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COMPANY REGISTRATION NUMBER: 09770628
CGF Properties (Leicester) Limited
Filleted Unaudited Financial Statements
31 December 2024
CGF Properties (Leicester) Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
7,918,489
6,070,664
Current assets
Debtors
6
81,662
1,191
Cash at bank and in hand
315,690
16,698
---------
--------
397,352
17,889
Creditors: amounts falling due within one year
7
1,349,691
1,706,713
------------
------------
Net current liabilities
952,339
1,688,824
------------
------------
Total assets less current liabilities
6,966,150
4,381,840
Creditors: amounts falling due after more than one year
8
2,289,256
1,756,034
Provisions
Taxation including deferred tax
464,132
312,972
------------
------------
Net assets
4,212,762
2,312,834
------------
------------
Capital and reserves
Called up share capital
200
200
Fair value reserve
3,038,082
1,645,684
Profit and loss account
1,174,480
666,950
------------
------------
Shareholders funds
4,212,762
2,312,834
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CGF Properties (Leicester) Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 13 May 2025 , and are signed on behalf of the board by:
Mr M Singh
Director
Company registration number: 09770628
CGF Properties (Leicester) Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old mill, 9 Soar Lane, Leicester, LE3 5DE. The trading address is 65c Bedford Street South, Leicester LE1 3JR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Investment property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
6,013,470
1,624
59,665
5,101
6,079,860
Additions
5,250
2,208
7,458
Revaluations
1,856,530
1,856,530
------------
-------
--------
-------
------------
At 31 December 2024
7,870,000
6,874
59,665
7,309
7,943,848
------------
-------
--------
-------
------------
Depreciation
At 1 January 2024
1,407
3,729
4,060
9,196
Charge for the year
1,367
13,984
812
16,163
------------
-------
--------
-------
------------
At 31 December 2024
2,774
17,713
4,872
25,359
------------
-------
--------
-------
------------
Carrying amount
At 31 December 2024
7,870,000
4,100
41,952
2,437
7,918,489
------------
-------
--------
-------
------------
At 31 December 2023
6,013,470
217
55,936
1,041
6,070,664
------------
-------
--------
-------
------------
The investment properties were revalued on 1 August 2024 and 2 August 2024 by Innes England, an independent Chartered Surveyor.
6. Debtors
2024
2023
£
£
Trade debtors
60,389
Other debtors
21,273
1,191
--------
-------
81,662
1,191
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
180,000
213,400
Trade creditors
4,808
916
Corporation tax
73,244
54,110
Social security and other taxes
33,595
23,240
Other creditors
1,058,044
1,415,047
------------
------------
1,349,691
1,706,713
------------
------------
Classy Girls Fashion Pension Scheme have a fixed charge over the company for the freehold land and buildings on the South East side of Bedford Street South, Leicester. Handelsbanken have fixed and floating charges over all the assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,055,000
1,554,434
Other creditors
234,256
201,600
------------
------------
2,289,256
1,756,034
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £135,000 (2023: £210,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Fair value reserve
The following movements on the fair value reserve are included within fair value reserve in the statement of changes in equity:
2024
2023
£
£
At start of year
1,645,684
1,645,684
Transfer from profit and loss account to fair value reserve
1,392,398
------------
------------
At end of year
3,038,082
1,645,684
------------
------------
10. Related party transactions
At the balance sheet date the directors were owed £23,476 (2023: 71,248) by the company.