REGISTERED NUMBER: 11848412 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
CANDLERIGGS HOLDINGS LIMITED |
REGISTERED NUMBER: 11848412 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
CANDLERIGGS HOLDINGS LIMITED |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Contents of the Consolidated Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Income and Retained Earnings |
9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
CANDLERIGGS HOLDINGS LIMITED |
Company Information |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Group Strategic Report |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
History and Principal activity |
Founded in 2019, Candleriggs Holdings Limited is an independent investment and asset management company based in London, UK. Candleriggs Holdings serves as the exclusive investment vehicle for its owners. The Candleriggs Group is considered to be a property developer in the UK. |
REVIEW OF BUSINESS |
The Group focuses on buying, developing and selling property in the UK. |
The Group operates at all stages of the property development lifecycle. It originates, obtains planning consents, constructs, and then holds or sells the completed properties. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Liquidity risk |
The ability of the Group to meet its current obligations needs to be continually considered. The business mitigates against this by liquidity forecasting on a near and long term basis to identify and remedy situations before they arise. |
Development risk |
Development activities by their very nature have an inherent level of risk. Assessment and mitigation of development risks is at the core of the Candleriggs business model. All of our subsidiaries have experienced cross functional management teams and are based within the areas that we operate in. This provides the Candleriggs group with comfort that development risks are understood and appropriately managed. |
Credit risk |
Credit risk is limited. The material credit exposures are amounts receivable relating to accrued income and bank deposits. Bank deposits are held in accounts at large international banking institutions and are not invested in risky or illiquid investments. The other amounts receivable are mostly from companies with institutional backing whom senior management have completed financial due diligence on. |
Thorough analysis of receivables, was carried out be senior management throughout the year, and a prudent approach was undertaken to the recoverability of these receivables. |
KEY PERFORMANCE INDICATORS (KPI) |
Key performance indicators (KPI) below offer insights of the year's operations: |
KPI | 2024 | 2023 | % Change |
Turnover | £39,585,356 | £21,101,603 | +87.6% |
Gross Loss Margin | 0.04% | 0.23% | -0.19% |
Operating Loss | (£70,420) | (£12,356) | +470.0% |
Cash at Bank | £102,572 | £333,768 | -69.3% |
Net Current Liabilities | (£2,217,874) | (£2,883,782) | -23.1% |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Group Strategic Report |
FOR THE YEAR ENDED 31 MARCH 2024 |
FINANCIAL PERFORMANCE REVIEW |
Turnover and Profitability |
The company's turnover increased substantially by 87.6% from £21.1m in 2023 to £39.6m in 2024. The company continued to operate at a loss with an operating loss of £70k in 2024 compared to £12k in 2023. |
The gross loss margin improved slightly to 0.04% in 2024 from 0.23% in 2023. The overall cost of sales increased proportionately with revenue, rising to £39,600,269 from £21,149,311. |
Administrative expenses remained stable at £56k in 2024 compared to £57k in 2023. |
Balance Sheet Position |
The company's balance sheet shows net current liabilities decreased to £2.22m as of 31/03/2024 in comparison to £2.88m in the previous year. |
Total equity stands at £(2.22)m reflecting accumulated losses over time and the Group's shareholders' funds now stand at £1.2m deficit (2023: £1.93m deficit) and the directors consider the state of affairs to be satisfactory. |
ON BEHALF OF THE BOARD: |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Report of the Directors |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
There were £NIL distribution of dividends in 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen, in accordance with the Companies Act, to set out in the strategic report, information regarding the review of business and a description of the principal risks and uncertainties facing the company. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Candleriggs Holdings Limited |
Opinion |
We have audited the financial statements of Candleriggs Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Candleriggs Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Candleriggs Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group's regulatory and legal correspondence. |
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations. |
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group. |
The potential effect of these laws and regulations on the financial statements varies considerably. |
Firstly, the group is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Secondly the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation. |
International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements. |
In relation to fraud, we performed the following specific procedures in addition to those already noted: |
-Challenging assumptions made by management in its significant accounting estimates. |
