Company Registration No. 08330679 (England and Wales)
CAXTON PROPERTY DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CAXTON PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
CAXTON PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
30 November 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
675,275
58,539
Investment property
5
635,614
675,275
694,153
Current assets
Stocks
1,280,000
3,168,719
Debtors
6
567,398
536,829
Cash at bank and in hand
9,370
6,964
1,856,768
3,712,512
Creditors: amounts falling due within one year
7
(2,984,689)
(4,712,132)
Net current liabilities
(1,127,921)
(999,620)
Total assets less current liabilities
(452,646)
(305,467)
Provisions for liabilities
(84,040)
(87,070)
Net liabilities
(536,686)
(392,537)
Capital and reserves
Called up share capital
125
125
Revaluation reserve
8
246,993
246,993
Distributable profit and loss reserves
(783,804)
(639,655)
Total equity
(536,686)
(392,537)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mr CP Bellamy
Director
Company registration number 08330679 (England and Wales)
CAXTON PROPERTY DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2022
125
246,993
(243,156)
3,962
Year ended 30 November 2023:
Loss and total comprehensive income
-
-
(396,499)
(396,499)
Balance at 30 November 2023
125
246,993
(639,655)
(392,537)
Period ended 31 December 2024:
Loss and total comprehensive income
-
-
(144,149)
(144,149)
Balance at 31 December 2024
125
246,993
(783,804)
(536,686)
CAXTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Caxton Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Raymond Street, Shelton, Stoke-on-Trent, Staffordshire, ST1 4DP.
1.1
Reporting period
The company extended its year end to align with another group, Caxton Distribution Limited, which it is closely strategically aligned.
1.2
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.
The financial statements of the company are consolidated in the financial statements of Caxton Midlands Group Limited. These consolidated financial statements are available from The Registrar of Companies, Companies House, Crown Way, Cardiff CF14 3UZ.
1.3
Going concern
The company is insolvent by £536,686 . The trading assets of the business, when sold are fully expected to clear all debt other than the amount due to the parent. The parent company has represented that it will not call in its debt if this threatens the liquidity of the company. The company will continue to lease its investment properties and will be seeking planning permission on its land bank Therefore at truethe time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Revenue is recognised on property sales from the point of unconditional exchange of contracts and comprises the fair value consideration received or receivable, net of value added tax.
Rental income is recognised in other operating income on a straight-line basis over the term of the lease.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
1.5
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.
CAXTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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:
Land and buildings
2% on cost
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
33% straight line
Integral features
10% 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.
1.6
Investment property
The company owns two commercial office spaces which it lets in the majority to other group companies and to a lesser extent to other external tenants. As the majority is used for the group the company accounts for these at cost. The market value ( residual value) is higher than cost and therefore the assets are not depreciated.
1.7
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.
1.8
Stocks
Stocks consist of residential property under construction that are intended to be sold once completed. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present stage of completion.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
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.
1.10
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.
CAXTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
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.
1.11
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.
1.12
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.
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account).
CAXTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
As lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
1
2
CAXTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Integral features
Total
£
£
£
£
£
Cost
At 1 December 2023
25,200
41,951
54,106
121,257
Transfer from investment property
635,614
-
-
-
-
At 31 December 2024
635,614
25,200
41,951
54,106
756,871
Depreciation and impairment
At 1 December 2023
18,361
29,335
15,022
62,718
Depreciation charged in the Period
1,831
11,186
5,861
18,878
At 31 December 2024
20,192
40,521
20,883
81,596
Carrying amount
At 31 December 2024
635,614
5,008
1,430
33,223
675,275
At 30 November 2023
6,839
12,616
39,084
58,539
During the year, the Company transferred land and buildings previously classified as investment property to tangible fixed assets. At the date of transfer, the land and buildings were held at fair value of £635,614, which has been adopted as deemed cost. No revaluation gain or loss arose on transfer. The property will now be depreciated in line with the Group’s accounting policy for land and buildings.
5
Investment property
2024
£
Fair value
At 1 December 2023
635,614
Transfers
(635,614)
At 31 December 2024
No depreciation is provided in respect of these properties.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,322
43,838
Amounts owed by group undertakings
254,074
184,568
Other debtors
297,002
308,423
567,398
536,829
CAXTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
140,439
1,138,524
Obligations under finance leases
4,778
Trade creditors
30,483
3,966
Amounts owed to group undertakings
2,689,536
3,451,083
Taxation and social security
7,756
3,759
Other creditors
106,475
103,022
Accruals and deferred income
10,000
7,000
2,984,689
4,712,132
Bank loans of £140,244 are secured by an unlimited debenture on all the assets of the company and by an unlimited debenture from fellow group undertaking Caxton Builders (Midlands) Limited under a cross guarantee arrangement and are also secured by a guarantee to the value of £500,000 from a director.
The bank loan was repaid in full in February 2025 following the sale of housing stock.
8
Revaluation reserve
This reserve represents the cumulative effect of revaluations of land and buildings.
Land and buildings were previously classified as investment properties and carried at fair value. During the year these properties were transferred to freehold land and buildings in tangible fixed assets and are reported at deemed cost of £635,614.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the Period 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.
Senior Statutory Auditor:
Karen Staley FCA BSc (Hons)
Statutory Auditor:
Geens Limited
Date of audit report:
24 July 2025
CAXTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
10
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with the parent company and wholly owned group subsidiary companies on the grounds that consolidated financial statements are prepared by the parent company.
The company has the following related parties whereby transactions have incurred during the year.
Caxton Distribution Limited and it's subsidiary Stofix UK Limited are under common control.
Director, Mr John Webber has controlling interest in Caxton La Sala and is a director of Caxton Mechanical and Electrical Limited.
Rent charged to Stofix UK Limited in the year - £nil (2023: £16,000)
Rent charged to Caxton Mechanical and Electrical Limited in the year - £10,400 (2023: £4,800). An amount of £30,567(2023: £24,807) is owed at the year end
The company is owed £273,835 (2023: £279,096) from Caxton La Sala for costs incurred on their behalf.
The company is owed £nil (2023 - £25,000) from Caxton Distribution Limited
The amounts owed to and from the company are repayable on demand and no interest is charged.
11
Parent company
The immediate and ultimate parent company is Caxton Midlands Group Limited a company registered in England. Caxton Property Developments Limited is included in the group accounts of Caxton Midlands Group Limited, which are available from the registered office address:
36 Raymond Street
Shelton
Stoke-on-Trent
Staffordshire
ST1 4DP
The company is controlled by company director, John Webber, who is the majority shareholder of Caxton Midlands Group Limited.
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