Registered number
07077434
Catford Regeneration Partnership Limited
Filleted Accounts
31 March 2024
Catford Regeneration Partnership Limited
Registered number: 07077434
Directors' Report
The directors present their report and accounts for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be letting and operatingof own real estate.
Directors
The following persons served as directors during the year:
N R Penny
M J Dawson
Directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 14 October 2024 and signed on its behalf.
N R Penny
Director
Catford Regeneration Partnership Limited
Independent auditor's report
to the member of Catford Regeneration Partnership Limited
Opinion
We have audited the accounts of Catford Regeneration Partnership Limited (the 'company') for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
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.
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the accounts are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussion were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Those law and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pension legislation, and distributable profit legislation.

It is considered that there are no laws and regulations for which non-compliance may be fundemental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiry of management and those charged with governence as to whether the entity complies with such laws and regulations; enquiry with the same concerning the actual or potential ligitation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the year end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instance of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherent more difficult to detect than irregularities that result from error. As explained above, there is unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Siu Kin HO
(Senior Statutory Auditor)
for and on behalf of 23 Park Hill Road
ACF Auditing Services Limited Wallington
Statutory Auditor Surrey
14 October 2024 SM6 0SD
Catford Regeneration Partnership Limited
Registered number: 07077434
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 5 17,402,100 16,920,200
Current assets
Debtors 6 1,326,600 923,399
Cash at bank and in hand 386,583 95,598
1,713,183 1,018,997
Creditors: amounts falling due within one year 7 (196,761) (69,852)
Net current assets 1,516,422 949,145
Total assets less current liabilities 18,918,522 17,869,345
Creditors: amounts falling due after more than one year 8 (16,934,441) (16,224,787)
Provisions for liabilities 10 (664,309) (369,807)
Net assets 1,319,772 1,274,751
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,319,771 1,274,750
Shareholder's funds 1,319,772 1,274,751
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
N R Penny
Director
Approved by the board on 14 October 2024
Catford Regeneration Partnership Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Investment property
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.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Siu Kin HO
Firm: ACF Auditing Services Limited
Date of audit report: 14 October 2024
3 Auditors' remuneration 2024 2023
£ £
Audit fee 4,000 4,000
4,000 4,000
4 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
5 Investment property
Other
investments
£
Valuation
At 1 April 2023 16,920,200
Revaluation gains 481,900
At 31 March 2024 17,402,100
Revaluation gains
2023 2,104,974
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.
6 Debtors 2024 2023
£ £
Trade debtors 629,725 541,821
Other debtors 696,875 381,578
1,326,600 923,399
Amounts due after more than one year included above 45,240 62,341
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 41,952 38,276
Taxation and social security costs 64,262 25,076
Other creditors 90,547 6,500
196,761 69,852
8 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings 16,934,441 16,224,787
9 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 16,934,441 16,224,787
Secured loans 16,934,441 16,224,787
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.
10 Deferred tax liability 2024 2023
£ £
Liability brought forward 369,807 727,653
Charged/(credited) to profit and loss account 294,502 (357,846)
Liability carried forward 664,309 369,807
11 Controlling party
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.
12 Other information
Catford Regeneration Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is:
4th Floor Laurence House
1 Catford Road
Catford
London
SE6 4RU
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