CROWNLAND HOMES LIMITED |
Registered number: |
10799990 |
Balance Sheet |
as at 27 February 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
6,031,165 |
|
|
6,031,165 |
Investments |
4 |
|
|
50 |
|
|
50 |
|
|
|
|
6,031,215 |
|
|
6,031,215 |
|
Current assets |
Debtors |
5 |
|
3,523,472 |
|
|
3,828,377 |
Cash at bank and in hand |
|
|
12,495 |
|
|
397,128 |
|
|
|
3,535,967 |
|
|
4,225,505 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,161,172) |
|
|
(1,963,813) |
|
Net current assets |
|
|
|
2,374,795 |
|
|
2,261,692 |
|
Total assets less current liabilities |
|
|
|
8,406,010 |
|
|
8,292,907 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(4,581,805) |
|
|
(4,581,805) |
|
|
|
Net assets |
|
|
|
3,824,205 |
|
|
3,711,102 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
580 |
|
|
580 |
Prior Period Adjustment |
|
|
|
63,740 |
|
|
- |
Profit and loss account |
|
|
|
3,759,885 |
|
|
3,710,522 |
|
Shareholder's funds |
|
|
|
3,824,205 |
|
|
3,711,102 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Prabhjot Singh Sagoo |
Director |
Approved by the board on 5 March 2025 |
|
CROWNLAND HOMES LIMITED |
Notes to the Accounts |
for the period from 1 March 2023 to 27 February 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents rent receivable. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
NIL |
|
Leasehold land and buildings |
NIL |
|
|
Investment properties |
|
Investment properties are revalued annually for the fair value and the surplus or deficit is transferred to the profit and loss account. No depreciation is provided in respect of the investment properties. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
|
|
|
|
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 March 2023 |
6,031,165 |
|
At 27 February 2024 |
6,031,165 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 27 February 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 27 February 2024 |
6,031,165 |
|
At 28 February 2023 |
6,031,165 |
|
The investment properties were measured for fair value by the directors using the recent market transaction and in their opinion the fair value of these investment properties are correctly stated at the balance sheet date. |
|
|
|
|
|
|
|
|
4 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 March 2023 |
50 |
|
|
At 27 February 2024 |
50 |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
600,205 |
|
600,505 |
|
Other debtors |
2,923,267 |
|
3,227,872 |
|
|
|
|
|
|
3,523,472 |
|
3,828,377 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Taxation and social security costs |
10,790 |
|
249,237 |
|
Other creditors |
1,158,595 |
|
1,448,149 |
|
Directors loan account |
(8,213) |
|
266,427 |
|
|
|
|
|
|
1,161,172 |
|
1,963,813 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
4,581,805 |
|
4,581,805 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
4,581,805 |
|
4,581,805 |
|
|
|
|
|
|
|
|
|
|
Bank loan is secured by way of fixed charge against the properties owned by the company and also contains negative pledge. |
|
|
|
|
|
|
|
|
9 |
Related party transactions |
2024 |
|
2023 |
£ |
£ |
|
Crownland Properties Ltd |
|
Common director |
|
Included within other debtors is a on demand loan receivable of: |
|
1,610,060 |
|
1,610,060 |
|
|
Crownland Properties Holdings Ltd |
|
Common director |
|
Included within other creditors is a on demand amount payable of: |
|
512,673 |
|
456,537 |
|
|
Psquared2 Ltd |
|
Common director |
|
During the period Psquared2 Ltd charged management fees of: |
18,000 |
|
18,000 |
|
|
Prabhjot Singh Sagoo |
|
Director |
|
Included within debtors is an mount due to the company by the director of: |
|
8,213 |
|
- |
|
Included within creditors is an amount due to the director of: |
|
- |
|
266,427 |
|
|
Ruislip Real Estate Limited |
|
Common Director |
|
Included within amount due from group undertaking is an interest free and payable on demand loan of: |
|
600,505 |
|
600,505 |
|
10 |
Controlling party |
|
|
The company is under the control of Crownland Homes Holdings Limited, a company incorporated in England and Wales. The group being small has taken exemption from preparing the consolidated accounts. |
|
|
11 |
Other information |
|
|
CROWNLAND HOMES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
65 Delamere Road |
|
Hayes |
|
Middlesex |
|
UB4 0NN |