IRIS Accounts Production v24.3.0.553 02696466 director 1.4.23 31.3.24 31.3.24 0 0 false true true false false true false Fair value model 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh026964662023-03-31026964662024-03-31026964662023-04-012024-03-31026964662022-03-31026964662022-04-012023-03-31026964662023-03-3102696466ns15:EnglandWales2023-04-012024-03-3102696466ns14:PoundSterling2023-04-012024-03-3102696466ns10:Director12023-04-012024-03-3102696466ns10:CompanySecretary12023-04-012024-03-3102696466ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102696466ns10:SmallEntities2023-04-012024-03-3102696466ns10:Audited2023-04-012024-03-3102696466ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102696466ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102696466ns10:FullAccounts2023-04-012024-03-3102696466ns10:RegisteredOffice2023-04-012024-03-3102696466ns5:CurrentFinancialInstruments2024-03-3102696466ns5:CurrentFinancialInstruments2023-03-3102696466ns5:Non-currentFinancialInstruments2024-03-3102696466ns5:Non-currentFinancialInstruments2023-03-3102696466ns5:ShareCapital2024-03-3102696466ns5:ShareCapital2023-03-3102696466ns5:RetainedEarningsAccumulatedLosses2024-03-3102696466ns5:RetainedEarningsAccumulatedLosses2023-03-3102696466ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102696466ns5:PlantMachinery2023-04-012024-03-310269646612023-04-012024-03-310269646612022-04-012023-03-310269646622023-04-012024-03-310269646622022-04-012023-03-3102696466ns5:PlantMachinery2023-03-3102696466ns5:PlantMachinery2024-03-3102696466ns5:PlantMachinery2023-03-3102696466ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102696466ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102696466ns5:CurrentFinancialInstruments2023-04-012024-03-3102696466ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3102696466ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3102696466ns5:Non-currentFinancialInstruments2023-04-012024-03-3102696466ns5:DeferredTaxation2023-03-3102696466ns5:DeferredTaxation2024-03-3102696466ns5:RetainedEarningsAccumulatedLosses2023-03-310269646612023-04-012024-03-31
REGISTERED NUMBER: 02696466 (England and Wales)








COUNTY CATERING & LEISURE PROPERTIES
LIMITED

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 4

Profit and Loss Account 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


COUNTY CATERING & LEISURE PROPERTIES
LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTOR: P D Prestidge





SECRETARY: J D Laird





REGISTERED OFFICE: Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR





REGISTERED NUMBER: 02696466 (England and Wales)





AUDITORS: Bessler Hendrie LLP
Chartered Accountants
Statutory Auditor
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

REPORT OF THE DIRECTOR
for the year ended 31 March 2024


The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property investment.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
P D Prestidge held office during the whole of the period from 1 April 2023 to the date of this report.

GOING CONCERN
There are no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern. At the year end, the majority of the properties had been let and most commercial tenants in situ have a number of years remaining on their lease terms with only three commercial tenants with leases ending before 2025, one of which a replacement tenant has already been found. The remaining office space is still generating some interest from potential new tenants but there is still no guarantee that new tenants will be found and the property may remain vacant for the foreseeable future. The director has planned for this and anticipated longer voids are manageable as are higher interest rates and will not impact the ability for the company to continue as a going concern. The director continues to remain in active discussions with commercial tenants.

The director has a reasonable expectation that the company has adequate resources, from rental activities and property value, to continue in operational existence for the foreseeable future and, therefore, continues to adopt the going concern basis of accounting in preparing the annual financial statements.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are 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 auditors are aware of that information.

AUDITORS
The auditors, Bessler Hendrie LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

REPORT OF THE DIRECTOR
for the year ended 31 March 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J D Laird - Secretary


7 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTY CATERING & LEISURE PROPERTIES
LIMITED


Opinion
We have audited the financial statements of County Catering & Leisure Properties Limited (the 'company') for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-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; and
-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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 financial statements 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTY CATERING & LEISURE PROPERTIES
LIMITED


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 Report of the Director.

We have nothing to report in respect of the following matters where 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 financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTY CATERING & LEISURE PROPERTIES
LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with management. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates and determined that the significant frameworks, which are directly relevant to specific assertions in the financial statements, are those that relate to the reporting framework (FRS 102 including the Companies Act 2006) and the relevant tax regulations in the UK. This included discussions amongst the members of the audit team and tax specialists.
- We understood how the company is complying with those frameworks through enquiry with management.
- We assessed the risks related to the control environment and in particular those related to management override of controls given the size of the business.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

- Inquire of management regarding their knowledge and actions relating to any non-compliance with laws and regulations that could affect the financial statements.
- Reviewing the financial statement disclosures and testing supporting documentation.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- Obtaining and reading correspondence from legal and regulatory bodies including HMRC.
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal adjustments, accounting estimates and judgements made.
- Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTY CATERING & LEISURE PROPERTIES
LIMITED


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 a Report of the Auditors 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.




