REGISTERED NUMBER: 02849904 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

CANYNGE BICKNELL (LENFESTEY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M L Fitzgerald

A Whicheloe

REGISTERED OFFICE:

58 Royal York Crescent

Clifton

Bristol

BS8 4JP

REGISTERED NUMBER:

02849904 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Bath House

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Investment property

5

2,500,718

2,500,718

CURRENT ASSETS

Debtors

6

60,869

16,547

Cash at bank

508,529

584,058

569,398

600,605

CREDITORS

Amounts falling due within one year

7

(1,133,480

)

(1,176,697

)

NET CURRENT LIABILITIES

(564,082

)

(576,092

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,936,636

1,924,626

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8

1,936,536

1,924,526

SHAREHOLDERS' FUNDS

1,936,636

1,924,626

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

M L Fitzgerald - Director

1.	COMPANY INFORMATION

Canynge Bicknell (Lenfestey) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activities of the company in the year under review were those of property development, investment and management.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Except for the treatment of investment properties, these financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

Investment properties have not been measured at their fair value as at the year end date which is contrary to the provisions of FRS 102. FRS 102 requires that investment properties must be measured at fair value at each reporting date with any changes in their fair value being recognised in the company's profit and loss account. FRS 102 further requires that any investment properties not meeting the annual requirement for remeasurement at fair value should be reclassified and presented within land and buildings (tangible fixed assets) and depreciated. The financial statements of the company continue to recognise the properties as investment property which is contrary to the provisions of FRS 102.

It is the opinion of the directors that there would be no benefit to the company or its shareholders of recognising investment properties at fair value in the accounts. The directors are further of the opinion that no depreciation would arise on a reclassification of the properties to land and buildings as the net realisable value of the properties is believed to be in excess of their carrying value. As a result, the directors have chosen to continue to present the properties within investment property.

Excluding the accounting treatment in respect of investment properties, the directors are of the opinion that the financial statements give a true and fair view in all other respects.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

At the 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.

At the balance sheet date the company had net current liabilities of £564,082 (2023 - £576,092). Included in current liabilities is an amount of £1,000,042 (2023 - £1,000,000) owed to associates of the company. These associates have confirmed that these amounts, although technically payable in less than one year, will not be called for payment until the company is in a position to do so. These amounts were fully repaid after the year end following the sale of the property. Therefore, the directors are satisfied that the company will be able to meet its liabilities as they fall due, and the going concern basis is appropriate.

Rental income

Rental income is accounted for on an accruals basis.

Investment property

Investment properties are capitalised at market value when the decision is taken to retain the property concerned for its investment potential, the valuations concerned being undertaken by independent Chartered Surveyors, or at cost if acquired or constructed for investment purposes. Where capitalisation takes place after development of a property, any profit or loss arising is recognised at that stage. The above treatment is not in accordance with the requirements of FRS 102, but the directors are of the opinion that this treatment is required in order that the development activities of the company are fairly stated. The effect of this treatment is dealt with elsewhere within these notes.

The investment properties have not been revalued to current market value in accordance with the provisions of FRS 102. It is the opinion of the directors that there would be no benefit to the company or its shareholders of recognising investment properties at fair value in the accounts. The directors also consider that investment properties are maintained in a high state of repair by the company such that any depreciation charged on a reclassification to land and buildings (tangible fixed assets) would not be appropriate, as the net realisable value of the properties would exceed their carrying value.

Cash and cash equivalents

Cash and cash equivalents 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.

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 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.

Financial assets

Basic financial assets, which include trade and other debtors, amounts due from associated undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to associated undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises the current tax charge. Tax is recognised in the Profit and Loss Account, 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 3 (2023 - 3 ) .

4.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

3,750

2,475

5.	INVESTMENT PROPERTY

Total

£

COST

At 1 January 2024

and 31 December 2024

2,500,718

NET BOOK VALUE

At 31 December 2024

2,500,718

At 31 December 2023

2,500,718

The company has not adopted a policy of revaluation of fixed assets under the provisions of FRS 102. It is the opinion of the directors that there would be no benefit to the company or its shareholders of recognising investment properties at fair value in the accounts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

15,951

9,977

Other debtors

40,954

6,570

VAT

3,964

-

60,869

16,547

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,436

5,054

Amounts owed to associates

1,000,042

1,000,000

Tax

6,450

55,056

VAT

-

11,460

Other creditors

53,874

58,233

Accruals and deferred income

71,678

46,894

1,133,480

1,176,697

Included within amounts owed to associated undertakings are loans totalling £1.00m (2023 - £1.00m) with fixed charges over the borrower's property. The loans were fully repaid after the year end following the sale of the property.

8.

RESERVES

Retained earnings

Retained earnings represent cumulative profits and losses stated net of dividends and other adjustments.

As explained in note 2, the company accounts for unrealised development profits resulting from the capitalisation of investment properties in the year in which reclassification takes place. At the balance sheet date accumulated net gains arising from such transactions amounted to £233,292 (2023 - £233,292).

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

As explained in note 2 to the financial statements, the company has recognised its investment properties under the heading of investment property at either historical cost or at a valuation at the point in time when property previously held in stock for development was transferred to investment property upon completion.

In accordance with FRS 102, investment properties must be measured at fair value at each reporting date with any changes in their fair value being recognised in the company's profit and loss account. Furthermore, any investment properties not meeting the annual requirement for remeasurement at fair value should be reclassified and presented within land and buildings (tangible fixed assets) and depreciated.

Investment properties recognised in these financial statements have not been measured at their fair value as at the year end

date, nor have they been reclassified under land and buildings and depreciated. The properties continue to be recognised

within investment property in the financial statements of the company. This is not in accordance with the provisions of FRS

102 and our opinion is qualified in this respect.

We are unable to quantify the effects of the departures from the requirements of FRS 102 referred to above other than

already described in the notes to the financial statements.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

10.	RELATED PARTY DISCLOSURES

During the year, the company paid interest to associated entities in respect of loans made to the company:

Canynge Securities Limited - £30,000 (2023 - £20,082)

Bicknell Holdings PLC - £30,000 (2023 - £20,082)

Additionally, during the year, the following property management charges were made to associated entities:

Bicknell Holdings PLC - £30,000 (2023 - £nil)

Lenfestey Estates (Holdings) Limited - £30,000 (2023 - £nil)

Canynge Properties Limited - £30,000 (2023 - £nil)

11.	POST BALANCE SHEET EVENTS

Subsequent to the year end, Canynge Bicknell (Lenfestey)'s ownership structure changed following a share buyback arrangement between two of its shareholders. On 10 February 2025, Canynge Bicknell Limited and Bicknell Holdings Plc disposed of their entire shareholdings in the company. This is a non-adjusting event and has therefore not resulted in any changes to the figures reported in these financial statements.

12.	ULTIMATE CONTROLLING PARTY

The company does not have a controlling party.