMPBELL PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
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 October 2023 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 member has 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.
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Miss L Morris
Director
Company Registration No. 01518821
CAMPBELL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Campbell Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tall Trees, Cadger Bank, Lanchester, County Durham, DH7 0HB.
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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
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 company ceased trading in December 2023 and is to be wound up. The directors have therefore prepared the accounts on the break up basis.
1.3
Turnover
Turnover represents rents receivable in accordance with the underlying property leases.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £65,000 and fair value movement of £50,000 debited to profit and loss are as follows:
The investment property has been valued at fair value based on proceeds received from the after date sale of the property
1.6
Impairment of assets
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each balance sheet date, If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
CAMPBELL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
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.
1.9
Taxation
Taxation for year comprises current and deferred tax. Tax is recognised in statement of income and retained earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.10
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.11
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
CAMPBELL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 November 2022 and 31 October 2023
1,269
Depreciation and impairment
At 1 November 2022 and 31 October 2023
1,269
Carrying amount
At 31 October 2023
At 31 October 2022
4
Investment property
2023
£
Fair value
At 1 November 2022
347,050
Disposals
(232,050)
Revaluations
(50,000)
At 31 October 2023
65,000
The historic cost of the investment property is £9,129 (2022 £250,538).
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
409,870
401,418
Prepayments and accrued income
8,797
10,323
418,667
411,741
2023
2022
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
114,530
111,678
Total debtors
533,197
523,419
CAMPBELL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
34,607
40,690
Corporation tax
5,456
6,902
Accruals and deferred income
6,388
3,148
46,451
50,740
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
198
198
198
198
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Other interest receivable
Consultancy fees payable
2023
2022
2023
2022
£
£
£
£
Key management personnel
8,798
8,451
-
28,000
CAMPBELL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mrs M Morris - Director
2.25
401,418
8,452
409,870
401,418
8,452
409,870
Interest is chargeable on the above loan using the HMRC official rate of interest which was 2.00% or 2.25% (2022 2% / 2.25%) for the period in question. During the year interest of £8,798 (2022 £8,451) was charged on the above loan.