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REGISTERED NUMBER: 04512289 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CROMWOOD LTD

CROMWOOD LTD (REGISTERED NUMBER: 04512289)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Statement of Directors' Responsibilities 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


CROMWOOD LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M Hirschler
M Lorincz



REGISTERED OFFICE: 16e Urban Hive Theydon Road
London
E5 9BQ



REGISTERED NUMBER: 04512289 (England and Wales)



SENIOR STATUTORY AUDITOR: Malcolm Venitt



INDEPENDENT AUDITORS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The company sources and manages accommodation for organisations based on their requirements, the directors consider that the key financial performance indicators are those that monitor the performance in respect of this activity. The revenue of the company from the provision of this service in the period was £141,492,232 (2023: £104,300,706). Demand for the services provided by the company has remained high in the period leading to additional and renewed contracts with existing customers.

PRINCIPAL RISKS AND UNCERTAINTIES
Critical to the Company’s achievements of its objectives is effective risk management. The Company faces risk from a number of areas, all of which are prevalent throughout the industry and are shown below:

The business manages the liquidity risk by ensuring there are sufficient funds to meet payments with strict cash flow and credit control management.

The Company’s activities are performed in sterling hence the business has very little exposure to foreign exchange risk.

The Company maintains good relationships with its suppliers to allow them to continue to provide accommodation that meets the requirements of its customers.

SECTION 172(1) STATEMENT
From the perspective of the Directors, as a result of the Company’s governance structure, the matters that it is responsible for considering under Section 172(1) of the Companies Act 2006 have been considered to an appropriate extent by the Directors. The Directors have also considered relevant matters where appropriate.

ON BEHALF OF THE BOARD:





M Lorincz - Director


16 December 2024

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property management.

DIVIDENDS
During the period ending 31.03.2024 dividends totalling £22,050,000 (2023: £6,871,367) were declared by Cromwood Ltd.

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on continuing to provide a high level service, the directors are confident in the company's ability to maintain and build on this position.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

M Hirschler
M Lorincz

DONATIONS
During the year the company made charitable donations totalling £3,358,085 (2023: £2,009,684).

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The fostering of successful business relationships is integral to the continued success of the Company, and is achieved through maintaining an open line of communication between all parties. The Directors emphasise the need for professionalism and integrity to be demonstrated throughout all interactions with third parties.

STREAMLINED ENERGY AND CARBON REPORTING
The Directors ensure that the activities of the entity are performed in a way that has as little damaging effect on the
environment as possible. No further information has been disclosed within the financial statements as the Directors believe the company consumed 40,000 kWh of energy or less in the United Kingdom during the period in respect of which the directors' report is prepared.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M Lorincz - Director


16 December 2024

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CROMWOOD LTD

Opinion
We have audited the financial statements of Cromwood Ltd (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CROMWOOD LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity through discussion with the directors and identified financial reporting legislation and company legislation as being most significant to these financial statements. These included but were not limited to FRS 102, Companies Act 2006, Employment law, Data protection legislation and Health & Safety laws as they affect the direct activities of the entity.
- We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.
- We discussed with the directors the policies and procedures regarding compliance with these legal and regulatory frameworks.
- We assessed the susceptibility of the company's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the directors during the planning and finalisation stages of our audit. Specific areas identified were the completeness of turnover and going concern.
- Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. We performed appropriate audit testing on the recognition and completeness of turnover and management’s assessment of going concern.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CROMWOOD LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Malcolm Venitt (Senior Statutory Auditor)
for and on behalf of Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

16 December 2024

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 141,492,232 104,300,706

Cost of sales (96,056,015 ) (72,161,391 )
GROSS PROFIT 45,436,217 32,139,315

Administrative expenses (8,865,458 ) (4,972,806 )
36,570,759 27,166,509

Other operating income 1,708,421 1,465,239
38,279,180 28,631,748

Interest receivable and similar income 618,000 38,807
38,897,180 28,670,555

Interest payable and similar expenses 4 (87,309 ) (68,018 )
PROFIT BEFORE TAXATION 5 38,809,871 28,602,537

