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Registered number: 13756247









CALS PROPERTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CALS PROPERTY LIMITED
REGISTERED NUMBER: 13756247

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
270,740
161,431

  
270,740
161,431

Current assets
  

Cash at bank and in hand
 5 
324
12,464

  
324
12,464

Creditors: amounts falling due within one year
 6 
(201,513)
(181,898)

Net current liabilities
  
 
 
(201,189)
 
 
(169,434)

Total assets less current liabilities
  
69,551
(8,003)

Creditors: amounts falling due after more than one year
  
(82,184)
-

  

Net liabilities
  
(12,633)
(8,003)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(12,635)
(8,005)

  
(12,633)
(8,003)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2024.


Page 1

 
CALS PROPERTY LIMITED
REGISTERED NUMBER: 13756247
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024



................................................
P Calthorpe
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
CALS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The legal form of the entity is a private company limited by share capital, registered in England and Wales and the registered address is situated at 49 Wilman Road, Tunbridge Wells, England, TN4 9AL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
CALS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
CALS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2023
79,144
82,287
161,431


Additions at cost
109,309
-
109,309



At 31 March 2024
188,453
82,287
270,740

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
270,740
161,431

270,740
161,431

For the financial statements to give a true and fair view, if the investment properties had been accounted for under the historic cost accounting rule then they would not have been depreciated due to their long useful life, high residual value and for the fact that the resulting amount of depreciation would be immaterial.


5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
324
12,464

324
12,464


Page 5

 
CALS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
200,298
179,998

Accruals and deferred income
1,215
1,900

201,513
181,898



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other Loans
82,184
-

82,184
-


The following liabilities were secured:

2024
2023
£
£



Other Loans
82,184
-

82,184
-

Details of security provided:

 The loans are secured against specific investment properties by way of fixed charge containing negative pledges.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable other than by instalments
82,184
-

82,184
-

The amounts that are repayable is interest only loans and the whole amount becomes repayable at the end of the term which is 24 years and 5 months. The loans attract interest at a rate of 5.29%

Page 6

 
CALS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Other loans
82,184
-

82,184
-

82,184
-



9.


Transactions with directors

Included in creditors amounts falling due within one year is an amount of £200,298 (2023 - £179,998) due
to the directors. The principal terms of the amounts outstanding is that it is repayable on demand and
provided free of interest.

 
Page 7