Company Registration No. 10910882 (England and Wales)
CPF One Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
CPF One Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CPF One Limited
Balance sheet
As at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
156
Investments
4
100
100
100
256
Current assets
Debtors
5
3,013,631
3,072,671
Cash at bank and in hand
1,573,387
1,139,049
4,587,018
4,211,720
Creditors: amounts falling due within one year
6
(1,937,416)
(3,551,936)
Net current assets
2,649,602
659,784
Net assets
2,649,702
660,040
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,649,700
660,038
Total equity
2,649,702
660,040
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 30 September 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.
The financial statements were approved by the board of directors and authorised for issue on 2 May 2025 and are signed on its behalf by:
Chris Fairfax
Director
Company Registration No. 10910882
CPF One Limited
Statement of changes in equity
For the year ended 30 September 2024
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
2
280,435
280,437
Year ended 30 September 2023:
Profit and total comprehensive income
-
3,079,603
3,079,603
Dividends
-
(2,700,000)
(2,700,000)
Balance at 30 September 2023
2
660,038
660,040
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,989,662
1,989,662
Balance at 30 September 2024
2
2,649,700
2,649,702
CPF One Limited
Notes to the financial statements
For the year ended 30 September 2024
3
1
Accounting policies
Company information
CPF One Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided for providing finance facilities to real estate investment trusts. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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:
Fixtures and fittings
20% straight line
Computers
33% straight line
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
CPF One Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of 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 cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its 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 the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) 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 a revaluation increase.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 a 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable 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 assets of the company after deducting all of its liabilities.
CPF One Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5
Basic financial liabilities
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 classified 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 ordinary course of business from suppliers. Amounts 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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
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. Taxable profit differs from net profit as reported in the profit and loss account 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 substantively enacted by the reporting end date.
1.10
Finance broking assets and liabilities
Where the company acts as agent in broking the provision of short term commercial loans, the company is not liable as principal to the third party lenders for any risks attached to the funding provided.
As such the company only recognises its own interest margin as turnover and not that paid to the third party lender. All loan capital is a direct contractual relationship between the third party lender and end customer and therefore are not recognised on the company statement of financial position.
Where the company acts as principal in providing short term commercial loans, the company bears the significant risks and rewards of providing such services. As such the company recognises the interest received gross as turnover with a corresponding cost of sale representing interest paid to any third party funding obtained.
The funding provided is recognised gross and shown within other debtors on the company statement of financial position.
CPF One Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
4,652
Depreciation and impairment
At 1 October 2023
4,496
Depreciation charged in the year
156
At 30 September 2024
4,652
Carrying amount
At 30 September 2024
At 30 September 2023
156
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
6,020
6,020
Other debtors
3,007,611
3,066,651
3,013,631
3,072,671
CPF One Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
486
239
Amounts owed to group undertakings
1,530,748
3,130,133
Taxation and social security
247,541
314,394
Other creditors
158,641
107,170
1,937,416
3,551,936
7
Related party transactions
Transactions with related parties
The Company has taken advantage of the exemption available in section 33.1A of FRS 102 from the requirement to disclose transactions with group companies where they are wholly owned.
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan account
-
-
124,063
124,063
-
124,063
124,063
9
Parent company
The ultimate controlling party by way of its indirect shareholding is Arlan Holdings Limited, a company that is jointly controlled by Mr C Fairfax.