Tax on profit 7 (9,702,830 ) (5,434,827 )
PROFIT FOR THE FINANCIAL YEAR 29,107,041 23,167,710

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

29,107,041

23,167,710

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 9 1,141,048 7,909
Investment property 10 2,149,875 2,149,875
3,290,923 2,157,784

CURRENT ASSETS
Debtors 11 24,881,922 18,305,837
Cash at bank 26,390,002 14,657,921
51,271,924 32,963,758
CREDITORS
Amounts falling due within one year 12 (24,614,896 ) (12,451,486 )
NET CURRENT ASSETS 26,657,028 20,512,272
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,947,951

22,670,056

CREDITORS
Amounts falling due after more than one
year

13

(1,779,945

)

(1,559,091

)
NET ASSETS 28,168,006 21,110,965

CAPITAL AND RESERVES
Called up share capital 17 100 100
Revaluation reserve 69,061 69,061
Retained earnings 28,098,845 21,041,804
SHAREHOLDERS' FUNDS 28,168,006 21,110,965

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:




M Lorincz - Director



M Hirschler - Director


CROMWOOD LTD (REGISTERED NUMBER: 04512289)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100 4,745,461 69,061 4,814,622

Changes in equity
Dividends - (6,871,367 ) - (6,871,367 )
Total comprehensive income - 23,167,710 - 23,167,710
Balance at 31 March 2023 100 21,041,804 69,061 21,110,965

Changes in equity
Dividends - (22,050,000 ) - (22,050,000 )
Total comprehensive income - 29,107,041 - 29,107,041
Balance at 31 March 2024 100 28,098,845 69,061 28,168,006

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 34,152,953 22,921,461
Interest paid (87,309 ) (68,018 )
Tax paid 113 (1,272,989 )
Net cash from operating activities 34,065,757 21,580,454

Cash flows from investing activities
Purchase of tangible fixed assets (1,134,587 ) -
Purchase of investment property - (193,276 )
Interest received 618,000 38,807
Net cash from investing activities (516,587 ) (154,469 )

Cash flows from financing activities
New loans in year 325,000 -
Loan repayments in year (92,089 ) (83,869 )
Equity dividends paid (22,050,000 ) (6,871,367 )
Net cash from financing activities (21,817,089 ) (6,955,236 )

Increase in cash and cash equivalents 11,732,081 14,470,749
Cash and cash equivalents at beginning of
year

2

14,657,921

187,172

Cash and cash equivalents at end of year 2 26,390,002 14,657,921

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 38,809,871 28,602,537
Depreciation charges 1,448 1,856
Finance costs 87,309 68,018
Finance income (618,000 ) (38,807 )
38,280,628 28,633,604
Increase in trade and other debtors (6,576,085 ) (9,470,530 )
Increase in trade and other creditors 2,448,410 3,758,387
Cash generated from operations 34,152,953 22,921,461

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 26,390,002 14,657,921
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 14,657,921 187,172


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 14,657,921 11,732,081 26,390,002
14,657,921 11,732,081 26,390,002
Debt
Debts falling due within 1 year (85,558 ) (12,057 ) (97,615 )
Debts falling due after 1 year (1,559,091 ) (220,854 ) (1,779,945 )
(1,644,649 ) (232,911 ) (1,877,560 )
Total 13,013,272 11,499,170 24,512,442

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Cromwood Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Critical accounting estimates and judgements
In the application of the entity’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily 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 estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is the amount derived from ordinary activities and is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

All categories of fixed assets excluding Construction Work-in-progress are initially recognised at cost and then held on the balance sheet at historic cost less accumulated depreciation. Construction Work-in-Progress is held at cost and there is no depreciation of the accumulated costs until the project is completed and the asset is placed into service. If an event occurs which indicates a material reduction in a fixed asset's carrying value, an impairment review will be carried out. Any impairment charge is recognised in the statement of financial activities.

Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments
Financial instruments are recognised in the entity's balance sheet when the entity 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.

