REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Canberra Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Canberra Properties Limited |
Canberra Properties Limited (Registered number: 09421822) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 8 |
Canberra Properties Limited |
Company Information |
for the Year Ended 29 February 2024 |
Directors: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Canberra Properties Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Canberra Properties Limited for the year ended 29 February 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Canberra Properties Limited, as a body, in accordance with the terms of our engagement letter dated 23 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Canberra Properties Limited and state those matters that we have agreed to state to the Board of Directors of Canberra Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Canberra Properties Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Canberra Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Canberra Properties Limited. You consider that Canberra Properties Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Canberra Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Canberra Properties Limited (Registered number: 09421822) |
Statement of Financial Position |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Canberra Properties Limited (Registered number: 09421822) |
Statement of Financial Position - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Canberra Properties Limited (Registered number: 09421822) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | Statutory information |
Canberra Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
Revenue from the sale of goods is recongised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Investment property |
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recongised in profit or loss. |
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment properties, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. |
Canberra Properties Limited (Registered number: 09421822) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | Accounting policies - continued |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substances of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then it is classed as an equity instrument. Dividends and distributions relating equity instruments are debited directly to equity. |
Income tax |
The taxation expense represents the aggregate amount of current and deferred tax recongised in the reporting period. Tax is recongised in profit or loss, except to the extent that it relates to items recongised in other comprehensive income or directly in equity. In this case, tax is recongised in other comprehensive income or directly in equity, respectively. |
Current tax is recongised 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 recongised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recongised 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. |
Provisions |
Provisions are recongised 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 recongised as a liability in the statement of financial position and the amount of 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 recongised are recongised in profit or loss unless the provision was originally recongised 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 recongised as a finance cost in profit or loss in the period it arises. |
4. | Employees and directors |
The average number of employees during the year was |
Canberra Properties Limited (Registered number: 09421822) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 March 2023 |
Revaluations | (25,000 | ) |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2017 | 85,220 |
Valuation in 2018 | 35,900 |
Valuation in 2019 | (10,000 | ) |
Valuation in 2021 | 42,000 |
Valuation in 2022 | 112,000 |
Valuation in 2023 | (4,000 | ) |
Valuation in 2024 | (25,000 | ) |
Cost | 480,880 |
717,000 |
The directors have reviewed the valuation of the company's freehold properties as at the 29th February 2024 and concluded that the above amounts represent the open market value. The valuation results in an uplift over cost of £236,120. |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Directors' current accounts | 224,212 | 226,975 |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts | 302,976 | 297,966 |
Included above are bank loans which are secured by fixed charges over the properties they relate to. |
Canberra Properties Limited (Registered number: 09421822) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |