BrightAccountsProduction v1.0.0 v1.0.0 2023-05-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the management of the property in Gran Canaria, Spain. 11 October 2024 0 0 02248404 2024-04-30 02248404 2023-04-30 02248404 2022-04-30 02248404 2023-05-01 2024-04-30 02248404 2022-05-01 2023-04-30 02248404 uk-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02248404 uk-curr:PoundSterling 2023-05-01 2024-04-30 02248404 uk-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02248404 uk-bus:FullAccounts 2023-05-01 2024-04-30 02248404 uk-core:ShareCapital 2024-04-30 02248404 uk-core:ShareCapital 2023-04-30 02248404 uk-core:OtherReservesSubtotal 2024-04-30 02248404 uk-core:OtherReservesSubtotal 2023-04-30 02248404 uk-core:RetainedEarningsAccumulatedLosses 2024-04-30 02248404 uk-core:RetainedEarningsAccumulatedLosses 2023-04-30 02248404 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-04-30 02248404 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-04-30 02248404 uk-bus:FRS102 2023-05-01 2024-04-30 02248404 uk-core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 02248404 uk-core:CurrentFinancialInstruments 2024-04-30 02248404 uk-core:CurrentFinancialInstruments 2023-04-30 02248404 uk-core:WithinOneYear 2024-04-30 02248404 uk-core:WithinOneYear 2023-04-30 02248404 uk-core:OtherMiscellaneousReserve 2023-04-30 02248404 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02248404 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-04-30 02248404 uk-core:OtherDeferredTax 2024-04-30 02248404 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-04-30 02248404 uk-core:OtherMiscellaneousReserve 2024-04-30 02248404 2023-05-01 2024-04-30 02248404 uk-bus:CompanySecretary1 2023-05-01 2024-04-30 02248404 uk-bus:Director1 2023-05-01 2024-04-30 02248404 uk-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: 02248404
 
 
Crannis Properties Limited
 
Unaudited Financial Statements
 
for the financial year ended 30 April 2024



Crannis Properties Limited
Company Registration Number: 02248404
BALANCE SHEET
as at 30 April 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 180,319 180,375
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Current Assets
Debtors 5 3,680 1,860
Cash at bank and in hand 3,425 8,167
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7,105 10,027
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Creditors: amounts falling due within one year 6 (6,372) (9,350)
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Net Current Assets 733 677
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Total Assets less Current Liabilities 181,052 181,052
 
Provisions for liabilities 7 (3,865) (3,865)
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Net Assets 177,187 177,187
═════════ ═════════
 
Capital and Reserves
Called up share capital 60,786 60,786
Other reserves 115,405 115,405
Retained earnings 996 996
───────── ─────────
Shareholders' Funds 177,187 177,187
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 11 October 2024
           
           
           
________________________________          
Mr. M J Crannis          
Director          
           



Crannis Properties Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 April 2024

   
1. General Information
 
Crannis Properties Limited is a company limited by shares incorporated in the United Kingdom. 36-38 King Street, King's Lynn, Norfolk, PE30 1ES, England is the registered office and 52 Gayton Road, King's Lynn, Norfolk, PE30 4EL is the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£).
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 April 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents total rentals received during the year.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by the directors. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2023 - 1).
         
4. Tangible assets
  Investment Fixtures, Total
  properties fittings and  
    equipment  
  £ £ £
Cost or Valuation
At 1 May 2023 180,000 1,827 181,827
  ───────── ───────── ─────────
 
At 30 April 2024 180,000 1,827 181,827
  ───────── ───────── ─────────
Depreciation
At 1 May 2023 - 1,452 1,452
Charge for the financial year - 56 56
  ───────── ───────── ─────────
At 30 April 2024 - 1,508 1,508
  ───────── ───────── ─────────
Net book value
At 30 April 2024 180,000 319 180,319
  ═════════ ═════════ ═════════
At 30 April 2023 180,000 375 180,375
  ═════════ ═════════ ═════════
       
4.1. Tangible assets continued
 
Tangible assets included at a valuation would have been included on a historical cost basis at:
 
  2024 2023
  £ £
 
Cost 60,730 60,730
  ═════════ ═════════
 
 
       
5. Debtors 2024 2023
  £ £
 
Amounts owed by connected parties (Note 8) 115 -
Director's current account (Note 9) 3,565 1,860
  ───────── ─────────
  3,680 1,860
  ═════════ ═════════
       
6. Creditors 2024 2023
Amounts falling due within one year £ £
 
Amounts owed to connected parties (Note 8) 2,486 5,520
Other creditors 2,680 2,680
Accruals 1,206 1,150
  ───────── ─────────
  6,372 9,350
  ═════════ ═════════
       
7. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Property Total
  revaluations  
     
  2024 2023
  £ £
 
At financial year start 3,865 3,865
  ───────── ─────────
At financial year end 3,865 3,865
  ═════════ ═════════
       
8. Related party transactions
  Balance Balance
  2024 2023
  £ £
 
Barsby family - shareholders loan 115 -
 
The following amounts are due to other connected parties:
  2024 2023
  £ £
 
Crannis family - shareholders loan 2,486 4,252
Barsby family - shareholders loan - 1,268
  ───────── ─────────
  2,486 5,520
  ═════════ ═════════
 
Net balances with other connected parties:
  2024 2023
  £ £
 
Crannis family - shareholders loan (2,486) (4,252)
Barsby family - shareholders loan 115 (1,268)
  ───────── ─────────
  (2,371) (5,520)
  ═════════ ═════════
   
9. Director's advances, credits and guarantees
 
Following the difficulties with the company's Spanish bankers (Santander) the company decided that in order to maintain a Spanish bank account a personal account in the name of the director Mr M J Crannis would be used for company transactions.

While the sterling equivalent of the funds held by Mr M J Crannis on behalf of the company appear as a debit balance on a directors loan account within the accounts the director considers that these funds are held in trust on behalf of the company.

The amount does not represent a loan to the director and is therefore not treated as such.