Cash
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,351,901 1,318,812
Social security costs 195,594 106,493
Other pension costs 37,854 21,278
2,585,349 1,446,583

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 2 2
Administration staff 133 58
135 60

31.3.24 31.3.23
£    £   
Directors' remuneration 115,798 112,592
Directors' pension contributions to money purchase schemes 1,410 1,410

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank loan interest 87,309 68,018

5. PROFIT BEFORE TAXATION

The profit is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 1,448 1,856

6. AUDITORS' REMUNERATION

The remuneration payable for the audit and creation of the 31.03.24 financial statements is £20,000 plus VAT.

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 9,702,830 5,434,827
Tax on profit 9,702,830 5,434,827

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 38,809,871 28,602,537
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

9,702,468

5,434,482

Effects of:
Expenses not deductible for tax purposes 362 353
Capital allowances in excess of depreciation - (8 )
Total tax charge 9,702,830 5,434,827

8. DIVIDENDS
31.3.24 31.3.23
£    £   
Interim 22,050,000 6,871,367

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Construction and Motor Computer
WIP fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 - 31,412 41,334 42,863 115,609
Additions 1,134,587 - - - 1,134,587
At 31 March 2024 1,134,587 31,412 41,334 42,863 1,250,196
DEPRECIATION
At 1 April 2023 - 24,959 41,334 41,407 107,700
Charge for year - 968 - 480 1,448
At 31 March 2024 - 25,927 41,334 41,887 109,148
NET BOOK VALUE
At 31 March 2024 1,134,587 5,485 - 976 1,141,048
At 31 March 2023 - 6,453 - 1,456 7,909

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,149,875
NET BOOK VALUE
At 31 March 2024 2,149,875
At 31 March 2023 2,149,875

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 69,061
Cost 2,080,814
2,149,875

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 2,080,814 2,080,814
Aggregate depreciation 278,930 237,314

Investment properties were valued on a fair value basis on 31 March 2024 by the Directors .

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,961,205 4,908,045
Loans receivable 21,845,485 12,935,406
Prepayments 75,232 462,386
24,881,922 18,305,837

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 14) 97,615 85,558
Trade creditors 2,913,173 3,393,702
Tax 15,290,489 5,587,546
VAT 2,062,333 2,483,012
Other creditors 3,197,286 871,668
Accrued expenses 1,054,000 30,000
24,614,896 12,451,486

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 14) 1,779,945 1,559,091

14. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 97,615 85,558

Amounts falling due between one and two years:
Bank loans - 1-2 years 97,615 87,711

Amounts falling due between two and five years:
Bank loans - 2-5 years 242,705 246,927

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,439,625 1,224,453

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 23,914,215 24,180,627
Between one and five years 10,962,524 -
34,876,739 24,180,627

Thecompany has also entered into a number of non-cancellable operating leases as lessor for which the total of future minimum lease payments are £28,291,577 all receivable within one year.

16. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 1,877,560 1,644,649

The bank loans are secured by a first charge over the company's investment properties and bear interest at variable rates.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

18. RELATED PARTY DISCLOSURES

The immediate and ultimate parent undertaking and controlling party is M & P Leadale Group Ltd, which prepares group financial statements. The registered office of M & P Leadale Group Ltd is First Floor, Winston House, 349 Regents Park Road, London, England, N3 1DH.

Cromwood Limited is owned in the proportions 51% to 49% by companies of which Mr M Hirschler (Director) and Mr M Lorincz (Director) are Directors. These companies are M & P Leadale Group Ltd and Cliffton Group Ltd. During the period ending 31.03.2024 dividends totalling £22,050,000 were declared by Cromwood Ltd and as at 31.03.2024 Cromwood Ltd owes Cliffton Group Ltd £187,298. In addition, as at 31.03.24 Cromwood Ltd owed Cliffton Group Ltd £3,000,000 in the form of a loan.