Matthew Oliver (Senior Statutory Auditor)
for and on behalf of Bessler Hendrie LLP
Chartered Accountants
Statutory Auditor
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

7 November 2024

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2024

2024 2023
Notes £ £

TURNOVER 1,125,406 1,179,866

Administrative expenses (335,996 ) (428,739 )
OPERATING PROFIT 789,410 751,127

Interest receivable and similar income 6 5,963 7,768
795,373 758,895
Change in fair value
of investment property 1,125,000 (1,400,000 )
1,920,373 (641,105 )

Interest payable and similar expenses 7 (1,113,647 ) (757,369 )
PROFIT/(LOSS) BEFORE TAXATION 806,726 (1,398,474 )

Tax on profit/(loss) 8 26,300 7,789
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 833,026 (1,390,685 )

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

BALANCE SHEET
31 March 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 9 1,187 4,612
Investment property 10 19,325,000 18,200,000
19,326,187 18,204,612

CURRENT ASSETS
Debtors 11 898,242 1,069,357
Cash at bank 636,982 2,063,267
1,535,224 3,132,624
CREDITORS
Amounts falling due within one year 12 (10,129,176 ) (320,870 )
NET CURRENT (LIABILITIES)/ASSETS (8,593,952 ) 2,811,754
TOTAL ASSETS LESS CURRENT LIABILITIES 10,732,235 21,016,366

CREDITORS
Amounts falling due after more than one year 13 (4,381,347 ) (14,858,504 )
NET ASSETS 6,350,888 6,157,862

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 16 6,350,886 6,157,860
SHAREHOLDERS' FUNDS 6,350,888 6,157,862

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

The financial statements were approved by the director and authorised for issue on 7 November 2024 and were signed by:





P D Prestidge - Director


COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 April 2022 2 7,548,545 7,548,547

Changes in equity
Total comprehensive income - (1,390,685 ) (1,390,685 )
Balance at 31 March 2023 2 6,157,860 6,157,862

Changes in equity
Dividends - (640,000 ) (640,000 )
Total comprehensive income - 833,026 833,026
Balance at 31 March 2024 2 6,350,886 6,350,888

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

County Catering & Leisure Properties 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 (FRS 102 1A) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
Unless indicated otherwise in the accounting policies below, the financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The director has made key assumptions in the determination of the fair value of an investment property. The valuation method is further described in note 11 together with the valuation of the property at the reporting date.

Turnover
Turnover represents net rental income receivable, excluding value added tax.

Rent free periods or other incentives received for entering into a lease are accounted for over the term of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - over 5 years

Tangible fixed assets are stated at their historical cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in profit and loss and is included in administrative expenses.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation and are accounted for in accordance with FRS 102 Section 16 "Investment Property." Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value.

Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period which they arise. Any gains are subsequently transferred to a non-distributable reserve. The company has applied S841 of the Companies Act 2006 allowing provisions for diminution in value to be grouped with overall net unrealised gains. Any losses are therefore only transferred to the non-distributable reserve as far as they can be matched against overall net unrealised gains.


COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


3. ACCOUNTING POLICIES - continued
Taxation
Current tax is the amount of corporation tax payable in respect of the taxable profit for the period or prior periods. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price. With the exception of Investment properties the company has no financial assets measured at fair value through profit or loss. All subsequent remeasurement of financial assets and liabilities are recognised at amortised cost using the effective interest rate method.

4. EMPLOYEES AND DIRECTORS

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

5. AUDITORS' REMUNERATION
2024 2023
£ £
Fees payable to the company's auditors for the audit of the company's
financial statements

15,500

15,500

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£ £
Deposit account interest - 1,239
Other interest receivable 5,963 6,529
5,963 7,768

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 778,970 539,958
Other interest payable 1,039 -
Other loan interest 333,638 217,411
1,113,647 757,369

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£ £
Current tax:
Adjustment in respect of prior year - (689 )

Deferred tax (26,300 ) (7,100 )
Tax on profit/(loss) (26,300 ) (7,789 )

UK corporation tax has been charged at 19% (2023 - 19%).

From 1 April 2023 the UK main Corporation Tax rate was 25% (previous rate 19%) with small profits Corporation Tax rate of 19%. This has resulted in an effective rate of Corporation Tax for the company of 19% for the period ended 31 March 2024. Deferred tax has been recognised at the UK main Corporation Tax rate of 19%.

The company has unused capital losses of £1,073k (2023: £1,073k). A deferred tax asset has not been recognised in respect of these losses as there is insufficient certainty regarding the recoverability of the losses.

9. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 April 2023
and 31 March 2024 39,284
DEPRECIATION
At 1 April 2023 34,672
Charge for year 3,425
At 31 March 2024 38,097
NET BOOK VALUE
At 31 March 2024 1,187
At 31 March 2023 4,612

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


10. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023 18,200,000
Change in fair value 1,125,000
At 31 March 2024 19,325,000
NET BOOK VALUE
At 31 March 2024 19,325,000
At 31 March 2023 18,200,000

Fair value at 31 March 2024 is represented by:
£
Valuation in 2024 19,325,000

Freehold property was valued on an open market basis on 31 March 2024 by the director. The director has used the valuation completed on 31 July 2023 by the professional valuers, together with market and property specific date available to him, to form the basis of his valuation. Open market value is considered to be equal to the property's fair value.

If all the properties were sold at their open market value at the balance sheet date, there would be an estimated tax liability arising of £Nil (2023: £Nil).

The company has granted a fixed charge over the investment properties with a carrying value of £19,325,000 as security for the bank loans. See note 12 for further information.

11. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 39,813 21,739
Other debtors 375,933 295,726
Directors' current accounts 299,701 634,426
Deferred tax asset 62,000 35,700
Prepayments and accrued income 78,962 45,766
856,409 1,033,357

Amounts falling due after more than one year:
Other debtors 41,833 36,000

Aggregate amounts 898,242 1,069,357

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans 9,680,000 -
Trade creditors 64,768 8,383
Social security and other
taxes 48,951 35,709
Other creditors 108,043 12,649
Accruals and deferred income 227,414 264,129
10,129,176 320,870

The bank loans are secured by way of a fixed and floating charge over all assets and a fixed legal mortgage over the investment properties, with rental income being assigned to the bank.

The director, P D Prestidge has provided security for the bank loans, totalling £3,900,000 by way of a first legal charge over his personal freehold property. As at 31 March 2024 £9,680,000 (2023: £10,780,000) was due to Svenska Handelsbanken AB (publ).

At the balance sheet date bank loans stated above totalling £9,680,000 attracted interest at 3.49% above the Bank of England base rate. Under the terms of the loan, quarterly interest payments are made with the total capital balance being repayable on 12 July 2024. This loan was renewed following the year end and further detail is provided in 'Post Balance Sheet Events'.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans - 2-5 years - 10,780,000
Amounts owed to parent company 4,146,300 3,835,566
Other creditors 235,047 242,938
4,381,347 14,858,504

Amounts owed to the parent company are subject to interest at the average rate charged on the group's secured debt for the accounting period plus a 1% margin. The capital balance plus interest accruing is repayable upon a 12 month notice period and for this reason have been shown as due after more than one year.

14. LEASING AGREEMENTS
The company has a number of operating leases relating to its investment property.

The minimum rent receivable under non-cancellable operating leases are as follows:

2024 2023
£ £

Within one year 1,131,667 897,530
Between one and five years 2,091,003 2,775,138
In more than five years 13,978,126 14,133,024
17,200,796 17,805,692

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


15. DEFERRED TAX
£
Balance at 1 April 2023 (35,700 )
Decelerated capital allowances (13,300 )
Losses carried forwards (13,000 )
Balance at 31 March 2024 (62,000 )

The deferred tax balance at 31 March 2024 is represented by an asset in respect of decelerated capital allowances of £49,000 (2023: £35,700) and tax losses carried forwards of £13,000 (2023: £Nil).

The deferred tax asset is included within debtors falling due within one year.

16. RESERVES
Retained
earnings
£

At 1 April 2023 6,157,860
Profit for the year 833,026
Dividends (640,000 )
At 31 March 2024 6,350,886

Retained earnings includes all current period and prior period profits and losses which are distributable.

17. CONTINGENT LIABILITIES

The company is a member of a VAT group with County Catering & Leisure Limited.

18. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end £299,701 (2023: £634,426) was owed by the director. £640,000 was repaid via dividends in respect of the balance outstanding at 31 March 2023 and new advances totalling £305,275 were made during the year. Interest has been charged on amounts owed by the director at the appropriate HMRC approved interest rate and the balance is repayable on demand.

19. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption conferred by The Financial Reporting Standard 102 Section 33 'Related party disclosures'. This allows for transactions with members of the group headed by County Catering & Leisure Limited not to be disclosed on the grounds that 100% of the voting rights in the company are controlled within the group. The company is included in the consolidated financial statements of County Catering & Leisure Limited.

20. POST BALANCE SHEET EVENTS

Included in bank loans, falling due within one year, is an amount of £9,680,000 that was refinanced in July 2024 into three separate loan facilities. Of the new loans £6,680,000 is repayable in July 2025 whilst the remaining £3,000,000 is repayable in July 2027.

After the year end one of the units was re-leased on a 10 year agreement with total rent receivable over the life of the lease of £487,500. The lease was signed October 2024.

COUNTY CATERING & LEISURE PROPERTIES
LIMITED (REGISTERED NUMBER: 02696466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


21. ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent company is County Catering & Leisure Limited, a company registered in England and Wales.