Company registration number 13247145 (England and Wales)
C.C.M. DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
C.C.M. DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
C.C.M. DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
10,600,017
-
0
Current assets
Debtors
5
50,000
-
0
Cash at bank and in hand
24,943
100
74,943
100
Creditors: amounts falling due within one year
6
(384,537)
-
0
Net current (liabilities)/assets
(309,594)
100
Total assets less current liabilities
10,290,423
100
Creditors: amounts falling due after more than one year
7
(10,602,020)
-
0
Net (liabilities)/assets
(311,597)
100
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(311,697)
-
0
Total equity
(311,597)
100

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
P O''Donnell
Director
Company registration number 13247145 (England and Wales)
C.C.M. DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

C.C.M. Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from a related company. true

 

Assurances have been received from the related company and directors that existing liabilities will not be called upon until CCM Developments Limited is in a position to repay them. In addition, indications have been given that continued funding will be provided to support CCM Developments Limited for the foreseeable future and to enable it to meet its day-to-day commitments from cash flows.

 

As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. In view of the above, and at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

If the company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets as current assets.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover is the amount derived from ordinary activities, being mainly rents, licence fees and related income, and revenues derived from the sale of properties.

 

Disposals of properties are accounted for at the date of exchange where there is a legally binding, unconditional contract and where completion takes place by the date of approval of the financial statements.

1.4
Investment property

Investment property, which is property held to 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. Changes in fair value are recognised in profit or loss.

C.C.M. DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment review of Investment property

Management regularly review the current market value, rental market and rental yields of its investment properties.

C.C.M. DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2

No remuneration was paid to the directors.

4
Investment property
2024
£
Fair value
At 1 April 2023
-
0
Additions
10,600,017
At 31 March 2024
10,600,017

Investment property comprises a freehold commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The property was acquired in April 2023 and in the opinion of the directors there has been no material change in value since acquisition.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
50,000
-
0
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
240
-
0
Taxation and social security
3,936
-
0
Other creditors
380,361
-
0
384,537
-
0
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,602,020
-
0
C.C.M. DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 5 -

Other creditors falling due after more than one year, comprises a loan due to a related company. The loan is unsecured, repayable within 2 years at an interest rate 4%.

8
Events after the reporting date

Subsequent to the year end the company partly refinanced its loans and obtained a commercial 5-year term loan facility of £4m with Barclays Bank Plc to finance refurbishments. Two legal charges were granted over the investment property and other assets in June 2024.

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