Company Registration No. 03758643 (England and Wales)
CAVENHAM ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CAVENHAM ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CAVENHAM ESTATES LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
115,609
131,297
Investment property
5
8,715,000
8,060,000
Investments
6
10
10
8,830,619
8,191,307
Current assets
Stocks
1,887,088
1,900,000
Debtors
7
118,551
161,177
Investments
8
-
0
231,263
Cash at bank and in hand
699,713
770,743
2,705,352
3,063,183
Creditors: amounts falling due within one year
9
(406,101)
(1,707,518)
Net current assets
2,299,251
1,355,665
Total assets less current liabilities
11,129,870
9,546,972
Creditors: amounts falling due after more than one year
10
(1,393,727)
(79,960)
Provisions for liabilities
11
(571,322)
(412,744)
Net assets
9,164,821
9,054,268
Capital and reserves
Called up share capital
21,636
21,636
Share premium account
3,728,816
3,728,816
Profit and loss reserves
12
5,414,369
5,303,816
Total equity
9,164,821
9,054,268
CAVENHAM ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 February 2025 and are signed on its behalf by:
JA Tolhurst
Director
Company registration number 03758643 (England and Wales)
CAVENHAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Cavenham Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Langham Hall, Langham, Colchester, Essex, CO4 5PS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of rents receivable for investment properties provided in the normal course of business, and is shown net of VAT and other sales related taxes. Lease incentives granted on investment properties are recognised on a straight line basis over the term of the lease.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
Fixtures, fittings & equipment
15% straight line
Computer equipment
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CAVENHAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks of property or land are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CAVENHAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

In accordance with FRS 102 preference shares and the related share premium are treated as debt and preference dividends as interest.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CAVENHAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The depreciation expense is recognition of the decline in the value of the asset and the allocation of the cost of the assets over the periods in which the assets will be used. Judgements are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.

Deferred Tax

The deferred tax expense is recognition of the difference between the accounting value and tax value of plant and machinery, and the difference between the market value and cost of listed investments and investment properties. Judgements are made on the values of investment properties and the estimated net book value of plant and machinery compared to written down value. The fixed asset register is regularly reviewed to reflect changes in assets.

Valuation of investment properties

The change in fair value expense is recognition of the difference between the market value and cost of investment properties. Judgements are made by the director on the estimated market value of investment properties compared to current market conditions. The fixed asset register is regularly reviewed to reflect changes in assets.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
5
CAVENHAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
265,676
Additions
178,189
Disposals
(156,625)
At 30 September 2024
287,240
Depreciation and impairment
At 1 October 2023
134,379
Depreciation charged in the year
55,465
Eliminated in respect of disposals
(18,213)
At 30 September 2024
171,631
Carrying amount
At 30 September 2024
115,609
At 30 September 2023
131,297

Amounts included in other creditors in relation to hire purchase and finance lease liabilities of £87,469 (2023:£95,718) are secured against the assets to which the agreements relate.

 

5
Investment property
2024
£
Fair value
At 1 October 2023
8,060,000
Revaluations
655,000
At 30 September 2024
8,715,000

The fair value of the investment property has been arrived at on the basis of a professional valuation in June 2024 and a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
10
10
Fixed asset investments not carried at market value

Fixed asset investments are held at cost as they consist of shares in unlisted entities which cannot be accurately valued.

CAVENHAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,908
35,049
Amounts owed by group undertakings
47,500
47,500
Other debtors
64,143
78,628
118,551
161,177
8
Current asset investments
2024
2023
£
£
Other investments
-
0
231,263

The investments consist of shares in listed entities and are held at their market value. No shares were held at the year end.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
60,000
1,440,000
Trade creditors
5,682
3,085
Corporation tax
22,871
30,749
Other taxation and social security
27,929
36,233
Other creditors
289,619
197,451
406,101
1,707,518

The bank loan is secured by fixed charges over investment properties and a floating charge over the company's assets.

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,320,000
-
0
Other creditors
73,727
79,960
1,393,727
79,960

The bank loan is secured by fixed charges over investment properties and a floating charge over the company's assets.

CAVENHAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
571,322
412,744
12
Profit and loss reserves

The profit and loss reserve contains net of deferred taxation £1,833,780 (2023: £1,358,047) in respect of investment property and listed investment revaluations which are not available for distribution to members.

13
Directors' transactions

At the balance sheet date, the amounts included within other debtors is £nil owed by directors (2023: £4,339). No interest was charged on this advance. Other creditors includes amounts owed to directors totalling £130,790 (2023: £30,431).

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