Continuity Promotions Limited 02297703 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property investment and development Digita Accounts Production Advanced 6.30.9574.0 true false true true 02297703 2023-04-01 2024-03-31 02297703 2024-03-31 02297703 core:RetainedEarningsAccumulatedLosses 2024-03-31 02297703 core:RevaluationReserve 2024-03-31 02297703 core:ShareCapital 2024-03-31 02297703 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02297703 core:FurnitureFittings 2024-03-31 02297703 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02297703 core:MotorVehicles 2024-03-31 02297703 core:OtherPropertyPlantEquipment 2024-03-31 02297703 core:PlantMachinery 2024-03-31 02297703 bus:SmallEntities 2023-04-01 2024-03-31 02297703 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02297703 bus:FullAccounts 2023-04-01 2024-03-31 02297703 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02297703 bus:Director2 2023-04-01 2024-03-31 02297703 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02297703 core:Buildings 2023-04-01 2024-03-31 02297703 core:FurnitureFittings 2023-04-01 2024-03-31 02297703 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02297703 core:MotorVehicles 2023-04-01 2024-03-31 02297703 core:OfficeEquipment 2023-04-01 2024-03-31 02297703 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 02297703 core:PlantMachinery 2023-04-01 2024-03-31 02297703 core:Subsidiary1 2023-04-01 2024-03-31 02297703 core:Subsidiary1 1 2023-04-01 2024-03-31 02297703 core:Subsidiary1 countries:England 2023-04-01 2024-03-31 02297703 1 2023-04-01 2024-03-31 02297703 countries:AllCountries 2023-04-01 2024-03-31 02297703 2023-03-31 02297703 core:CostValuation 2023-03-31 02297703 core:FurnitureFittings 2023-03-31 02297703 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02297703 core:MotorVehicles 2023-03-31 02297703 core:OtherPropertyPlantEquipment 2023-03-31 02297703 core:PlantMachinery 2023-03-31 02297703 2022-04-01 2023-03-31 02297703 2023-03-31 02297703 core:RetainedEarningsAccumulatedLosses 2023-03-31 02297703 core:RevaluationReserve 2023-03-31 02297703 core:ShareCapital 2023-03-31 02297703 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02297703 core:FurnitureFittings 2023-03-31 02297703 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02297703 core:MotorVehicles 2023-03-31 02297703 core:OtherPropertyPlantEquipment 2023-03-31 02297703 core:PlantMachinery 2023-03-31 02297703 core:Subsidiary1 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 02297703



Continuity Promotions Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Continuity Promotions Limited

(Registration number: 02297703)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

78,862

84,736

Investment properties

4

1,808,091

1,807,161

Investments

5

1

1

 

1,886,954

1,891,898

Current assets

 

Debtors

6

1,284,813

1,105,033

Cash at bank and in hand

 

63,750

249,126

 

1,348,563

1,354,159

Creditors: Amounts falling due within one year

7

(1,989,002)

(1,984,933)

Net current liabilities

 

(640,439)

(630,774)

Total assets less current liabilities

 

1,246,515

1,261,124

Provisions for liabilities

(20,709)

(20,709)

Net assets

 

1,225,806

1,240,415

Capital and reserves

 

Called up share capital

2

2

Fair value reserve

757,240

757,240

Profit and loss account

468,564

483,173

Shareholders' funds

 

1,225,806

1,240,415

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 31 October 2024 and signed on its behalf by:
 

 

Continuity Promotions Limited

(Registration number: 02297703)

Balance Sheet as at 31 March 2024 (continued)

.........................................

Mr P J Rossington
Director

 

Continuity Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

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

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors with the assistance of external valuers as detailed in note 5 of the financial statements. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Continuity Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 April 2023

189,953

51,290

9,087

27,650

48,224

326,204

At 31 March 2024

189,953

51,290

9,087

27,650

48,224

326,204

Depreciation

At 1 April 2023

113,652

46,120

9,087

26,990

45,619

241,468

Charge for the year

3,799

1,293

-

165

617

5,874

At 31 March 2024

117,451

47,413

9,087

27,155

46,236

247,342

Carrying amount

At 31 March 2024

72,502

3,877

-

495

1,988

78,862

At 31 March 2023

76,301

5,170

-

660

2,605

84,736

 

Continuity Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Investment properties

£

Valuation

At 1 April 2023

1,807,161

Additions

930

At 31 March 2024

1,808,091

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).

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost

At 1 April 2023 and 31 March 2024

1

Carrying amount

At 31 March 2023 and 31 March 2024

1

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

     

2024

2023

Subsidiary undertakings

Rossington Park Ltd

England

Ordinary

100%

100%

 

Continuity Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

79,907

58,945

Amounts owed by group undertakings

190,970

190,970

Other debtors

1,008,862

850,705

Prepayments

5,074

4,413

 

1,284,813

1,105,033

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

8,403

4,406

Amounts owed to related undertakings

1,849,715

1,849,715

Taxation and social security

17,136

24,417

Other creditors

80,715

80,717

Accruals and deferred income

33,033

24,152

Directors loan account

-

1,526

1,989,002

1,984,933

8

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)).

9

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 Mr and Mrs P J Rossington.