Project Cinnamon Ltd 10641761 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 10641761 2023-03-01 2024-02-29 10641761 2024-02-29 10641761 core:CurrentFinancialInstruments 2024-02-29 10641761 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 10641761 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 10641761 core:MoreThanFiveYears 2 2024-02-29 10641761 bus:SmallEntities 2023-03-01 2024-02-29 10641761 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10641761 bus:FilletedAccounts 2023-03-01 2024-02-29 10641761 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10641761 bus:RegisteredOffice 2023-03-01 2024-02-29 10641761 bus:Director1 2023-03-01 2024-02-29 10641761 bus:Director2 2023-03-01 2024-02-29 10641761 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10641761 countries:EnglandWales 2023-03-01 2024-02-29 10641761 2023-02-28 10641761 2022-03-01 2023-02-28 10641761 2023-02-28 10641761 core:CurrentFinancialInstruments 2023-02-28 10641761 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10641761 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 10641761 core:MoreThanFiveYears 2 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 10641761

Project Cinnamon Ltd

Unaudited Financial Statements

for the Year Ended 29 February 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Project Cinnamon Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Project Cinnamon Ltd

Company Information

Directors

P Holden

J E Q Harris

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Project Cinnamon Ltd

Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,100,000

1,552,306

Current assets

 

Debtors

5

51,683

50,126

Cash at bank and in hand

 

89,348

123,659

 

141,031

173,785

Creditors: Amounts falling due within one year

6

(342,024)

(321,366)

Net current liabilities

 

(200,993)

(147,581)

Total assets less current liabilities

 

1,899,007

1,404,725

Creditors: Amounts falling due after more than one year

6

(1,333,182)

(1,262,332)

Provisions for liabilities

(136,924)

-

Net assets

 

428,901

142,393

Capital and reserves

 

Called up share capital

1,200

1,200

Share premium reserve

558,804

558,804

Retained earnings

(131,103)

(417,611)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 8 November 2024 and signed on its behalf by:
 

.........................................

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU

The principal activity of the company is that of property investment.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually and adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

Project Cinnamon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Investment properties

2024
£

Fair value
At 1 March 2023

1,552,306

Fair value adjustments

547,694

At 29 February 2024

2,100,000


The investment property is reflected at fair value as estimated by the directors at 29 February 2024 at an amount of £2,100,000.

5

Debtors

2024
£

2023
£

Trade debtors

19,220

20,092

Other debtors

32,463

30,034

51,683

50,126

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Bank borrowings

1,200

1,200

Trade creditors

39,220

61,760

Other creditors

301,604

258,406

342,024

321,366

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank and other borrowings

1,333,182

1,262,332

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

1,310,994

1,238,944

-

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.