REGISTERED NUMBER: |
COMPACT ESTATES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5TH APRIL 2024 |
REGISTERED NUMBER: |
COMPACT ESTATES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5TH APRIL 2024 |
COMPACT ESTATES LIMITED (REGISTERED NUMBER: 00731408) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5TH APRIL 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
COMPACT ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 5TH APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Second Floor |
34 Lime Street |
London |
EC3M 7AT |
COMPACT ESTATES LIMITED (REGISTERED NUMBER: 00731408) |
STATEMENT OF FINANCIAL POSITION |
5TH APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment properties | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised by the Board of Directors and authorised for issue on |
COMPACT ESTATES LIMITED (REGISTERED NUMBER: 00731408) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5TH APRIL 2024 |
1. | STATUTORY INFORMATION |
Compact Estates Limited is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 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 consideration received or receivable, excluding value added tax. The policy adopted for the recognition of rental income is as follows: |
- Rents received |
- Turnover representing rental income is recognised when the rent demand has been raised. |
Tangible fixed assets |
Fixtures and fittings | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of |
operating as intended. |
Investment properties |
Investment properties are shown at their fair value. Any adjustment to the fair value of the investment properties is recognised in the profit and loss account for the year. |
In accordance with FRS 102 1A no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the director considers that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The director considers that this policy results in the financial statements giving a true and fair view. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
COMPACT ESTATES LIMITED (REGISTERED NUMBER: 00731408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5TH APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Listed investments |
Listed investments are valued at their market value at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable are recognised in the income statement. |
Dividend income is accounted for when received or at the point when the Company is entitled to receive the dividend. Amounts are recognised in the income statement. |
Debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment and bad debts are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 6th April 2023 |
and 5th April 2024 |
DEPRECIATION |
At 6th April 2023 |
Charge for year |
At 5th April 2024 |
NET BOOK VALUE |
At 5th April 2024 |
At 5th April 2023 |
COMPACT ESTATES LIMITED (REGISTERED NUMBER: 00731408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5TH APRIL 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 6th April 2023 |
Disposals | ( |
) |
Revaluations |
At 5th April 2024 |
NET BOOK VALUE |
At 5th April 2024 |
At 5th April 2023 |
Cost or valuation at 5th April 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | 342,295 |
6. | INVESTMENT PROPERTIES |
Total |
£ |
FAIR VALUE |
At 6th April 2023 |
Revaluations | 120,000 |
At 5th April 2024 |
NET BOOK VALUE |
At 5th April 2024 |
At 5th April 2023 |
The fair value of the investment properties at the balance sheet date, in the opinion of the directors was £2,250,000. The aggregate surplus or deficit arising from the fair values were transferred to the fair value reserves. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
COMPACT ESTATES LIMITED (REGISTERED NUMBER: 00731408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5TH APRIL 2024 |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 158,087 | 98,949 |
Deferred |
tax |
£ |
Balance at 6th April 2023 |
Provided during year |
Balance at 5th April 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 6.67p | 5,000 | 5,000 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 6th April 2023 |
Transfer from profit and loss | 77,811 |
At 5th April 2024 |
12. | RELATED PARTY DISCLOSURES |
During the year: |
The company paid £13,000 (2023: £13,000) for office accommodation provided by Star Estates Limited. |
The company charged interest at the rate of 1% above base rate to Star Estates Limited on the outstanding loan balance. Loan interest receivable from Star Estates Limited was £919 (2023: £2,020) which has been credited in the company's accounts. |
Loan advances are increased by the amount of interest accrued each year and the advance to Star Estates Limited is reduced by the amount of accommodation charges payable to that company and any remittances received. |
At the balance sheet date: |
The amount due from Star Estates Limited was £18,413 (2023: £40,495). There is no fixed repayment date in respect of the loan indebtedness. Whilst the directors are confident that this debt is ultimately recoverable there is no formal loan repayment plan. With any repayments being on an ad-hoc basis no further repayments are anticipated in the foreseeable future. |
The amount due to Compact Estates (Holdings) Limited, the ultimate parent company, and included in creditors was £102,423 (2023: £102,423). |
Dividends payable to related parties during the year: |
Compact Estates (Holdings) Limited, the ultimate parent company: £60,000 (2023: £60,000) |
COMPACT ESTATES LIMITED (REGISTERED NUMBER: 00731408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5TH APRIL 2024 |
13. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent undertaking is Compact Estates (Holdings) Limited incorporated in England & Wales. The registered office is Second floor, 34 Lime Street, London, EC3M 7AT. |