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REGISTERED NUMBER: 05554902 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Combellack Properties Limited

Combellack Properties Limited (Registered number: 05554902)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Combellack Properties Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Combellack
P Combellack





SECRETARY: M Combellack





REGISTERED OFFICE: 4 Yorke Street
Hucknall
Nottingham
MG15 7BT





REGISTERED NUMBER: 05554902 (England and Wales)





ACCOUNTANTS: Smith Cookson
Chartered Accountants
4 Yorke Street
Hucknall
Nottinghamshire
NG15 7BT

Combellack Properties Limited (Registered number: 05554902)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,175,000 2,355,000

CURRENT ASSETS
Debtors 5 853,654 806,681
Cash at bank 6,157 1,611
859,811 808,292
CREDITORS
Amounts falling due within one year 6 950,084 756,328
NET CURRENT (LIABILITIES)/ASSETS (90,273 ) 51,964
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,084,727

2,406,964

CREDITORS
Amounts falling due after more than one
year

7

(2,149,663

)

(1,466,227

)

PROVISIONS FOR LIABILITIES 9 (147,767 ) (122,566 )
NET ASSETS 787,297 818,171

CAPITAL AND RESERVES
Called up share capital 10 1 1
Non-Distributable Reserves 11 629,955 522,521
Retained earnings 11 157,341 295,649
SHAREHOLDERS' FUNDS 787,297 818,171

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

Combellack Properties Limited (Registered number: 05554902)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





M Combellack - Director


Combellack Properties Limited (Registered number: 05554902)

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

1. STATUTORY INFORMATION

Combellack Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,355,000
Additions 687,365
Revaluations 132,635
At 31 March 2024 3,175,000
NET BOOK VALUE
At 31 March 2024 3,175,000
At 31 March 2023 2,355,000

Combellack Properties Limited (Registered number: 05554902)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 305,371
Valuation in 2020 62,543
Valuation in 2021 280,568
Valuation in 2022 181,632
Valuation in 2023 (185,027 )
Valuation in 2024 132,635
Cost 2,397,278
3,175,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 2,397,278 1,709,913

Investment property was valued on an open market basis on 31 March 2024 by the directors. .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 851,468 806,367
Prepayments and accrued income 2,186 314
853,654 806,681

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 7,578 7,578
Amounts owed to group undertakings 905,399 708,334
Corporation tax - 2,273
Accrued expenses 37,107 38,143
950,084 756,328

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 7,578 7,578
Bank loans to be repaid
between 2 & 5 years by
instalments 22,733 22,733
Bank loans to be repaid after
5 years by instalments 214,138 219,829
Bank loans more 5 yrs non-inst 1,905,214 1,216,087
2,149,663 1,466,227

Combellack Properties Limited (Registered number: 05554902)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,905,214 1,216,087

Repayable by instalments
Bank loans to be repaid after
5 years by instalments 214,138 219,829
214,138 219,829

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 2,157,241 1,473,805

Loans are secured against each investment property to which each loan relates.

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 147,767 122,566

Deferred
tax
£   
Balance at 1 April 2023 122,566
Charge to Income Statement during year 25,201
Balance at 31 March 2024 147,767

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1 Ordinary £1 1 1

Combellack Properties Limited (Registered number: 05554902)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. RESERVES
Retained Non-Distributable
earnings Reserves Totals
£    £    £   

At 1 April 2023 295,649 522,521 818,170
Profit for the year 89,126 89,126
Dividends (120,000 ) (120,000 )
Revalue investment properties (107,434 ) 107,434 -
At 31 March 2024 157,341 629,955 787,296

12. RELATED PARTY DISCLOSURES

Included within other debtors and creditors are various amounts owed to/from related parties as detailed below:


DescriptionAmount OwedAmount Owed
By CompanyTo Company
£   £   

M & P Combellack669,218
Harry J Combellack & Sons 101,885
Combellack Limited79,166


M & P Combellack is a rental property business which is owned equally by the directors.
Harry J Combellack & Sons is a business in which the directors are both partners.
Combellack Limited is a company of which the directors and their wives are directors.