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Registration number: 10208549

Cumpsty Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Cumpsty Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cumpsty Properties Ltd

Company Information

Directors

Mr Andrew Cumpsty

Mrs Rachel Cumpsty

Registered office

Unit 1
Dakota Court
Amy Johnson Way
Blackpool
Lancashire
FY4 2RP

Accountants

Giles Hewitt & Co Ltd
Chartered Certified Accountant
257 Clifton Dr South
St Annes on Sea
Lytham St Annes
Lancashire
FY8 1HW

 

Cumpsty Properties Ltd

(Registration number: 10208549)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

34,998

45,660

Investment property

5

14,394,955

11,826,159

 

14,429,953

11,871,819

Current assets

 

Debtors

6

328,723

237,980

Cash at bank and in hand

 

69,554

238,151

 

398,277

476,131

Creditors: Amounts falling due within one year

7

(11,572,954)

(9,947,055)

Net current liabilities

 

(11,174,677)

(9,470,924)

Total assets less current liabilities

 

3,255,276

2,400,895

Provisions for liabilities

(278,526)

(218,487)

Net assets

 

2,976,750

2,182,408

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

2,976,650

2,182,308

Shareholders' funds

 

2,976,750

2,182,408

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

 

Cumpsty Properties Ltd

(Registration number: 10208549)
Balance Sheet as at 30 June 2024

.........................................
Mr Andrew Cumpsty
Director

 

Cumpsty Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1
Dakota Court
Amy Johnson Way
Blackpool
Lancashire
FY4 2RP

These financial statements were authorised for issue by the Board on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors consider that appropriate. Included in creditors falling due within one year is a loan that has been made to the company by the company's shareholders/directors. The shareholders/directors intend to continue to support the company and can make further advances to support future developments as and when required.

Revenue recognition

Turnover in the current year comprises income from rents due on the company's investment properties. Turnover in the previous year comprised income from rents due on the company's investment properties and income from labour only supplies. The labour only supplies business ceased on 31st January 2023.

The company lets out properties in the ordinary course of its business. Lease terms typically vary between 5 and 20 years. Turnover from rents receivable are generally recognised on a straight line basis over the term of the lease.

Turnover is stated net of discounts and value added tax and is recognised when it can be reliably measured and where it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Cumpsty Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

At 25% on net book value

Investment property

Investment property is carried at fair value. During construction and at the end of the year of acquisition fair value is taken to be the cost of acquisition including land and building costs and related professional and other fees. In subsequent years, where significantly different, fair value is derived from current market prices for comparable real estate determined annually by the company's directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

Investment property is considered to be property held to earn rentals or for capital appreciation or both (rather than for occupation by the company or for sale in the ordinary course of business). Property held for sale is included in stock.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cumpsty Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 13).

 

Cumpsty Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

79,063

79,063

Additions

860

860

At 30 June 2024

79,923

79,923

Depreciation

At 1 July 2023

33,403

33,403

Charge for the year

11,522

11,522

At 30 June 2024

44,925

44,925

Carrying amount

At 30 June 2024

34,998

34,998

At 30 June 2023

45,660

45,660

5

Investment properties

2024
£

At 1 July

11,826,159

Additions

2,568,796

At 30 June

14,394,955

Investment property is carried at fair value. During construction and at the end of the year of acquisition fair value is taken to be the cost of acquisition including land and build costs and related professional and other fees. In subsequent years, where significantly different, fair value is derived from current market prices for comparable real estate determined annually by the company's directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Any gain or deficit arising from a change in value is charged to the profit and loss account.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

128,557

97,298

Prepayments

124,511

140,682

Other debtors

75,655

-

 

328,723

237,980

 

Cumpsty Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loan from other related party

9

10,957,747

9,554,847

Trade creditors

 

100,770

34,428

Amounts owed to related parties where there is joint control or significant influence

10

96,191

4,528

Taxation and social security

 

5,536

45,216

Other creditors

 

412,710

308,036

 

11,572,954

9,947,055

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Loan

10,957,747

9,554,847

10

Related party transactions

In keeping with Financial Reporting Standard 102 Section 1A, transactions taking place between the company and its related parties and entered into at market value have not been disclosed.

Key management personnel

Key management

Summary of transactions with key management

Mr A and Mrs R Cumpsty are directors of the company and as such are regarded as key management. They have made and continue to make unsecured and interest free loans to the company. Details of the movements on the loan during the year and previous year is shown below.
 

Summary of transactions with entities with joint control or significant influence

 

Cumpsty Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

AC Electrical Services (NW) Ltd

Mr A Cumpsty (a director and the shareholder in the company) is also a director of and a 20% shareholder in AC Electrical Services Group Ltd (the 100% parent company of AC Electrical Services (NW) Ltd).

 
The company operates an intercompany account with AC Electrical Services (NW) Ltd for purchase of building supplies from AC Electrical Services (NW) Ltd and for rental income on properties occupied by AC Electrical Services (NW) Ltd and owned by the company. The balance arising on the intercompany account is unsecured, interest free and operated on normal credit terms.

 

Summary of transactions with other related parties

AC Electrical Services Group Ltd

AC Electrical Services Group Ltd is the parent company of AC Electrical Services (NW) Ltd (see related parties with joint control or significant influence).

 
The company had borrowed money from AC Electrical Services Group Ltd (the loan was repaid in full in the previous year).


 

Amounts due to (from) related parties

2024

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

4,528

9,554,847

9,559,375

Advanced

107,260

1,402,890

1,510,150

Repaid

(15,597)

-

(15,597)

At end of period

96,191

10,957,737

11,053,928

2023

Entities with joint control or significant influence
£

Key management
£

Other related parties
£

Total
£

At start of period

1,478,715

-

5,331,122

6,809,837

Advanced

874,167

9,554,847

4,311,207

14,740,221

Repaid

(2,348,354)

-

(9,642,329)

(11,990,683)

At end of period

4,528

9,554,847

-

9,559,375