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COMPANY REGISTRATION NUMBER: 10661484
Crestavale Properties Limited
Filleted Financial Statements
31 March 2024
Crestavale Properties Limited
Director's Responsibilities Statement
Year ended 31 March 2024
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Crestavale Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investment property
4
2,559,999
2,559,999
Current assets
Cash at bank and in hand
3
175
Creditors: amounts falling due within one year
5
489,647
540,124
---------
---------
Net current liabilities
489,644
539,949
------------
------------
Total assets less current liabilities
2,070,355
2,020,050
Creditors: amounts falling due after more than one year
6
2,114,191
2,112,150
Provisions
31,188
31,188
------------
------------
Net liabilities
( 75,024)
( 123,288)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 75,124)
( 123,388)
--------
---------
Shareholders deficit
( 75,024)
( 123,288)
--------
---------
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.
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
E Reaidy
Director
Company registration number: 10661484
Crestavale Properties Limited
Notes to the Financial Statements
Year ended 31 March 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 152 Coles Green Road, London, NW2 7HD.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Going concern
The company is showing net current liabilities amounting to £489,644 which includes £348,777 owed to its parent company, Crestavale Ltd and £91,037 to a fellow subsidiary company, Axminster Services Ltd. The parent company and the fellow subsidiary have indicated its continued support and therefore the director of the company believes that preparing the accounts on a going concern basis is wholly appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent and rental management services, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investment property
Investment property
£
Cost
At 1 April 2023 and 31 March 2024
2,559,999
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
2,559,999
------------
At 31 March 2023
2,559,999
------------
Investment property is stated at the director's valuation at the balance sheet date on an open market value basis.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
439,814
522,144
Corporation tax
2,034
9,327
Other creditors
47,799
8,653
---------
---------
489,647
540,124
---------
---------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,114,191
2,112,150
------------
------------
Bank borrowings are secured by a combination of a debenture, fixed and floating charges over the company's assets.
7. Summary audit opinion
The auditor's report dated 18 March 2025 was unqualified .
The senior statutory auditor was P Mattei , for and on behalf of Leaman Mattei .
8. Related party transactions
Crestavale Properties Ltd received loans during the year from Axminster Services Ltd, a fellow group company. Amounts due to Axminster Services Ltd at the year end was £91,037 (2023: £8,779). The loans are interest free and repayable on demand.
9. Controlling party
The directors consider the ultimate controlling parent undertaking to be Crestavale Limited, a company incorporated in England and Wales.