REGISTERED NUMBER: |
Ceylon Tea Growers Association,Limited |
Unaudited Financial Statements |
for the Year Ended 29th February 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
12 Bridgford Road |
West Bridgford |
Nottinghamshire |
NG2 6AB |
BANKERS: |
12 - 16 Lower Parliment Street |
Nottingham |
NG1 3DA |
SOLICITORS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve | 11 |
Retained earnings | 11 |
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. |
Ceylon Tea Growers Association,Limited (Registered number: 00238177) |
Statement of Financial Position - continued |
29th February 2024 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of rent charged spread over the period to which it relates. |
Tangible fixed assets |
Freehold 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 |
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 |
Disposals | ( |
) |
Revaluations | ( |
) |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
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 |
Revaluations | ( |
) |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
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 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Rents held by agent |
Rental arrears | 10,994 | 12,349 |
Amounts owed by participating interests | 64,183 | 57,126 |
Other debtors |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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 | 17,757,164 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 29th February 2024 | 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). |