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REGISTERED NUMBER: 02004678 (England and Wales)













Financial Statements

for the Year Ended 30 April 2024

for

Centurion Finance (Lincoln) Limited

Centurion Finance (Lincoln) Limited (Registered number: 02004678)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Centurion Finance (Lincoln) Limited

Company Information
for the year ended 30 April 2024







DIRECTORS: M J Wroblewski
T S Parr



SECRETARY: T S Parr



REGISTERED OFFICE: Centurion House
1st Floor Unit J3, The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



REGISTERED NUMBER: 02004678 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Handelsbanken
Olympic House
995 Doddington Road
Lincoln
Lincolnshie
LN6 3SE

Centurion Finance (Lincoln) Limited (Registered number: 02004678)

Abridged Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,439 1,204
Investment property 5 10,929,000 12,689,000
10,930,439 12,690,204

CURRENT ASSETS
Stocks 50 50
Debtors 128,303 164,919
Cash at bank and in hand 275,780 95,899
404,133 260,868
CREDITORS
Amounts falling due within one year 399,146 2,158,392
NET CURRENT ASSETS/(LIABILITIES) 4,987 (1,897,524 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,935,426

10,792,680

CREDITORS
Amounts falling due after more than
one year

6

-

108,750
NET ASSETS 10,935,426 10,683,930

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 8 10,925,426 10,673,930
SHAREHOLDERS' FUNDS 10,935,426 10,683,930

Centurion Finance (Lincoln) Limited (Registered number: 02004678)

Abridged Statement of Financial Position - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





M J Wroblewski - Director


Centurion Finance (Lincoln) Limited (Registered number: 02004678)

Notes to the Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Centurion Finance (Lincoln) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is the amount derived from ordinary activities and is comprised of rental income on the investment properties. Turnover is measured at the fair value of the consideration received or receivable and is stated net of VAT It is recognised in the period to which the rentals received relates to.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Fixtures and fittings - 25% on reducing balance

Investment property
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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.


Centurion Finance (Lincoln) Limited (Registered number: 02004678)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2023 33,579
Additions 375
At 30 April 2024 33,954
DEPRECIATION
At 1 May 2023 32,375
Charge for year 140
At 30 April 2024 32,515
NET BOOK VALUE
At 30 April 2024 1,439
At 30 April 2023 1,204

Centurion Finance (Lincoln) Limited (Registered number: 02004678)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 12,689,000
Disposals (1,760,000 )
At 30 April 2024 10,929,000
NET BOOK VALUE
At 30 April 2024 10,929,000
At 30 April 2023 12,689,000

If the investment properties were sold at the revalued amount of £10,929,000 (2023: £12,689,000) the maximum additional corporation tax due would be £Nil (2023 - £Nil).

The investment properties are all available for rental under operating leases.

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2022 13,804,000
Valuation in 2023 (1,115,000 )
Valuation in 2024 (1,760,000 )
10,929,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 10,361,165 11,826,895
Aggregate depreciation (2,928,846 ) (2,974,659 )

Some of the investment properties were revalued in the 2022 accounts for refinancing purposes. They have been valued based on their market value for the freehold interest. The directors do not believe that this value is materially different from the fair value of the properties.

The directors are satisfied that the remaining properties are valued at their fair value in the accounts.

Centurion Finance (Lincoln) Limited (Registered number: 02004678)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more 5 yr by instal - 48,750

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Due within one year - 1,946,290
Due after one year - 108,750
- 2,055,040

The loans and overdraft are all secured on the properties included within the company.

8. RESERVES

Included within reserves is an amount of £567,835 (2023: £698,095) which relates to an upward revaluation of investment properties, this amount does not represent distributable reserves.

9. RELATED PARTY DISCLOSURES

The director's current account balance as at 30 April 2024 was £83,903 (2023: debtor of £6,157). This is an unsecured loan charged at the offical rate of interest.