3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 175,251 74,251 249,502 249,502 175,251 xbrli:pure xbrli:shares iso4217:GBP 05255703 2023-06-01 2024-05-31 05255703 2024-05-31 05255703 2023-05-31 05255703 2022-06-01 2023-05-31 05255703 2023-05-31 05255703 2022-05-31 05255703 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05255703 core:PlantMachinery 2023-06-01 2024-05-31 05255703 core:FurnitureFittings 2023-06-01 2024-05-31 05255703 core:MotorVehicles 2023-06-01 2024-05-31 05255703 bus:Director1 2023-06-01 2024-05-31 05255703 core:LandBuildings 2023-05-31 05255703 core:PlantMachinery 2023-05-31 05255703 core:FurnitureFittings 2023-05-31 05255703 core:MotorVehicles 2023-05-31 05255703 core:LandBuildings 2024-05-31 05255703 core:PlantMachinery 2024-05-31 05255703 core:FurnitureFittings 2024-05-31 05255703 core:MotorVehicles 2024-05-31 05255703 core:LandBuildings 2023-06-01 2024-05-31 05255703 core:WithinOneYear 2024-05-31 05255703 core:WithinOneYear 2023-05-31 05255703 core:AfterOneYear 2024-05-31 05255703 core:AfterOneYear 2023-05-31 05255703 core:ShareCapital 2024-05-31 05255703 core:ShareCapital 2023-05-31 05255703 core:RetainedEarningsAccumulatedLosses 2024-05-31 05255703 core:RetainedEarningsAccumulatedLosses 2023-05-31 05255703 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 05255703 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-05-31 05255703 core:CostValuation core:Non-currentFinancialInstruments 2024-05-31 05255703 core:Non-currentFinancialInstruments 2024-05-31 05255703 core:Non-currentFinancialInstruments 2023-05-31 05255703 core:LandBuildings 2023-05-31 05255703 core:PlantMachinery 2023-05-31 05255703 core:FurnitureFittings 2023-05-31 05255703 core:MotorVehicles 2023-05-31 05255703 bus:SmallEntities 2023-06-01 2024-05-31 05255703 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05255703 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05255703 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05255703 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 05255703
Creek Side Developments (Kent) Limited
Filleted Unaudited Financial Statements
31 May 2024
Creek Side Developments (Kent) Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
7,528,099
7,484,431
Investments
6
249,502
175,251
--------------
--------------
7,777,601
7,659,682
Current assets
Debtors
7
324,337
180,103
Cash at bank and in hand
119,517
245,582
-----------
-----------
443,854
425,685
Creditors: amounts falling due within one year
8
3,701,348
3,059,268
--------------
--------------
Net current liabilities
3,257,494
2,633,583
--------------
--------------
Total assets less current liabilities
4,520,107
5,026,099
Creditors: amounts falling due after more than one year
9
2,848,283
3,479,162
Provisions
Taxation including deferred tax
53,869
44,760
--------------
--------------
Net assets
1,617,955
1,502,177
--------------
--------------
Creek Side Developments (Kent) Limited
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
1,607,955
1,492,177
--------------
--------------
Shareholders funds
1,617,955
1,502,177
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mr J Hollis
Director
Company registration number: 05255703
Creek Side Developments (Kent) Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Adelaide Dock, Symmonds Drive, Sittingbourne, Kent, ME10 3SY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold; Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable; Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
1% straight line
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
33 % reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jun 2023
7,325,411
183,130
171,446
326,841
1,319
8,008,147
Additions
95,371
95,371
--------------
-----------
-----------
-----------
--------
--------------
At 31 May 2024
7,420,782
183,130
171,446
326,841
1,319
8,103,518
--------------
-----------
-----------
-----------
--------
--------------
Depreciation
At 1 Jun 2023
67,876
124,237
126,457
203,827
1,319
523,716
Charge for the year
7,752
8,834
4,363
30,754
51,703
--------------
-----------
-----------
-----------
--------
--------------
At 31 May 2024
75,628
133,071
130,820
234,581
1,319
575,419
--------------
-----------
-----------
-----------
--------
--------------
Carrying amount
At 31 May 2024
7,345,154
50,059
40,626
92,260
7,528,099
--------------
-----------
-----------
-----------
--------
--------------
At 31 May 2023
7,257,535
58,893
44,989
123,014
7,484,431
--------------
-----------
-----------
-----------
--------
--------------
6. Investments
Other investments other than loans
£
Cost
At 1 June 2023
175,251
Additions
74,251
-----------
At 31 May 2024
249,502
-----------
Impairment
At 1 June 2023 and 31 May 2024
-----------
Carrying amount
At 31 May 2024
249,502
-----------
At 31 May 2023
175,251
-----------
7. Debtors
2024
2023
£
£
Trade debtors
158,538
48,896
Other debtors
165,799
131,207
-----------
-----------
324,337
180,103
-----------
-----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
288,148
251,117
Trade creditors
80,838
18,739
Corporation tax
185,068
141,450
Social security and other taxes
24,594
22,963
Funding Circle loan
60,241
104,696
H4 Asset Management
(178)
(178)
Other creditors
3,062,637
2,520,481
--------------
--------------
3,701,348
3,059,268
--------------
--------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,815,721
2,912,543
Other creditors
32,562
566,619
--------------
--------------
2,848,283
3,479,162
--------------
--------------
10. Director's advances, credits and guarantees
No Director's transactions were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
11. Related party transactions
The company was under the control of Mr J Hollis throughout the current and previous year. Mr J Hollis is the managing director and majority shareholder. The Company has entered into transactions with Elm Surfacing Ltd, a company under common control. Services to the value of £737,643 (2023 £616,729) were provided to Elm Surfacing Ltd and services to the value of £32,100 (2023 £32,100) were purchased from that Company. All transactions were entered into on an arms' length commercial basis.