Company registration number 04427367 (England and Wales)
CROMPTON PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CROMPTON PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CROMPTON PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,869,287
1,696,590
Investment properties
4
2,682,613
1,882,613
4,551,900
3,579,203
Current assets
Stocks
21,366,299
17,039,000
Debtors
5
1,925,305
4,669,550
Cash at bank and in hand
780,498
3,728,004
24,072,102
25,436,554
Creditors: amounts falling due within one year
6
(2,090,637)
(4,446,289)
Net current assets
21,981,465
20,990,265
Total assets less current liabilities
26,533,365
24,569,468
Creditors: amounts falling due after more than one year
7
(6,045,453)
(3,981,179)
Provisions for liabilities
(453,918)
(424,148)
Net assets
20,033,994
20,164,141
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
20,033,894
20,164,041
Total equity
20,033,994
20,164,141

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

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 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.

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.

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

CROMPTON PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
Mr D Crompton
Mrs R A Crompton
Director
Director
Company Registration No. 04427367
CROMPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Crompton Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Throstles Nest Farm, Pippin Street, Burscough, Ormskirk, L40 7SP.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Reporting period

The company's financial period is for the twelve months ended 31 March 2024, the comparative period is for the eleven months ended 31 March 2023.

 

The comparative amounts presented in the financial statements are not entirely comparable.

1.4
Turnover

Turnover represents amounts receivable for goods and services net of VAT, and amounts receivable from the rental, and licensing of development properties.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% reducing balance
Computer equipment
33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment properties

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.

CROMPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

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.

1.10
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CROMPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

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

2024
2023
Number
Number
Total
3
3
CROMPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
2,199,957
Additions
516,625
Disposals
(262,991)
At 31 March 2024
2,453,591
Depreciation and impairment
At 1 April 2023
503,367
Depreciation charged in the year
184,089
Eliminated in respect of disposals
(103,152)
At 31 March 2024
584,304
Carrying amount
At 31 March 2024
1,869,287
At 31 March 2023
1,696,590

The net book value of tangible fixed assets includes £618,293 (31 March 2023 - £440,160) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £25,012 (Period to 31 March 2023 - £39,863) for the period.

4
Investment property
2024
£
Fair value
At 1 April 2023
1,882,613
Additions
800,000
At 31 March 2024
2,682,613

Investment property is stated at cost.

 

No depreciation is provided in respect of these properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,068,209
2,627,012
Amounts owed by group undertakings
717,000
1,279,000
Other debtors
73,597
697,039
Prepayments
66,499
66,499
1,925,305
4,669,550
CROMPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Debtors
(Continued)
- 7 -

Other debtors includes an amount of £nil (31 March 2023 - £695,039) in respect of amounts due from the directors, and vat recoverable of £73,597 (31 March 2023 - £nil).

6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
144,000
149,607
Obligations under finance leases
101,085
141,708
Other borrowings
150,000
100,000
Trade creditors
91,108
949,284
Amounts owed to group undertakings
14,682
321,459
Corporation tax
900,705
1,210,561
Other taxation and social security
2,564
132,171
Deferred income
15,533
63,999
Accruals
670,960
1,377,500
2,090,637
4,446,289

Bank loans are secured by a fixed and floating charge over the company's assets.

 

Obligations under finance leases are secured by fixed charges on the assets concerned.

 

 

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
5,708,607
3,888,056
Obligations under finance leases
336,846
93,123
6,045,453
3,981,179

Bank loans are secured by a fixed and floating charge over the company's assets.

 

Obligations under finance leases are secured by fixed charges on the assets concerned.

8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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