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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts. |
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Conclusions relating to going concern |
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and |
● |
the directors’ report has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
Catford Regeneration Partnership Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover comprises of the total amount receivable by the company for rents, the company recognies revenue when the amount of rents can be reliably measured and it is probable that the future benefit will flow to the company. The granting of rent incentives are recognised in the Profit and loss account over the lease period. |
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Investment property |
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Investment property is included at fair value. Gains are recogmised in the income statement. Deferred taxation is provided on these gains at then rate expected to apply when the property is sold. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Siu Kin HO |
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Firm: |
ACF Auditing Services Limited |
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Date of audit report: |
14 October 2024 |
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3 |
Auditors' remuneration |
2024 |
|
2023 |
£ |
£ |
|
Audit fee |
4,000 |
|
4,000 |
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|
|
|
|
|
|
|
|
4,000 |
|
4,000 |
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4 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
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Average number of persons employed by the company |
2 |
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3 |
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5 |
Investment property |
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Other |
investments |
£ |
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Valuation |
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At 1 April 2023 |
16,920,200 |
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Revaluation gains |
481,900 |
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At 31 March 2024 |
17,402,100 |
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|
|
|
|
|
|
|
|
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Revaluation gains |
|
2023 |
|
|
|
|
|
|
2,104,974 |
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|
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The fair value of investment property is based on a valuation by G S C Harbord RICS Registered Valuer, who hold a recognised and revelant professional qualification and has recent experience in the location and class of investment being valued. The valuation method used was rental yield analysis which based on market rental information of the immediate area, recent market transactions and economic market review on a regional basis. |
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6 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
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Trade debtors |
629,725 |
|
541,821 |
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Other debtors |
696,875 |
|
381,578 |
|
|
|
|
|
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1,326,600 |
|
923,399 |
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|
|
|
|
|
|
|
|
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Amounts due after more than one year included above |
45,240 |
|
62,341 |
|
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|
|
|
|
|
|
|
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7 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
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Trade creditors |
41,952 |
|
38,276 |
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Taxation and social security costs |
64,262 |
|
25,076 |
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Other creditors |
90,547 |
|
6,500 |
|
|
|
|
|
|
196,761 |
|
69,852 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
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Amounts owed to group undertakings |
|
16,934,441 |
|
16,224,787 |
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|
|
|
|
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9 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
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Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
16,934,441 |
|
16,224,787 |
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|
|
|
|
|
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|
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Secured loans |
16,934,441 |
|
16,224,787 |
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The loans are secured on the company's investment property by a supplemental legal charge registered with Companies House on 16 February 2010. Interest rates on the loans are fixed and loan are repayable in full after more than five years. |
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|
10 |
Deferred tax liability |
2024 |
|
2023 |
£ |
£ |
|
Liability brought forward |
369,807 |
|
727,653 |
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Charged/(credited) to profit and loss account |
294,502 |
|
(357,846) |
|
|
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Liability carried forward |
664,309 |
|
369,807 |
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|
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|
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|
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11 |
Controlling party |
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The company is a subsidiary of Lewisham Council who is also the parent undertakings. The group accounts for the parent undertakings together with the two trading subsidiaries, Lewisham Homes Limited and Catford Regeneration Partnership Limited are available for inspection by any local governement elector from Lewisham Council principal place of business at Laurence Hosue, Catford, London SE6 4RU. |
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12 |
Other information |
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Catford Regeneration Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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4th Floor Laurence House |
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1 Catford Road |
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Catford |
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London |
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SE6 4RU |