-Identifying and testing journal entries during the period and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management. |
-Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud; |
-Ensuring that testing undertaken on both the performance statement and the Balance Sheet includes a number of items selected on a random basis. |
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud. |
Report of the Independent Auditors to the Members of |
Candleriggs Holdings Limited |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Consolidated |
Statement of Income and |
Retained Earnings |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 39,585,356 | 21,101,603 |
Cost of sales | 39,600,269 | 21,149,311 |
GROSS LOSS | (14,913 | ) | (47,708 | ) |
Administrative expenses | 55,506 | 57,291 |
(70,419 | ) | (104,999 | ) |
Other operating income | 4 | - | 92,643 |
OPERATING LOSS and |
LOSS BEFORE TAXATION | (70,419 | ) | (12,356 | ) |
Tax on loss | 7 | (736,328 | ) | - |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit and loss account at beginning of year | (1,931,732 | ) | (1,921,401 | ) |
PROFIT AND LOSS ACCOUNT FOR THE GROUP AT END OF YEAR |
(1,265,823 |
) |
(1,933,757 |
) |
Profit/(loss) attributable to: |
Owners of the parent | 443,520 | (10,331 | ) |
Non-controlling interests | 222,389 | (2,025 | ) |
665,909 | (12,356 | ) |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Consolidated Balance Sheet |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 10 | 5,893,444 | 5,808,305 |
Debtors | 11 | 4,200,253 | 127,281 |
Cash at bank | 102,572 | 333,768 |
10,196,269 | 6,269,354 |
CREDITORS |
Amounts falling due within one year | 12 | 12,414,142 | 9,153,136 |
NET CURRENT LIABILITIES | (2,217,873 | ) | (2,883,782 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(2,217,873 |
) |
(2,883,782 |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 | 2,000 | 2,000 |
Profit and loss account | (1,488,212 | ) | (1,931,732 | ) |
SHAREHOLDERS' FUNDS | (1,486,212 | ) | (1,929,732 | ) |
NON-CONTROLLING INTERESTS | 14 | (731,661 | ) | (954,050 | ) |
TOTAL EQUITY | (2,217,873 | ) | (2,883,782 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by: |
M Stimler - Director |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Company Balance Sheet |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 9 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Profit and loss account | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's loss for the financial year | (1,259 | ) | (6,281 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Consolidated Cash Flow Statement |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (231,196 | ) | 314,437 |
Net cash from operating activities | (231,196 | ) | 314,437 |
(Decrease)/increase in cash and cash equivalents | (231,196 | ) | 314,437 |
Cash and cash equivalents at beginning of year |
2 |
333,768 |
19,331 |
Cash and cash equivalents at end of year |
2 |
102,572 |
333,768 |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Notes to the Consolidated Cash Flow Statement |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Loss before taxation | (70,419 | ) | (12,356 | ) |
Increase in stocks | (85,139 | ) | (44,908 | ) |
(Increase)/decrease in trade and other debtors | (3,336,644 | ) | 1,531,423 |
Increase/(decrease) in trade and other creditors | 3,261,006 | (1,159,722 | ) |
Cash generated from operations | (231,196 | ) | 314,437 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 102,572 | 333,768 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 333,768 | 19,331 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 333,768 | (231,196 | ) | 102,572 |
333,768 | (231,196 | ) | 102,572 |
Total | 333,768 | (231,196 | ) | 102,572 |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Notes to the Consolidated Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Candleriggs Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11848412 and the company's registered office is First Floor, Winston House, 349 Regents Park Road, London, United Kingdom, N3 1DH. The company's principal activities and nature of its operations are disclosed in the directors' strategic report. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value. |
The directors have considered a period of at least 12 months from the date of signing of the balance sheet in making their assessment on the going concern of the group and do not believe there are any uncertainty because all projects are running in line with expectations and are expected to generate profit. |
Advantage has been taken of the reduced disclosure regime for ultimate parents, and thus the company has not presented its statement of cash flows as allowed by FRS 102 Section 1.12 (b). |
Basis of consolidation |
The consolidated financial statements include the financial statements of the company and all of its material subsidiary undertakings. |
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. |
Any subsidiary undertakings sold or acquired during the year are included up to, or from, the dates of change of control. |
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated profit and loss statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gains or loss on disposal and are transferred to retained earnings. The gain and loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. |
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Group and value added taxes. |
Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest. |
The Group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Group retains no continuing involvement or control over the assets; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Group's sales channels have been met, as described below. |
Sale of assets |
The Group sells assets including properties. Revenue is recognised on sale to the buyer at the date specified in the sales contract. |
Lease income |
The Group generates income from project leases. Revenue is recognised on a straight-line basis over the expected lease period. |
Construction contracts |
When the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable those costs will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. |
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. |
Amounts due from construction contract customers represents the gross unbilled amount expected to be collected from customers for contract work performed to date. It is measured at cost plus profit recognised to date less progress billings and recognised losses. |
Amounts due to construction contract customers represents the excess of progress billings over the revenue recognised (costs plus attributable profit) for the contract work performed to date. |
Stocks |
Stock and work in progress are stated at the lower of cost and estimated selling price less costs to sell. |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
i. Financial assets |
Basic financial assets, including trade amounts and other debtors owed to group undertakings, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
ii. Financial liabilities |
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
iii. Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income including profit & loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Going concern |
The financial statements have been prepared on a going concern basis. |
In making their assessment the directors have considered the foreseeable future which is a period of at least 12 months from the date of signing the balance sheet. |
In line with expectations the group has initially made losses and has a negative balance sheet. The group has at the balance sheet date net current liabilities of £2,217,874 (2023: £2,883,782) and negative reserves of £1,244,277.(2023: £1,931,732). |
The directors do not believe there are any material uncertainty as to the going concern status of the group because all projects are running in line with expectations and are expected to generate profits. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 39,585,356 | 21,101,603 |
39,585,356 | 21,101,603 |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received | - | 92,643 |
5. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
The average number of employees during the year was NIL (2023 - NIL). |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
2024 | 2023 |
£ | £ |
Directors' remuneration | - | - |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | OPERATING LOSS |
The operating loss is stated after charging: |
2024 | 2023 |
£ | £ |
Auditors' remuneration | 10,500 | 11,000 |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax | (736,328 | ) | - |
Tax on loss | (736,328 | ) | - |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Loss before tax | (70,419 | ) | (12,356 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
(17,605 |
) |
(2,348 |
) |
Effects of: |
Utilisation of tax losses | (718,723 | ) | - |
Losses carried forward | - | 2,348 |
Total tax credit | (736,328 | ) | - |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT & LOSS |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
Investments in subsidiaries are recognised at cost. |
The group or the company's investments at the balance sheet date in the share capital of companies include the following: |
Subsidiaries |
Each of the following has the same registered address: First Floor, Winston House, 349 Regents Park Road, London, United Kingdom, N3 1DH |
Name of Subsidiary | Nature of business | Share class | % Holding |
Candleriggs Development 2 Limited | Property | Ordinary | 66.67 |
Candleriggs Developments Limited | Property | Ordinary | 66.67 |
Candleriggs Developments 3 Limited | Property | Ordinary | 66.67 |
10. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 5,893,444 | 5,808,305 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 18,000 | - |
Amounts owed by group undertakings | - | - |
Other debtors | 500 | 708 |
Deferred tax asset | 736,328 | - | 4,522 | - |
VAT | 51,745 | 27,393 |
Prepayments and accrued income | 3,393,680 | 99,180 |
4,200,253 | 127,281 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 120,510 | 118,504 |
Other creditors | 10,807,452 | 9,018,482 |
Accruals and deferred income | 1,486,180 | 16,150 |
12,414,142 | 9,153,136 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 2,000 | 2,000 |
CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | NON-CONTROLLING INTERESTS |
A non-controlling interest arises on the Group's holding of Candleriggs Development 2 Limited. Candleriggs Development 2 Limited is a subsidiary undertaking as the group controls 66.7% of the voting rights. |
15. | ULTIMATE PARENT COMPANY |
The ultimate parent company is YBM IMMO AG, a company incorporated in Switzerland. YBM Immo AG, Baumleingasse 10, 4051 Basel, Switzerland. |
16. | RELATED PARTY DISCLOSURES |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |