REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Fair value reserve | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the director and authorised for issue on |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Cambridge Property Developments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is derived from rents received. The company is not registered for value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is measured at cost on initial recognition and then fair value at each reporting date. Fair value gains and losses are recognised in the profit and loss. Deferred taxation is provided on these gains at rates expected to apply when the property is sold. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities or equity instruments. |
Basic financial assets: |
Basic financial assets which include assets and such as debtors, 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 constitute a financing transaction, where the transaction is measured at the present value of future receipts are discounted at a market rate of interest. Assets receivable within one year are not discounted. |
Basic financial liabilities: |
Basic financial liabilities. including creditors, bank loans, are initially measured at transaction price net of transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted. |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 616,250 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2020 | 425,000 |
Valuation in 2021 | (873,270 | ) |
Valuation in 2022 | 1,087,566 |
Valuation in 2024 | 616,250 |
Cost | 6,940,454 |
8,196,000 |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 6,940,454 | 6,940,454 |
The investment properties were valued on a fair value basis on 31 March 2024 by the director . |
The director has further considered the fair value if investment properties at the balance sheet date and considers the carrying value in the financial statements to not be materially different to their fair value. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Hire purchase contracts and finance leases |
Trade creditors |
Other creditors |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 10) |
Hire purchase contracts and finance leases |
Directors loan accs more 1yr | - | 114,660 |
Bank loans are secured against the Companies Investment Properties by way of a fixed charge. All Bank loans are interest only with no fixed repayment date. |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts and finance leases | 51,434 | 64,192 |
Bank loans are secured via a fixed charge over the investment property to which they relate. |
Hire purchase liabilities are secured against the asset to which they relate. |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 242,887 | 113,186 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Change in fair value | 153,859 |
Unutilised tax losses | (10,376 | ) |
Balance at 31 March 2024 |
Deferred tax is recognised in respect of the excess of capital allowances over depreciation and the movement in the fair value of investment property using the rates of corporation tax expected to apply on the reversal of the timing difference. |
CAMBRIDGE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09379745) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary D | £1 | 1 | 1 |
Ordinary A | £1 | 33 | 33 |
Ordinary B | £1 | 33 | 33 |
Ordinary C | £1 | 33 | 33 |
100 | 100 |
14. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
Investment property |
fair value movement | 462,660 |
At 31 March 2024 |
The fair value reserve represents the change in fair value of investment property net of deferred tax. |
15. | RELATED PARTY DISCLOSURES |
During the year under review the balance due to the director on a directors loan account of £258,931 was transferred to a company under the control of the director.The outstanding balance at the year end amounted to nil (2023: £114,660). |