Registration number: 04887856

Carworgie Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Carworgie Limited

Company Information

Director

M Barney

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Carworgie Limited

Statement of Financial Position as at 30 September 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Tangible assets	4	7,000,000	6,335,868
Investments	5	2,825,054	2,825,054
		9,825,054	9,160,922
Current assets
Debtors	6	112,701	550,436
Cash at bank and in hand		145	102
		112,846	550,538
Creditors: Amounts falling due within one year	7	(3,058,616)	(2,976,746)
Net current liabilities		(2,945,770)	(2,426,208)
Total assets less current liabilities		6,879,284	6,734,714
Provisions for liabilities		(1,396,650)	(1,332,762)
Net assets		5,482,634	5,401,952
Capital and reserves
Called up share capital		100	100
Revaluation reserve		4,308,164	4,114,915
Retained earnings		1,174,370	1,286,937
Shareholders' funds		5,482,634	5,401,952

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Carworgie Limited

Statement of Financial Position as at 30 September 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 24 September 2025
 

.........................................

M Barney

Director

Company registration number: 04887856

Carworgie Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activities of the company is that of an investment holding company and the operation of a holiday home park.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company made a loss for the year ended 30 September 2024 but had net assets at that date of £5,482,634 and net current liabilities of £2,945,770.

At this date an amount of £2,963,101 was due to group undertakings who have agreed to not call for repayment until such time as the company has sufficient working capital.

The director is optimistic about future trading and expects the company to return to profitability in the forthcoming year. Forecasts prepared by the director show that the company will continue to have sufficient working capital for a period exceeding 12 months from the date of approval of the financial statements.

On the basis of the above and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.

Rental income is recognised evenly over the period to which it relates.

Income in respect of the sale of lodges is recognised when risks and rewards of ownership are transferred to the customer, usually once an unconditional contract is in place.

Carworgie Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	Not depreciated
Plant and machinery	20% reducing balance

Revaluation of tangible fixed assets

Freehold properties are revalued to market value less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value.

Market values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Carworgie Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4	Tangible assets

	Freehold property £	Plant and machinery £	(As restated) Total £
Cost or valuation
At 1 October 2023	6,333,443	81,087	6,414,530
Revaluations	257,665	-	257,665
Additions	408,892	-	408,892
At 30 September 2024	7,000,000	81,087	7,081,087
Depreciation
At 1 October 2023	-	78,662	78,662
Charge for the year	-	2,425	2,425
At 30 September 2024	-	81,087	81,087
Carrying amount
At 30 September 2024	7,000,000	-	7,000,000
At 30 September 2023	6,333,443	2,425	6,335,868

The company's freehold property is included at market value at 30 September 2024 as estimated by the director at an amount of £7,000,000 based upon a professional valuation carried out by an RICS qualified valuer.

Carworgie Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5	Investments

	2024 £	2023 £
Investments in subsidiaries	2,825,054	2,825,054