Cromwood Housing Limited is wholly owned by the three directors of Cromwood Housing Limited, two of these directors are Mr M Hirschler (61%) and Mr M Lorincz (34%). During the period an income total of £1,195,755 was recognised in the books of Cromwood Ltd relating to housing management, administrative support & rental properties provided to Cromwood Housing Ltd. In addition, in the period Cromwood Ltd recognised expenditure of £47,814 relating to re-imbursements and rental services provided by Cromwood Housing Ltd. As at 31.03.2024 Cromwood Housing Ltd owes Cromwood Ltd £9,270,305 in the form of a loan and £285,324 in the form of an outstanding trade debtor balance. Finally, as at 31.03.24 Cromwood Ltd owes Cromwood Housing Ltd £19,450 in the form of an outstanding trade creditor balance.

The total Directors' remuneration and benefits in the period has been detailed within Employees & Directors note. During the period ending 31.03.2024 expenses totalling £2,222 were re-imbursed to the Directors by Cromwood Ltd. The wife and two sons of Mr M Hirschler were employed by Cromwood Ltd throughout the period. In addition, the wife and son of Mr M Lorincz were also employed by Cromwood Ltd throughout the period.

Throughout the period ending 31.03.2024 a number of transactions were recognised between Cromwood Ltd and entities which share a common Director with Cromwood Ltd, these transactions have been summarised as at 31.03.2024 below:

149 ESTATES LTD:
Purchases/ rental expenditure - £20,638
Amount owed to related party - £1,852

205 ESTATES LIMITED:
Purchases/ rental expenditure - £9,000
Amount owed to related party - £3,000
Outstanding loan owed to Cromwood Ltd - £1,870,700

25 COTSWOLD LIMITED:
Purchases/ rental expenditure - £8,140

28B ESTATES LTD:
Purchases/ rental expenditure - £4,704
Amount owed to related party - £1,100

BUCKLANE ESTATES LTD:
Purchases/ rental expenditure - £79,552
Amount owed to related party - £6,056
Outstanding loan owed to Cromwood Ltd - £370,573

CENTEREDGE LTD:
Purchases/ rental expenditure - £105,890
Amount owed to related party - £9,367
Outstanding loan owed to Cromwood Ltd - £2,584

CLIFF PROPERTIES LTD:
Purchases/ rental expenditure - £77,021

CROMWOOD LTD (REGISTERED NUMBER: 04512289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
Amount owed to related party - £6,715

FREEGROVE PROPERTIES LIMITED:
Purchases/ rental expenditure - £69,776
Amount owed to related party - £6,245

HARPER HOUSE ESTATES LTD:
Purchases/ rental expenditure - £165,544
Amount owed to related party - £14,053
Outstanding loan owed to Cromwood Ltd - £362,192

JRL ESTATES LTD:
Purchases/ rental expenditure - £71,796
Amount owed to related party - £6,508

LATIMER ESTATES LTD:
Purchases/ rental expenditure - £96,207
Amount owed to related party - £8,400

M & P LEADALE ESTATES LTD:
Purchases/ rental expenditure - £52,491
Amount owed to related party - £1,876
Outstanding loan owed to Cromwood Ltd - £14,300

MAGNA HOUSE LTD:
Outstanding loan owed to Cromwood Ltd - £4,186,554

NORTHUMBERLAND GROVE LTD:
Purchases/ rental expenditure - £13,014

PARKWAY HEIGHTS LIMITED:
Purchases/ rental expenditure - £15,589
Amount owed to related party - £1,628

PEARLCLIFF LTD:
Purchases/ rental expenditure - £52,372
Amount owed to related party - £3,161
Outstanding loan owed to Cromwood Ltd - £187,298

SOUTHLAND INVESTMENTS LTD:
Purchases/ rental expenditure - £47,817
Amount owed to related party - £4,495

SUTTON GATE LTD:
Outstanding loan owed to Cromwood Ltd - £3,697,277

WELBECK PORTLAND PROPERTIES LTD:
Purchases/ rental expenditure - £152,334
Amount owed to related party - £9,580

YEW ESTATES LTD:
Purchases/ rental expenditure - £13,061
Amount owed to related party - £1,067

No other related party transactions have been noted during the period ended 31 March 2024.