REGISTERED NUMBER: |
Canalside Developments (Yorkshire) |
Limited |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Canalside Developments (Yorkshire) |
Limited |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
Canalside Developments (Yorkshire) |
Limited (Registered number: 04343894) |
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 |
Canalside Developments (Yorkshire) |
Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
Canalside Developments (Yorkshire) |
Limited (Registered number: 04343894) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Revaluation reserve | 9 |
Capital redemption reserve | 9 |
Retained earnings | 9 |
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. |
Canalside Developments (Yorkshire) |
Limited (Registered number: 04343894) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the director and authorised for issue on |
Canalside Developments (Yorkshire) |
Limited (Registered number: 04343894) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Canalside Developments (Yorkshire) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of VAT. Turnover from rental of premises and related service charges are recognised as they become due. |
Investment property |
Completed investment properties are valued at open market value. Changes in value are transferred to the revaluation reserve. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
Investment land and property under construction |
Investment land and property under construction s valued at cost less provision for diminution in value. The directors are of the opinion that there will be no further deficit on revaluation when such properties are completed. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Canalside Developments (Yorkshire) |
Limited (Registered number: 04343894) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations | 834,255 |
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 2016 | 551,502 |
Valuation in 2017 | (228,337 | ) |
Valuation in 2020 | (5,800 | ) |
Valuation in 2021 | (254,045 | ) |
Valuation in 2022 | 381,000 |
Valuation in 2023 | 209,645 |
Valuation in 2024 | 834,256 |
Cost | 7,949,377 |
9,437,598 |
Investment property was valued on an open market basis basis on 31 March 2024 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 2 | 2 |
Directors' loan accounts | 34,004 | - |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
VAT | 20,768 | 24,069 |
Other creditors |
Directors' loan accounts | 1,274 | 719,915 |
Accruals and deferred income |
Accrued expenses |
Canalside Developments (Yorkshire) |
Limited (Registered number: 04343894) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
9. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 4,062,101 |
Profit for the year |
Surplus on revaluation | (834,255 | ) | 834,255 | - | - |
At 31 March 2024 | 5,247,349 |
Where investment properties are measured at fair value a transfer is made to the non- distributable revaluation reserve, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution. |
10. | CONTINGENT LIABILITIES |
At 31st March 2024 there was a contingent liability of £40,000 (2023 £40,000) in respect of a North Yorkshire County Council bond. |
11. | RELATED PARTY DISCLOSURES |
During the year the following transactions took place with other related parties |
2024 |
2023 |
£ | £ |
Management charges | (18,000 | ) | (18,000 | ) |
Rental income received | 80,102 | 109,294 |
Expenses recharged | (48,958 | ) | 28,987 |
Loan write off | - | - |
Interest charged | (93,084 | ) | (89,042 | ) |
At 31st March 2024 the balance owed to Econ Engineering Limited was £4,603,269 (2023 £4,541,144). |
12. | ULTIMATE CONTROLLING PARTY |
The company was controlled throughout the year by Jonathan Richard Lupton and the estate of Andrew William Lupton by virtue of their holding 100% of the company's issued share capital. |