Registration number:
Continuity Promotions Limited
for the Year Ended 31 March 2024
Continuity Promotions Limited
(Registration number: 02297703)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment properties |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Shareholders' funds |
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For the financial 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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the
Continuity Promotions Limited
(Registration number: 02297703)
Balance Sheet as at 31 March 2024 (continued)
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Director
Continuity Promotions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Accounting policies |
Statutory information
Continuity Promotions Limited is a private company, limited by shares, domiciled in England and Wales, company number 02297703. The registered office is at Sutton House Farm, Mattersey Road, Sutton-cum-Lound, Retford, DN22 8PW.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Revenue recognition
Turnover comprises rents and management charges receivable. Revenue is recognised on a straight line basis over the lease term.
Government grants
Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Continuity Promotions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
1 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold buildings |
2% straight line |
Plant and machinery |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Office equipment |
25% reducing balance |
Investment properties
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Continuity Promotions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Tangible assets |
Freehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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- |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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- |
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At 31 March 2023 |
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- |
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Continuity Promotions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Investment properties |
£ |
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Valuation |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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The investment properties were revalued by the directors on 31 March 2024. On a historical cost basis the investment properties would have been included at £1,030,142 (2023: £1,029,212).
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 April 2023 and 31 March 2024 |
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Carrying amount |
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At 31 March 2023 and 31 March 2024 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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England |
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Continuity Promotions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
5,074 |
4,413 |
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Creditors |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to related undertakings |
1,849,715 |
1,849,715 |
Taxation and social security |
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Other creditors |
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Accruals and deferred income |
33,033 |
24,152 |
Directors loan account |
- |
1,526 |
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Related party transactions |
During the year the directors had an interest free loan account with the company. Included in other debtors at the balance sheet date the amount owing to the company was £156,647 (2023 : (£1,526)).
Ultimate controlling party |
The company has taken advantage of the exemption available under FRS 102 and has not disclosed related party transactions which are all considered to be at arms length on normal commercial terms.
The ultimate controlling party is