| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| CROWN WORLDWIDE PROPERTIES (UK) LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| CROWN WORLDWIDE PROPERTIES (UK) LIMITED |
| CROWN WORLDWIDE PROPERTIES (UK) LIMITED (REGISTERED NUMBER: 02114905) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| CROWN WORLDWIDE PROPERTIES (UK) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 3 Doolittle Yard |
| Froghall Road |
| Ampthill |
| Bedfordshire |
| MK45 2NW |
| CROWN WORLDWIDE PROPERTIES (UK) LIMITED (REGISTERED NUMBER: 02114905) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CROWN WORLDWIDE PROPERTIES (UK) LIMITED (REGISTERED NUMBER: 02114905) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Crown Worldwide Properties (UK) Limited is a |
| The presentation currency of the financial statements is Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| Notwithstanding the net liabilities of £207k as at 31 December 2024, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. |
| The directors have identified that the properties are held at cost less depreciation, in accordance with group policies, however they consider the fair value of these properties to be in excess of this value. |
| The Directors have prepared cash flow forecasts for the 12 months following the approval of the financial statements which indicate that the company will have sufficient funds to meet its liabilities as they fall due for that period.The forecasts are dependant on a related party, Crown Worldwide Limited, not seeking repayment of the amounts currently due which at the balance sheet date amount to £17.4m. As with any company placing reliance on other group entities for support, the directors acknowledge that there are no certainty that this support will continue although at the date of approval of these financial statements, they have no reason to believe that it will not do so. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents rent received and is recognised on the accruals basis. |
| Tangible fixed assets |
| Properties have been transferred from group companies at net book value held in those companies. The properties are rented to group entities and therefore the directors choose to apply the cost model to these assets. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property | - | 2% on cost from the date acquired by the group |
| Land is not depreciated. |
| CROWN WORLDWIDE PROPERTIES (UK) LIMITED (REGISTERED NUMBER: 02114905) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold |
| property |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| Prepayments |
| CROWN WORLDWIDE PROPERTIES (UK) LIMITED (REGISTERED NUMBER: 02114905) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Other creditors |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 2-5 years |
| Amounts owed to group undertakings |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | CONTINGENT LIABILITIES |
| The company is party to a cash pooling arrangement with HSBC Bank Plc, along with Crown Worldwide Limited, Crown Records Management Limited, Crown Fine Art Limited and Crown Workspace Limited. |
| Freehold properties of Crown Worldwide Properties (UK) Limited and each entity act as a guarantor for overdraft balances held by any of these entities. |
| 10. | ULTIMATE CONTROLLING PARTY |
| Jenjet Inc, a company incorporated in the British Virgin Islands is the ultimate parent company and the parent of the largest group to prepare consolidated accounts of which this company is a member. |
| Copies of the consolidated financial statements can be obtained from the registered office at Suite 2001, Mass Mutual Tower, 38 Gloucester Road, Hong Kong. |
| The ultimate controlling party is S B Thompson by virtue of the shareholding in the ultimate parent company. |