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Registration number: 03228725

Central Link Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Central Link Properties Ltd

Contents

FRS 102 Section 1A Small Entities Financial Statements

1 to 11

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Central Link Properties Ltd

Company Information

Directors

Mrs E Adler

Mrs S Fabre

Company secretary

Mr P Adler

Registered office

166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited
Chartered Accountants166 College Road
Harrow
Middlesex
HA1 1BH

 

Central Link Properties Ltd

(Registration number: 03228725)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

1

5

Investment property

7

4,200,000

4,200,000

 

4,200,001

4,200,005

Current assets

 

Stocks

8

20,000

20,000

Debtors

9

2,273,694

2,590,164

Cash at bank and in hand

 

3,439,551

2,739,116

 

5,733,245

5,349,280

Creditors: Amounts falling due within one year

10

(4,016,283)

(3,966,060)

Net current assets

 

1,716,962

1,383,220

Total assets less current liabilities

 

5,916,963

5,583,225

Provisions for liabilities

(621,812)

(522,200)

Net assets

 

5,295,151

5,061,025

Capital and reserves

 

Called up share capital

12

2

2

Revaluation reserve

1,598,188

1,697,800

Retained earnings

3,696,961

3,363,223

Shareholders' funds

 

5,295,151

5,061,025

For the financial year ending 31 July 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 and 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 14 April 2025 and signed on its behalf by:
 

 

Central Link Properties Ltd

(Registration number: 03228725)
Balance Sheet as at 31 July 2024

.........................................
Mrs S Fabre
Director

   
     
 

Central Link Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
166 College Road
Harrow
Middlesex
HA1 1BH

These financial statements were authorised for issue by the Board on 14 April 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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of properties and rental income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Central Link Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets less residual values over thier useful lives on following bases

Asset class

Depreciation method and rate

Furniture and Fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Investment property

Investment property is carried at fair value determined annually by external valuers and/or director and derived from current market rents and investment property yields for comparale real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Borrowings

All borrowing costs are recognised in the profit or loss in the year in which they are incurred.

Impairment of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts to it's intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. if any such indication exists, the recoverable amount of the assset is estimated in order to determin the extent of the impairment loss (if any). Where it is not possiblt to estimate recoverable amount of an indiviual asset, the company estimates the recoverable amount to the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cashflows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset for which the estimates of future cashflows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than it's carrying amount, the carying amount of asset is reduced to it's recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses the carrying amount of the asset (or cash generating-unit) is increased to the revised estimate of its recoverable amount but so that theincreased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior-years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as revaluation increase.

 

Central Link Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Stocks

Stocks represent work in progress relating to property development, and are stated at lower of cost and net realisable value. The cost of work in progress comprises land, buildings, design costs, raw materials,direct labour, borrowing costs and other direct costs incurred in bringing the inventories to their present condition. Net Relisable value is the estimate selling price in the ordinary course of business, less applicable selling expenses.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment l;osses are also recognised in profit or loss.

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.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its Financial Instruments.

Financial Instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is 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.

Basic financial assets

Basic financial assets, which include debtors and 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 consitutes a financing transaction, where the transaction is measured at the present value of the future reciepts discounted at a market rate of interest. Financial assets classified as recievable within one year are not amortised.

Classification of Financial Liabilities

Financial Liabilities and Equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asssets of the company after deducting all of its liabilities.

Basic Financial Liabilities

 

Central Link Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Basic Financial Liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classsified as payable within one year are not amortised.

Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordianry course of business from suppliers. Amount 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 creditors are recognized initially at transaction price and subsequently measured at amortised cost using effective interest method.

Taxation

The tax expense represents the sum of the tax currently payable and deffered tax.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit and loss acccount because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the reporting end date.

Deferred Tax

Deferred tax liabilites are generally recognised for all timig differences and 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. Such assets and laibilities are not recognised if the timig difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at tax rate that are expected to apply in the period when the liability ios settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilties relate to taxes levied by the same tax authority.

Finance Costs

Fiannce Cost are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognized as a reduction in the proceeds of the associated capital instrument.

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.

Judgement and Key Sources of estimation uncertainity

 

Central Link Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readilty apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision effects only that period, or in the period of the revision and future periods where the revision effects both current and future periods.

Investment properties are professionally valued annualy using a yeild methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in market itself.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

5

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

111,062

72,867

UK corporation tax adjustment to prior periods

1,811

-

112,873

72,867

 

Central Link Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

4,223

4,223

At 31 July 2024

4,223

4,223

Depreciation

At 1 August 2023

4,218

4,218

Charge for the year

4

4

At 31 July 2024

4,222

4,222

Carrying amount

At 31 July 2024

1

1

At 31 July 2023

5

5

7

Investment properties

2024
£

At 1 August

4,200,000

At 31 July

4,200,000

Investment property comprises property historically included in stocks and was subsequently appropriated as an investment property.

The investment property was revalued to £4,200,000 on 31 July 2023 by Calton & Co, an independent firm of Chartered Surveyors who have experience in valuing similar properties. The valuation was undertaken, on the basis of an open market value for existing use, taking into consideration the current condition of the property.

The directors are not aware of any material change in value since the date of the valuation and consider that the balance sheet value of the investment property is not materially different from the true market value.

If revalued investment property was stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
 

 

Central Link Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

   

2023

 

2022

   

£

 

£

Original cost of freehold interest on acquisition

 

890,625

 

890,625

Uplift in value to June 2009 as agreed with HM Revenue and Customs on appropriation as an investment property

 

359,375

 

359,375

Historic base cost on appropriation as an investment property

 

1,250,000

 

1,250,000

8

Stocks

2024
£

2023
£

Stock of properties and work in progress

20,000

20,000

Stock represents stock of properties available for resale and work in progress relating to property development.

The reversionary freehold interest to a property, the redevelopment of which was completed in 2022 and residential flats sold on long leases by the company in the same year, was revalued by the directors on 31 July 2023 at £20,000.

9

Debtors

Current

2024
£

2023
£

Trade debtors

1,439,784

1,487,260

Prepayments

15,220

12,706

Other debtors

818,690

1,090,198

 

2,273,694

2,590,164

 

Central Link Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

128,314

81,794

Accruals and deferred income

61,321

57,618

Other creditors

3,826,648

3,826,648

4,016,283

3,966,060

11

Related party transactions

At the balance sheet date, a total amount of £1,439,783 (2023: £1,439,784) is due from and £3,826,648 (2023: £ 3,826,648) owed to companies under common control.

Included in Other Debtors is an amount of £608,832 (2023: £564,698) owed by the directors of the company. 2.50% interest has been charged on the loan. The increase in 2024 of £44,134 was fully repaid by the Directors' on the 29 March 2025.

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2