1 April 2024 false No description of principal activity Taxfiler 2024.6 true 13243199business:PrivateLimitedCompanyLtd2024-04-012024-08-19 132431992024-03-31 132431992024-04-012024-08-19 13243199business:AuditExemptWithAccountantsReport2024-04-012024-08-19 13243199business:FilletedAccounts2024-04-012024-08-19 132431992024-08-19 13243199business:Director12024-04-012024-08-19 13243199business:RegisteredOffice2024-04-012024-08-19 132431992024-03-31 13243199core:WithinOneYear2024-08-19 13243199core:WithinOneYear2024-03-31 13243199core:AfterOneYear2024-08-19 13243199core:AfterOneYear2024-03-31 13243199core:ShareCapitalcore:PreviouslyStatedAmount2024-08-19 13243199core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 13243199core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-08-19 13243199core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 13243199core:PreviouslyStatedAmount2024-08-19 13243199core:PreviouslyStatedAmount2024-03-31 13243199business:SmallEntities2024-04-012024-08-19 13243199countries:EnglandWales2024-04-012024-08-19 13243199core:PlantMachinery2024-04-012024-08-19 13243199core:ComputerEquipment2024-04-012024-08-19 13243199core:PlantMachinery2024-03-31 13243199core:ComputerEquipment2024-03-31 13243199core:PlantMachinery2024-08-19 13243199core:ComputerEquipment2024-08-19 132431992023-04-012024-03-31 iso4217:GBP xbrli:pure
Company Registration No. 13243199 (England and Wales)
Custodian Developments Limited Unaudited accounts for the period from 1 April 2024 to 19 August 2024
Custodian Developments Limited Unaudited accounts Contents
Page
- 2 -
Custodian Developments Limited Company Information for the period from 1 April 2024 to 19 August 2024
Director
Harpal Singh Chana
Company Number
13243199 (England and Wales)
Registered Office
Flat 84 Crown Lodge Elystan Street London SW3 3PR England
Accountants
ABMO Consultancy 37 Taplow Road Taplow South Bucks SL6 0JN
- 3 -
Custodian Developments Limited Statement of financial position as at 19 August 2024
19/08/2024 
31/03/2024 
Notes
£ 
£ 
Fixed assets
Tangible assets
13,109 
15,896 
Current assets
Inventories
3,080,000 
3,409,660 
Debtors
476,148 
216,167 
Cash at bank and in hand
9,947 
144,252 
3,566,095 
3,770,079 
Creditors: amounts falling due within one year
(3,815,901)
(3,899,497)
Net current liabilities
(249,806)
(129,418)
Total assets less current liabilities
(236,697)
(113,522)
Creditors: amounts falling due after more than one year
(3,990)
- 
Net liabilities
(240,687)
(113,522)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(240,787)
(113,622)
Shareholders' funds
(240,687)
(113,522)
For the period ending 19 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 9 May 2025 and were signed on its behalf by
Harpal Singh Chana Director Company Registration No. 13243199
- 4 -
Custodian Developments Limited Notes to the Accounts for the period from 1 April 2024 to 19 August 2024
1
Statutory information
Custodian Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 13243199. The registered office is Flat 84 Crown Lodge, Elystan Street, London, SW3 3PR, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Computer equipment
Over 3 years
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. We confirm that the properties 143 Seaforth Avenue, Motspur Park, KT3 6JW and 131-135 Love Lane, Mitcham, Surrey, CR4 3AW were acquired by the Company during the financial year ended March 2021 were acquired with the intention of resale in the ordinary course of business and is therefore classified as inventory in accordance with IAS 2 – Inventories. Further, we confirm that although the said property is temporarily being leased out and is generating rental income, such income is incidental and does not represent a change in the intended use of the property. Accordingly, the rental income earned during the interim period has been appropriately presented under “Other Income" in the Statement of Profit or Loss, and not as revenue or investment income, in line with the relevant UKGAAP guidance. We also confirm that there has been no change in the Company’s business model or strategic intentions with respect to the property, and it remains classified as inventory.
- 5 -
Custodian Developments Limited Notes to the Accounts for the period from 1 April 2024 to 19 August 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Going concern
The financial statements have been prepared using the going concern basis of accounting. The Directors further confirm that the company has adequate resources to continue in operational existence for the foreseeable future.
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2024
13,750 
7,161 
20,911 
At 19 August 2024
13,750 
7,161 
20,911 
Depreciation
At 1 April 2024
2,750 
2,265 
5,015 
Charge for the period
2,200 
587 
2,787 
At 19 August 2024
4,950 
2,852 
7,802 
Net book value
At 19 August 2024
8,800 
4,309 
13,109 
At 31 March 2024
11,000 
4,896 
15,896 
5
Inventories
19/08/2024 
31/03/2024 
£ 
£ 
Work in progress
- 
3,409,660 
Finished goods
3,080,000 
- 
3,080,000 
3,409,660 
We confirm that the properties 143 Seaforth Avenue, Motspur Park, KT3 6JW and 131-135 Love Lane, Mitcham, Surrey, CR4 3AW were acquired by the Company during the financial year ended March 2021 were acquired with the intention of resale in the ordinary course of business and is therefore classified as inventory in accordance with IAS 2 – Inventories. Further, we confirm that although the said property is temporarily being leased out and is generating rental income, such income is incidental and does not represent a change in the intended use of the property. Accordingly, the rental income earned during the interim period has been appropriately presented under “Other Income" in the Statement of Profit or Loss, and not as revenue or investment income, in line with the relevant UKGAAP guidance. We also confirm that there has been no change in the Company’s business model or strategic intentions with respect to the property, and it remains classified as inventory.
- 6 -
Custodian Developments Limited Notes to the Accounts for the period from 1 April 2024 to 19 August 2024
6
Debtors
19/08/2024 
31/03/2024 
£ 
£ 
Amounts falling due within one year
VAT
15,386 
- 
Trade debtors
322,499 
135,857 
Other debtors
138,263 
80,310 
476,148 
216,167 
7
Creditors: amounts falling due within one year
19/08/2024 
31/03/2024 
£ 
£ 
Trade creditors
524,340 
552,245 
Taxes and social security
10,901 
4,109 
Other creditors
3,280,660 
3,343,143 
3,815,901 
3,899,497 
8
Creditors: amounts falling due after more than one year
19/08/2024 
31/03/2024 
£ 
£ 
Accruals
1,500 
- 
Deferred income
2,490 
- 
3,990 
- 
9
Transactions with related parties
CVP Consulting Limited is a related party due to the fact that the director is also a shareholder and director of this company. The balance payable to this company from CVP Consulting Limited at the year end is £107,498.72 (YE 31.03.2024: £Nil). Silas Holdings Limited is a related party due to the fact that the director is also a shareholder and director of this company. The balance payable to this company from Silas Holdings Limited at the year end is £14,567.00 (YE 31.03.2024: £Nil).
10
Average number of employees
During the period the average number of employees was 0 (31/03/2024: 2).
- 7 -