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REGISTERED NUMBER: 00238177 (England and Wales)


















Ceylon Tea Growers Association,Limited

Unaudited Financial Statements

for the Year Ended 29th February 2024






Ceylon Tea Growers Association,Limited (Registered number: 00238177)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ceylon Tea Growers Association,Limited

Company Information
for the Year Ended 29th February 2024







DIRECTORS: W E C Cursham
N W Turner



SECRETARY: W E C Cursham



REGISTERED OFFICE: 12 Bridgford Road
West Bridgford
Nottingham
NG2 6AB



REGISTERED NUMBER: 00238177 (England and Wales)



ACCOUNTANTS: Brooks Mayfield Limited
Chartered Accountants
12 Bridgford Road
West Bridgford
Nottinghamshire
NG2 6AB



BANKERS: Lloyds Bank
12 - 16 Lower Parliment Street
Nottingham
NG1 3DA



SOLICITORS: Knights PLC
Embankment House
Electric Avenue
Nottingham
NG2 1AS

Ceylon Tea Growers Association,Limited (Registered number: 00238177)

Statement of Financial Position
29th February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 20,060,497 20,390,497
Investments 6 15,548 16,557
20,076,045 20,407,054

CURRENT ASSETS
Stocks 7 33,041 -
Debtors 8 153,543 137,404
Cash at bank 87,523 4,591
274,107 141,995
CREDITORS
Amounts falling due within one year 9 (188,556 ) (121,562 )
NET CURRENT ASSETS 85,551 20,433
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,161,596

20,427,487

PROVISIONS FOR LIABILITIES (3,404,767 ) (2,650,323 )
NET ASSETS 16,756,829 17,777,164

CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Capital redemption reserve 11 67,828 67,828
Retained earnings 11 16,669,001 17,689,336
SHAREHOLDERS' FUNDS 16,756,829 17,777,164

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Ceylon Tea Growers Association,Limited (Registered number: 00238177)

Statement of Financial Position - continued
29th February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2024 and were signed on its behalf by:




W E C Cursham - Director



N W Turner - Director


Ceylon Tea Growers Association,Limited (Registered number: 00238177)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

Ceylon Tea Growers Association,Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of rent charged spread over the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - None on investment property

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Ceylon Tea Growers Association,Limited (Registered number: 00238177)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

5. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1st March 2023 20,390,497
Disposals (1,727 )
Revaluations (328,273 )
At 29th February 2024 20,060,497
NET BOOK VALUE
At 29th February 2024 20,060,497
At 28th February 2023 20,390,497

Cost or valuation at 29th February 2024 is represented by:

Freehold
property
£   
Valuation in 2013 11,735,332
Valuation in 2014 508,742
Valuation in 2015 828,333
Valuation in 2018 (208,847 )
Valuation in 2019 (148,486 )
Valuation in 2020 160,703
Valuation in 2021 (74,940 )
Valuation in 2022 (75,156 )
Valuation in 2023 5,834,418
Valuation in 2024 (328,272 )
Cost 1,828,670
20,060,497

Investment properties are included in these financial statements at fair value. The professional valuation was last carried out during the year by chartered surveyors who are RICS registered valuers.

6. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1st March 2023 16,557
Revaluations (1,009 )
At 29th February 2024 15,548
NET BOOK VALUE
At 29th February 2024 15,548
At 28th February 2023 16,557

Ceylon Tea Growers Association,Limited (Registered number: 00238177)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 29th February 2024 is represented by:

Listed
investments
£   
Valuation in 2017 35,710
Valuation in 2018 (7,191 )
Valuation in 2019 (36,279 )
Valuation in 2020 (2,277 )
Valuation in 2021 2,355
Valuation in 2022 2,811
Valuation in 2023 (4,956 )
Valuation in 2024 (1,009 )
Cost 26,384
15,548

7. STOCKS
2024 2023
£    £   
Stocks 33,041 -

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Rents held by agent 53,731 48,673
Rental arrears 10,994 12,349
Amounts owed by participating interests 64,183 57,126
Other debtors 1,837 1,942
Prepayments 22,798 17,314
153,543 137,404

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,614 1,324
Tax 126,043 68,308
Social security and other taxes 173 239
Other creditors 400 400
Accruals and deferred income 52,326 51,291
188,556 121,562

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,000 Ordinary 1 20,000 20,000

Ceylon Tea Growers Association,Limited (Registered number: 00238177)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st March 2023 17,689,336 67,828 17,757,164
Deficit for the year (520,335 ) (520,335 )
Dividends (500,000 ) (500,000 )
At 29th February 2024 16,669,001 67,828 16,736,829

Included within the retained earnings is £14,827,060 (2023: £15,908,777) of reserves which relate to the revaluation of assets and are therefore undistributable. This is made up of adjustments to fair value of £18,231,826 (2023: £18,560,099) less deferred tax on the revaluation of £3,404,766 (2023: £2,650,322).