REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CROMWOOD LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
CROMWOOD LTD (REGISTERED NUMBER: 04512289) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
36,570,759 | 27,166,509 |
Other operating income |
38,279,180 | 28,631,748 |
Interest receivable and similar income |
38,897,180 | 28,670,555 |
Interest payable and similar expenses | 4 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION | 5 |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CROMWOOD LTD (REGISTERED NUMBER: 04512289) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Purchase of investment property | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Finance costs | 87,309 | 68,018 |
Finance income | (618,000 | ) | (38,807 | ) |
38,280,628 | 28,633,604 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Directors | 2 | 2 |
Administration staff | 133 | 58 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
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 |
5. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
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 |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Total tax charge | 9,702,830 | 5,434,827 |
8. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Interim |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Loans receivable | 21,845,485 | 12,935,406 |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Tax |
VAT | 2,062,333 | 2,483,012 |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 14) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
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 |
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: | £ | £ |
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. |