Registration number:
Project Cinnamon Ltd
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Project Cinnamon Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Project Cinnamon Ltd
Company Information
Directors |
P Holden J E Q Harris |
Registered office |
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Accountants |
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Project Cinnamon Ltd
Statement of Financial Position as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,200 |
1,200 |
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Share premium reserve |
558,804 |
558,804 |
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Retained earnings |
(131,103) |
(417,611) |
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Shareholders' funds |
428,901 |
142,393 |
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Project Cinnamon Ltd
Statement of Financial Position as at 29 February 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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J E Q Harris
Director
Company registration number: 10641761
Project Cinnamon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company had net assets at 29 February 2024 amounting to £428,901 including cash at bank of £89,348.
The company continues to receive rental income and the directors do not believe the economic conditions will adversely affect the fair value of the investment property or the tenants' ability to meet their rental obligations.
Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of rental income received or receivable in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.
Rental income is recognised evenly over the period of the leases or licences.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Project Cinnamon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the year, was
Project Cinnamon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investment properties |
2024 |
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Fair value
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Fair value adjustments |
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At 29 February 2024 |
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The investment property is reflected at fair value as estimated by the directors at 29 February 2024 at an amount of £2,100,000.
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Bank borrowings |
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Trade creditors |
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Other creditors |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Bank and other borrowings |
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2024 |
2023 |
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Due after more than five years |
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After more than five years not by instalments |
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Bank and other borrowings of an amount of £1,310,994 (2023: £1,238,944) are secured by a fixed charge over the investment property shown in note 4 and a floating charge over the other assets and undertakings of the company.