CF 103 LIMITED 31/12/2024 iXBRL

Company registration number: 10493307

CF 103 LIMITED

Unaudited filleted financial statements

31 December 2024

Pearlman Rose

Chartered Accountants

Suite 1, First Floor

Jack Dash House

2 Lawn House Close

London, E14 9YQ

CF 103 LIMITED

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

CF 103 LIMITED

Directors and other information


	Directors	Mr Tariq Zamir Usmani
		Mr Kashif Zamir Usmani


	Company number	10493307


	Registered office	50 Havelock Terrace
		London
		SW8 4AL


	Accountants	Pearlman Rose
		Chartered Accountants
		Suite 1, Jack Dash House
		2 Lawn House Close
		London
		E148YQ

CF 103 LIMITED

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Investments	4	3,880,000		5,790,000
		_______		_______
			3,880,000		5,790,000

Current assets
Debtors	5	1,300,802		976,870
Cash at bank and in hand		144,685		13,879
		_______		_______
		1,445,487		990,749
Creditors: amounts falling due
within one year	6	( 1,832,994)		( 1,489,723)
		_______		_______
Net current liabilities			( 387,507)		( 498,974)
			_______		_______
Total assets less current liabilities			3,492,493		5,291,026

Creditors: amounts falling due
after more than one year	7		( 1,484,674)		( 3,039,977)

Provisions for liabilities			( 417,320)		( 840,305)

			_______		_______
Net assets			1,590,499		1,410,744
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			1,590,498		1,410,743
			_______		_______
Shareholders funds			1,590,499		1,410,744
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr Tariq Zamir Usmani

Director

Company registration number: 10493307

CF 103 LIMITED

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2023	1	579,440	579,441

Profit for the year		831,303	831,303
	_______	_______	_______
Total comprehensive income for the year	-	831,303	831,303

	_______	_______	_______
At 31 December 2023 and 1 January 2024	1	1,410,745	1,410,746

Profit for the year		179,753	179,753
	_______	_______	_______
Total comprehensive income for the year	-	179,753	179,753

	_______	_______	_______
At 31 December 2024	1	1,590,498	1,590,499
	_______	_______	_______

CF 103 LIMITED

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 50 Havelock Terrace, London, SW8 4AL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Other investments other than loans	Total
	£	£
Cost or valuation
At 1 January 2024	5,790,000	5,790,000
Disposals	( 1,471,485)	( 1,471,485)
Revaluations	( 438,515)	( 438,515)
	_______	_______
At 31 December 2024	3,880,000	3,880,000
	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	3,880,000	3,880,000
	_______	_______
At 31 December 2023	5,790,000	5,790,000
	_______	_______

The fair value of the investment properties has been arrived on the basis of a valuation which was carried out in December 2023 by Lambert Smith Hampton. The valuation was made on an open market value basis derived from current market rents for similar properties, adjusted if necessary for any difference in nature, location or condition of the specific assets. The intial investment properties were transferred from related companies at a value of £5,330,000 in 2017. The investment properties in the book were having historical cost of 3,835,314, in 2024 the company disposed two freehold properties which had a total historical cost of £1,624,593. The current historic cost remaining is £2,210, 721.

5. Debtors

	2024	2023
	£	£
Trade debtors	( 4,629)	( 5,254)
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,264,626	933,027
Other debtors	40,805	49,097
	_______	_______
	1,300,802	976,870
	_______	_______

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	61,761	98,966
Trade creditors	13,547	6,505
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,213,315	1,289,444
Corporation tax	37,048	-
Social security and other taxes	358,369	2,619
Other creditors	148,954	92,189
	_______	_______
	1,832,994	1,489,723
	_______	_______

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	1,484,674	3,039,977
	_______	_______

The main bank loan of £3.13m is being repaid in monthly instalments and attracts interest at 6.05% per annum. The loan is secured on the company's investment properties and is repayable by 2028. In 2024, part of the investment properties sold and part of the loan was settled from the proceeds. The other bank loan of remaining £17k is a Bounce Back Loan which is to be repaid in full via instalments by 6 August 2026. The loan is secured by a government guarantee.

8. Controlling party

The ultimate parent company is Henley Homes Public Limited which was placed in administration in August 2023. The ultimate controlling party throughout this and the previous period were the directors of the parent company.The accounts of this company are not consolidated within the accounts of Henley Homes Public Limited Company due to it being in liquidation. The registered office of Henley Homes (in administration) is C/O James Cowper Kreston the White Building 1-4, Cumberland Place, Southampton, SO15 2NP.