REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
CRESCENT MANAGEMENT SERVICES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
CRESCENT MANAGEMENT SERVICES LIMITED |
CRESCENT MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 01909656) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CRESCENT MANAGEMENT SERVICES LIMITED |
Company Information |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3rd Floor |
St George's House |
56 Peter Street |
Manchester |
M2 3NQ |
CRESCENT MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 01909656) |
Balance Sheet |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings |
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. |
CRESCENT MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 01909656) |
Balance Sheet - continued |
31 MARCH 2024 |
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 |
CRESCENT MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 01909656) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Crescent Management Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised from the unincorporated partnership of which the Company is a partner of. This comprises of rental income from investment property and is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. Rent reviews are recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion of the surrender. |
Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. |
Property operating expenses are expensed as incurred and any property operating expenditure note recovered from tenants through service charges is charged to profit or loss. |
Investment property |
Investment property, which is property held ot earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the fair value reserve. |
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 balance sheet date. |
CRESCENT MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 01909656) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Joint arrangement |
The company has a 50% interest in an unincorporated entity known as Park House Bridge Estate. The company includes its share of any assets and liabilities and income and expenses of jointly controlled assets in accordance with the underlying contractual arrangement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 282,500 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investment property comprises of a 50% holding in the property known as Park House Bridge Estate. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors to show the open market value of the property. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2015 | 29,075 |
Valuation in 2018 | 45,000 |
Valuation in 2024 | 282,500 |
Cost | 58,425 |
415,000 |
CRESCENT MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 01909656) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Tax |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Directors' loan accounts | 20,000 | 23,500 |
Accruals and deferred income |
7. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
Revaluation | 193,356 |
At 31 March 2024 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the beginning of the year, the company owed amounts of £23,500 to the directors. During the year the directors were repaid £3,500 (2023 - £nil) and provided further loans to the company amounting to £nil (2023 - £6,000). As at 31 March 2024, the company owed amounts to the directors totalling £20,000 (2023 - £23,500). |