Crest Commercial Property Ltd

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—8

1. General Information

Crest Commercial Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11173340 . The registered office is The Old Laundry Lady Mary Square, Rostherne Lane, Rostherne, Knutsford, Cheshire, WA16 6SA.

The principal activity is property investment and development.

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. Going Concern Disclosure

The company has net current liabilities of £512,605 (2023: £2,804,097), including £36,365 (2023: £241,248) owed to related undertakings with no fixed repayment terms. Assurances have been received that financial support and extension of these facilities will be made available if required, and accordingly the financial statements are prepared on the going concern basis.

2.3. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. 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.

Turnover consists of rents receivable from investment properties, excluding VAT where relevant.

2.4. Investment Properties

All investment properties are carried at fair value, with changes in fair value being recognised in the Income Statement. The directors of the company have valued the property themselves based on such factors as current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. In this case the fair value is considered to be an open market value. The determined fair value of the investment property is most sensitive to the estimated yield. No depreciation is provided for investment properties.

Deferred taxation is provided on revaluation gains at the rate expected to apply when the property is sold.

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Crest Commercial Property Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. 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 debtors 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 best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were sold at the balance sheet date.

2.6. 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.

2.7. Provisions 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.

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Crest Commercial Property Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Debtors 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 subsequently at amortised cost using the effective interest method, less any impairment.

Creditors:

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

2.9. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2023: 5)

4. Tangible Assets

	Investment Properties
	£
Cost or Valuation
As at 1 January 2024	7,444,757

As at 31 December 2024	7,444,757

Net Book Value
As at 31 December 2024	7,444,757

As at 1 January 2024	7,444,757

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Crest Commercial Property Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Cost or valuation as at 31 December 2024 represented by:

	Investment Properties
	£
At cost	7,444,757

	7,444,757

The 2024 valuation of investment properties were by the directors, on an open market value, existing use basis.

If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024 - £5,783,048

2023 - £5,783,048

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	155,011	96,234
Prepayments and accrued income	1,921	76,532
Amounts owed by related undertakings	121,716	59,354

	278,648	232,120

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	6,255	1,883
Bank loans and overdrafts	160,000	2,410,000
Corporation tax	65,266	40,770
VAT	29,765	22,666
Other creditors	100,367	23,863
Accruals and deferred income	272,844	268,227
Amounts owed to related undertakings	158,081	300,602

	792,578	3,068,011

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Crest Commercial Property Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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

	2024	2023
	£	£
Bank loans	2,104,167	14,167
Other creditors	1,980,000	1,980,000

	4,084,167	1,994,167

8. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Accelerated capital allowances	97,935	56,743
Revaluation of investment properties	415,427	382,193

	513,362	438,936

9. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary A shares of £ 1 each	100	100
100 Ordinary B shares of £ 1 each	100	100
100 Ordinary C shares of £ 1 each	100	100
200 Ordinary D shares of £ 1 each	200	200

	500	500

10. Related Party Transactions

During the year Crest Property Management Limited charged property management fees of £5,000 (2023: £5,000) to the company. Crest Property Management Limited is a related party because it has the same controlling interests.

Working capital loans are advanced between the company and related parties from time to time.

Included within Debtors (note 5) is £89,412 (2023: £3,670) owed by Crest Property Management Limited, £32,304 (2023: £48,304) owed by The Forward Property Group Limited, and £Nil (2023: £7,380) owed by Tilesite Limited. The Forward Property Group Limited and Tilesite Limited are related companies by virtue of common directorships.

Included within Creditors: amounts falling due within one year (note 6) is £124,458 (2023: £77,273) owed to Forward Construction and Developments Limited. Forward Construction and Developments Limited is a related party because it has the same controlling interests, J N Shepherd and L Shepherd.

Included within Creditors: amounts falling due within one year (note 6) is £Nil (2023: £194,000) owed to Planetree Homes Limited. Planetree Homes Limited is a related party because it has the same controlling interests, J N Shepherd and L Shepherd.

Included within Creditors: amounts falling due within one year (note 6) is £33,523 (2023: £21,529) owed to The Forward Property Group Limited. The Forward Property Limited is a related party because it has the same controlling interests, J N Shepherd and L Shepherd.

...CONTINUED

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Crest Commercial Property Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Related Party Transactions - continued

Included within Creditors: amounts falling due after more than one year (note 7) are loans totalling £1,980,000 (2023: £1,980,000) made to the company by three directors of the company.

All of these loans with related companies have no fixed repayment terms and interest is not charged.

11. Secured creditors

Included within creditors falling due within one year, and creditors falling due after more than one year, are bank loans and overdrafts of £2,250,000 (2023: £2,400,000) which are secured. Security is by way of fixed charges over two of the investment properties of the company.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		7,444,757		7,444,757

			7,444,757		7,444,757
CURRENT ASSETS
Debtors	5	278,648		232,120
Cash at bank and in hand		1,325		31,794

		279,973		263,914
Creditors: Amounts Falling Due Within One Year	6	(792,578 )		(3,068,011 )

NET CURRENT ASSETS (LIABILITIES)			(512,605 )		(2,804,097 )

TOTAL ASSETS LESS CURRENT LIABILITIES			6,932,152		4,640,660

Creditors: Amounts Falling Due After More Than One Year	7		(4,084,167 )		(1,994,167 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(513,362 )		(438,936 )

NET ASSETS			2,334,623		2,207,557

CAPITAL AND RESERVES
Called up share capital	9		500		500
Income Statement			2,334,123		2,207,057

SHAREHOLDERS' FUNDS			2,334,623		2,207,557