REGISTERED NUMBER: |
Central Land Holdings Limited |
Unaudited Financial Statements for the Year Ended 5th April 2024 |
REGISTERED NUMBER: |
Central Land Holdings Limited |
Unaudited Financial Statements for the Year Ended 5th April 2024 |
Central Land Holdings Limited (Registered number: 00683800) |
Contents of the Financial Statements |
for the year ended 5th April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Central Land Holdings Limited |
Company Information |
for the year ended 5th April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Central Land Holdings Limited (Registered number: 00683800) |
Balance Sheet |
5th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
Central Land Holdings Limited (Registered number: 00683800) |
Balance Sheet - continued |
5th April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Central Land Holdings Limited (Registered number: 00683800) |
Notes to the Financial Statements |
for the year ended 5th April 2024 |
1. | STATUTORY INFORMATION |
Central Land Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see below). |
The following principal accounting policies have been applied: |
Going concern |
The directors confirm that, after reviewing existing financial resources and projected cash flows and considering current and anticipated market conditions, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has continued to be adopted in preparing the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover represents sales during the year excluding VAT. Sales of development land and properties are recognised on completion. Management charges are recognised as the services are provided. Other operating income is recognised on an accruals basis. |
All turnover arose within the United Kingdom and relates to the sale of land and recharge of a management fee. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Motor vehicles - 5 years |
Office equipment - 2 to 5 years |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
Central Land Holdings Limited (Registered number: 00683800) |
Notes to the Financial Statements - continued |
for the year ended 5th April 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Land on hand and development costs are valued on a basis consistent with that of previous years at the lower of cost and estimated net realisable value. |
Current and deferred taxation |
Current tax, UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is provided in full on an undiscounted basis, on all material timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements. |
A net deferred tax asset is regarded as recoverable and is recognised only when, on the basis of all available evidence, it can be regarded as more likely than not there will be sufficient taxable profits in the foreseeable future from which the reversal of the underlying timing differences can be deducted. |
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. |
Valuation of investments |
Investments held as fixed assets are shown at cost less provision for impairment. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Pensions |
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. |
Interest income |
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method. |
Borrowing costs |
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred. |
Central Land Holdings Limited (Registered number: 00683800) |
Notes to the Financial Statements - continued |
for the year ended 5th April 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 6th April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 5th April 2024 |
DEPRECIATION |
At 6th April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 5th April 2024 |
NET BOOK VALUE |
At 5th April 2024 |
At 5th April 2023 |
5. | FIXED ASSET INVESTMENTS |
The company has a 100% interest in the ordinary share capital of The Kingswood Parks Development Company Limited (formerly known as Central Land Developments Limited), a company incorporated in England and Wales. The net assets and results of this company have not been consolidated into these financial statements, under the small companies exemption per section 398 of the Companies Act 2006. |
At the balance sheet date the net assets of the company amounted to £10,000 (2023 £10,000) and the profit for the year amounted to £Nil (2023 £Nil). The company has not traded in the year. |
The directors are of the opinion that the market value of this investment is not less than the amount at which it is stated in these financial statements. |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Central Land Holdings Limited (Registered number: 00683800) |
Notes to the Financial Statements - continued |
for the year ended 5th April 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
9. | RESERVES |
Retained |
earnings |
£ |
At 6th April 2023 |
Profit for the year |
At 5th April 2024 |
10. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
11. | RELATED PARTY DISCLOSURES |
During the year SE Fetiveau advanced £50,000 (2023 £50,000) and VH Chetham advanced £90,000 (2023 £50,000) on loan to the company. SE Fetiveau withdrew £43,827 (2023 £67,587) and VH Chetham £41,308 (2023 £66,067) so that at 5th April 2024 £5,841 (2023 £12,014) was due from SE Fetiveau and £198,197 (2023 £149,505) was due to VH Chetham. No interest was charged on these balances (2023 £Nil). |
The company has acted as agent for a family trust during the year in developing certain areas of land. Costs incurred on behalf of the trust are fully recharged back to the trust and the outstanding balance was £Nil at the year end (2023 £Nil). |