REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
for |
CMT Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
for |
CMT Properties Limited |
CMT Properties Limited (Registered number: 12504354) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CMT Properties Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
3 Hagley Court North |
The Waterfront |
Dudley |
West Midlands |
DY5 1XF |
CMT Properties Limited (Registered number: 12504354) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 | 2,613,824 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
The financial statements were approved by the director and authorised for issue on |
CMT Properties Limited (Registered number: 12504354) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
CMT Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Fair value is based on the directors valuation at the end of each reporting period. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
Additions |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
CMT Properties Limited (Registered number: 12504354) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors | ( |
) |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,591,847 | 1,617,381 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
Bank loans are secured by way of a legal mortgage creating a charge over freehold property owned by the Company and fixed charges over the insurance policy and other rights and benefits relating to charged assets. Supporting security is provided by way of a limited personal guarantee provided by the director and a cross company guarantee by CMT Engineering Limited, a company under common control of the director. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | £ | £ |
Ordinary | £1 | 139,500 | 139,500 |
CMT Properties Limited (Registered number: 12504354) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
10. | RELATED PARTY DISCLOSURES |
Included within other debtors are loans of £354,522 (2023 - £307,522) made to CMT Engineering Limited, a company under the control of the director. Loan interest of 5.74% was charged from 1 August 2021. |
During the year advanced interest payments totalling £nil (2023 - £287,475) were paid to the brother of the director in respect of outstanding loans made to the Company. These amounts are included within other debtors. The amounts owed by the Company to the brother at the end of year was £900,000 (2023 - £900,000). |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mrs A Agrawal. |