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Registration number: 3654945

Carrsed (Properties) Limited
Annual Report and
Unaudited Financial Statements

30 June 2024

 

Carrsed (Properties) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Carrsed (Properties) Limited

Balance Sheet
30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,325,536

2,313,173

Current assets

 

Debtors

5

279,456

279,456

Cash at bank and in hand

 

85,380

83,569

 

364,836

363,025

Creditors: Amounts falling due within one year

6

(557,008)

(556,408)

Net current liabilities

 

(192,172)

(193,383)

Total assets less current liabilities

 

2,133,364

2,119,790

Creditors: Amounts falling due after more than one year

6

(762,236)

(765,531)

Provisions for liabilities

(134,354)

(134,354)

Net assets

 

1,236,774

1,219,905

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

707,482

707,482

Retained earnings

529,290

512,421

Shareholders' funds

 

1,236,774

1,219,905

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Carrsed (Properties) Limited

Balance Sheet
30 June 2024

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

.........................................
H L Fruhman
Company secretary and director

Company Registration Number: 3654945

 

Carrsed (Properties) Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX
England

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the Company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Carrsed (Properties) Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, after making provision for impairment. The impairment loss is recognised immediately in profit or loss.

Creditors

Short term trade 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.

 

Carrsed (Properties) Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

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 profit and loss account 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.

3

Staff numbers

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

 

Carrsed (Properties) Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2023

2,312,630

3,844

2,316,474

Additions

12,445

-

12,445

At 30 June 2024

2,325,075

3,844

2,328,919

Depreciation

At 1 July 2023

-

3,301

3,301

Charge for the year

-

82

82

At 30 June 2024

-

3,383

3,383

Carrying amount

At 30 June 2024

2,325,075

461

2,325,536

At 30 June 2023

2,312,630

543

2,313,173

Included within the net book value of land and buildings above is £2,325,075 (2023 - £2,312,630) in respect of freehold land and buildings.
 

5

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

8

279,456

279,456

 

279,456

279,456

 

Carrsed (Properties) Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

4,506

4,728

Creditors

 

3,500

14

Taxation and social security

 

3,976

6,811

Accruals and deferred income

 

3,329

3,158

Other creditors

 

541,697

541,697

 

557,008

556,408

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

762,236

765,531

 

Carrsed (Properties) Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

762,236

765,531

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,506

4,728

Bank borrowings

The Handelsbaken long term loan is denominated in sterling with a nominal interest rate of 3.94%. The carrying amount at year end is £754,875 (2023 - £754,875).

Security is by means of a fixed and floating charge on all freehold and leasehold property owned by the company.

The Co-op bounce back loan is denominated in sterling with a nominal interest rate of 2.5%. The carrying amount at year end is £11,867 (2023 - £15,383).

 

Carrsed (Properties) Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

8

Related party transactions

Summary of transactions with other related parties

During the year the company received loan advances from two companies in which H L Fruhman is a director.
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

279,456

279,456

At end of period

279,456

279,456

2023

Other related parties
£

Total
£

At start of period

279,456

279,456

At end of period

279,456

279,456

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

541,009

541,009

At end of period

541,009

541,009

2023

Other related parties
£

Total
£

At start of period

541,009

541,009

At end of period

541,009

541,009