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COMPANY REGISTRATION NUMBER: 03150362
CENTRAL & PROVINCIAL DEVELOPMENTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
CENTRAL & PROVINCIAL DEVELOPMENTS LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
CENTRAL & PROVINCIAL DEVELOPMENTS LTD
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
2,800,769
2,800,769
Current assets
Debtors
5
14,961
12,317
Cash at bank and in hand
275,294
94,767
------------
------------
290,255
107,084
Creditors: amounts falling due within one year
6
( 2,393,999)
( 2,387,192)
------------
------------
Net current liabilities
( 2,103,744)
( 2,280,108)
------------
------------
Total assets less current liabilities
697,025
520,661
Creditors: amounts falling due after more than one year
7
( 13,333)
( 23,333)
------------
------------
Net assets
683,692
497,328
------------
------------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
683,592
497,228
------------
------------
Shareholders funds
683,692
497,328
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
T W Archer
Director
Company registration number: 03150362
CENTRAL & PROVINCIAL DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting SAtandard applicable in the UK and the Republic of Ireland', except as noted below.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Depreciation
FRS 102 requires that investment property whose fair value can be measured reliably without undue cost or effort and on an on-going basis, be measured at fair value in accordance with section 16 of FRS 102. All other investment property is to be accounted for as property, plant and equipment in accordance with section 17 of FRS 102.
The directors consider that to measure investment property held by the company at fair value on an on-going basis would be disproportionate to any benefit derived. Investment properties are therefore continued to be stated at cost. The directors acknowledge that this policy and the consequent impact on deferred tax is not in accordance with FRS 102.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost. Freehold property is not depreciated as it is subject to an annual impairment review.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Freehold investment property
£
Cost
At 1 April 2023 and 31 March 2024
2,800,769
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
2,800,769
------------
At 31 March 2023
2,800,769
------------
5. Debtors
2024
2023
£
£
Trade debtors
1,794
12,317
Other debtors
13,167
------------
------------
14,961
12,317
------------
------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Amounts owed to group undertakings
2,229,660
2,250,759
Accruals and deferred income
66,216
45,818
Corporation tax
62,122
46,154
Social security and other taxes
11,001
10,461
Other creditors
15,000
24,000
------------
------------
2,393,999
2,387,192
------------
------------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
23,333
------------
------------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
9. Related party transactions
Included in creditors at note 8 above is a loan from the parent company of £1,619,460 (2023: £1,639,459). The loan is unsecured, repayable on demand and currently interest free. Included in other creditors at note 8 above is a loan of £610,200 (2023: £611,298) owed to a group company. It is unsecured, repayable on demand and interest free. Control of the company The company is a wholly-owned subsidiary of Central & Provincial Capital Limited, a company registered in Guernsey. This company is controlled by R A Archer.