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Registration number: 00878296

Cranover Properties Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Cranover Properties Limited

Contents

Company Information

1

Abridged Statement Of Financial Position

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Cranover Properties Limited

Company Information

Director

Mr R.L. Mason

Registered office

77a High Street
Barnet
Hertfordshire
EN5 5UZ

Accountants

CPP,
Chartered Accountants
79 Essex Road
Islington
London
N1 2SF

 

Cranover Properties Limited

(Registration number: 00878296)
Abridged Statement Of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

545

837

Investment property

5,128,000

5,688,000

 

5,128,545

5,688,837

Current assets

 

Debtors

7,173

55,500

Cash at bank and in hand

 

539,121

230,915

 

546,294

286,415

Prepayments and accrued income

 

2,950

1,326

Creditors: Amounts falling due within one year

(78,623)

(100,518)

Net current assets

 

470,621

187,223

Total assets less current liabilities

 

5,599,166

5,876,060

Creditors: Amounts falling due after more than one year

(759,528)

(999,139)

Provisions for liabilities

(415,832)

(435,892)

Accruals and deferred income

 

(6,125)

(8,419)

Net assets

 

4,417,681

4,432,610

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

2,042,270

2,147,847

Retained earnings

2,375,311

2,284,663

Shareholders' funds

 

4,417,681

4,432,610

 

Cranover Properties Limited

(Registration number: 00878296)
Abridged Statement Of Financial Position as at 31 March 2024

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.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Income Statement and an Abridged Statement Of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 24 December 2024
 

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

Mr R.L. Mason

Director

 

Cranover Properties Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England And Wales.

The address of its registered office is:
77a High Street
Barnet
Hertfordshire
EN5 5UZ
England

These financial statements were authorised for issue by the director on 24 December 2024.

2

Accounting policies

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of investment properties and renewal of leases during the financial year.

Tax

The tax expense for the period comprises current and deferred 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.

 

Cranover Properties Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25%, straight line.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cranover Properties Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

293

175

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,679

1,679

At 31 March 2024

1,679

1,679

Depreciation

At 1 April 2023

842

842

Charge for the year

292

292

At 31 March 2024

1,134

1,134

Carrying amount

At 31 March 2024

545

545

At 31 March 2023

837

837

Investment properties

2024
£

At 1 April

5,688,000

Disposals

(454,423)

Fair value adjustments

(105,577)

At 31 March

5,128,000

There has been no valuation of investment property by an independent valuer.