REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
Centurion Finance (Lincoln) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
Centurion Finance (Lincoln) Limited (Registered number: 02004678) |
Abridged Statement of Financial Position - continued |
30 April 2024 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Fixtures and fittings | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Disposals | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
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. |