Crest Property Management Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—7

1. General Information

Crest Property Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08594804 . The registered office is The Old Laundry Lady Mary Square, Rostherne Lane, Rostherne, Knutsford, Cheshire, WA16 6SA.

The principal activity of the company consists of property management, rent collection, and property maintenance.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

2.2. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excludung discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;

it is probable that the company will receive the consideration due under the contract;

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

Fees for property management services provided are recognised as they are earned.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets under the cost model are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	33.3% straight line
Motor Vehicles	33.3% straight line
Computer Equipment	33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

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Crest Property Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtor and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for that asset if it were to be sold at the balance sheet date.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Income Statement because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair value of liabilities acquired and the amount that will be assessed for tax.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in the Income Statement, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.6. Operating leases: the company as lessee

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard, 1 January 2017, to continue to be charged over the period to the first market rent review rather than the term of the lease.

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Crest Property Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Debtors, cash and cash equivalents, and creditors

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are matured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8. Provisons for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the year end date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2023: 8)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	26,576	-	1,582	28,158
Additions	-	30,000	-	30,000

As at 31 December 2024	26,576	30,000	1,582	58,158

Depreciation
As at 1 January 2024	26,576	-	1,054	27,630
Provided during the period	-	833	528	1,361

As at 31 December 2024	26,576	833	1,582	28,991

...CONTINUED

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Crest Property Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	-	29,167	-	29,167

As at 1 January 2024	-	-	528	528

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	4,084	1,907
Other debtor balances	6,527	526
Prepayments and accrued income	148,650	130,565
Amounts owed by related undertakings	1,434,082	1,503,036

	1,593,343	1,636,034

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	4,488	1,237
Bank loans and overdrafts	10,126	10,126
Corporation tax	316	1,573
Other taxes and social security	2,276	22,411
Other creditors	208,804	182,672
Accruals and deferred income	8,844	247,229
Amounts owed to related undertakings	1,617,777	1,302,898

	1,852,631	1,768,146

Other creditors include loans from the directors of £179,995 (2023: £163,892). These loans are unsecured, interest free, and have no fixed repayment terms.

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	9,282	19,408

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	300	300

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Crest Property Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Related Party Transactions

The company delivers property management services to a portfolio of investment properties within the group headed by Forward Construction and Developments Limited and other entities controlled by the directors or related to the directors.

During the year property management charges were made to the following entities ultimately controlled by the directors:

The Forward Property Group Limited, £13,750 (2023: £13,750)

Tilesite Limited, £6,000 (2023: £5,000)

Lancebury Estates Limited, £5,000 (2023: £5,000)

Forward Construction and Developments Limited, £15,000 (2023: £15,000)

St Baldreds Estates Limited, £5,000 (2023: £5,000)

Forward Point Limited, £15,425 (2023: £10,000)

Crest Commercial Property Limited, £5,000 (2023: £5,000).

At 31 December 2024, the following balances were owed by related undertakings (note 5):

The Forward Property Group Limited, £1,434,082 (2023: £1,471,768)

St Baldreds Estates Limited, £Nil (2023: £10,936)

Lancebury Estates Limited £Nil (2023: £20,332).

At 31 December 2024, the following balances were owed to related undertakings (note 6);

Forward Construction and Developments Limited £97,339 (2023: £74,652)

Tilesite Limited, £576,074 (2023: £461,013)

Forward Construction and Developments Limited Self Administered Pension Scheme, £663,963 (2023: £640,421)

St Baldreds Estates Limited, £47,893 (2023: £Nil)

Lancebury Estates Limited, £48,373 (2023: £Nil)

Crest Commercial Property Limited, £89,412 (2023: £3,670)

Planetree Homes Limited, £Nil (2023: £18,859)

Forward Point Limited, £94,723 (2023: £104,283).

Other creditors (note 6) includes loans from the directors, £179,995 (2023: £163,892).

During the year dividends of £1,500 (2023: £3,000) were paid to shareholders.

All related party loans and balances have no fixed terms and no interest is charged.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		29,167		528

			29,167		528
CURRENT ASSETS
Debtors	5	1,593,343		1,636,034
Cash at bank and in hand		355,945		268,451

		1,949,288		1,904,485
Creditors: Amounts Falling Due Within One Year	6	(1,852,631 )		(1,768,146 )

NET CURRENT ASSETS (LIABILITIES)			96,657		136,339

TOTAL ASSETS LESS CURRENT LIABILITIES			125,824		136,867

Creditors: Amounts Falling Due After More Than One Year	7		(9,282 )		(19,408 )

NET ASSETS			116,542		117,459

CAPITAL AND RESERVES
Called up share capital	8		300		300
Income Statement			116,242		117,159

SHAREHOLDERS' FUNDS			116,542		117,459