Company registration number 08764514 (England and Wales)
CARRINGWOOD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CARRINGWOOD PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CARRINGWOOD PROPERTIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CARRINGWOOD PROPERTIES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carringwood Properties Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Carringwood Properties Limited, as a body, in accordance with the terms of our engagement letter dated 10 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Carringwood Properties Limited and state those matters that we have agreed to state to the board of directors of Carringwood Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carringwood Properties Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Carringwood Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Carringwood Properties Limited. You consider that Carringwood Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Carringwood Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
6 May 2025
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
CARRINGWOOD PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,063
2,676
Investment property
4
1,577,000
2,357,000
Investments
5
6
6
1,579,069
2,359,682
Current assets
Debtors
6
6,303
5,926
Cash at bank and in hand
9,533
8,398
15,836
14,324
Creditors: amounts falling due within one year
7
(739,500)
(733,975)
Net current liabilities
(723,664)
(719,651)
Total assets less current liabilities
855,405
1,640,031
Creditors: amounts falling due after more than one year
8
(356,374)
(385,060)
Provisions for liabilities
(41,500)
(236,500)
Net assets
457,531
1,018,471
Capital and reserves
Called up share capital
9
6
6
Profit and loss reserves
10
457,525
1,018,465
Total equity
457,531
1,018,471
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CARRINGWOOD PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
Mr P D Wood
Director
Company registration number 08764514 (England and Wales)
CARRINGWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Carringwood Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Greystone Avenue, Worthing, West Sussex, BN13 1LR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Notwithstanding the net current liability position at 31 December 2024, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is based on the continued support of connected companies.true
The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover represents amounts receivable for rents, on a time-apportioned basis, from investment properties.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% per annum on diminishing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and is stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.6
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
CARRINGWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include deposits held at call with banks.
1.8
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.
Basic financial assets
Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including other creditors and bank loans, 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 classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing 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 liabilities are not recognised if the timing 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 3).
CARRINGWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2024 and 31 December 2024
14,547
Depreciation and impairment
At 1 January 2024
11,871
Depreciation charged in the year
613
At 31 December 2024
12,484
Carrying amount
At 31 December 2024
2,063
At 31 December 2023
2,676
4
Investment property
2024
£
Fair value
At 1 January 2024
2,357,000
Revaluations
(780,000)
At 31 December 2024
1,577,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at the balance sheet date by the director. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties in the local area.
A provision has been made for the tax on the chargeable gain that would arise if the company's investment properties were to be sold at their carrying values in these financial statements.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
6
6
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,600
5,275
Other debtors
703
651
6,303
5,926
CARRINGWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
18,603
24,933
Taxation and social security
7,297
10,344
Other creditors
713,600
698,698
739,500
733,975
Bank loans are secured against the investment properties.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
211,761
280,431
Other creditors
144,613
104,629
356,374
385,060
Bank loans are secured against the investment properties.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6
6
6
6
10
Profit and loss reserves
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties. Included within the profit and loss reserve are non-distributable reserves totalling £235,059 (2023 - £820,059).