College Road Developments (Croydon) Limited iXBRL

College Road Developments (Croydon) Limited

Reports and Financial Statements

for the financial year ended 31 December 2024

College Road Developments (Croydon) Limited

DIRECTOR AND OTHER INFORMATION


Director	John Fleming


Company Registration Number	11989618


Registered Office and Business Address	5th Floor
	62-64 Baker Street
	London
	W1U 7DF


Independent Auditors	Crowley Young
	Chartered Accountants
	Level 1
	Devonshire House
	One Mayfair Place
	London
	W1J 8AJ


Solicitors	Mayer Brown International LLP
	201 Bishopsgate
	London
	EC2M 3AF

College Road Developments (Croydon) Limited

STRATEGIC REPORT

for the financial year ended 31 December 2024

The director presents his strategic report on the company for the financial year ended 31 December 2024.

Review of the Company's Business

Turnover of the company for the financial year was £0.402m (FY23: £20.81m); the company has now concluded it's contractual obligations.

The company retained one of the properties in the short-term and this is generating rental income.

There was an operating profit for the year of £0.1m (2023: Loss of £1.44m).

The director is confident that the property value will increase when rental income is stabilised.

At the year end, there was a balance sheet surplus of £0.21m (FY23: 0.31m).

Principal Risks and Uncertainties

The director is aware of the inherent risks within the property market. The company monitors and manages these risks through internal controls and maintaining awareness of the market within which it operates.

Economic Risk
Significant political events and changing economic landscape in the UK and overseas can impact the company''s property business through, for example, supply chain disruption, labour costs and supply as well as the introduction of policies that may directly impact the company''s business model. These risks are considered when setting the company''s business strategy and operating model as well as working closely with our key contractors to mitigate supply risks.

Government regulation and planning process
Changes in the regulatory environment may affect the conditions and time taken to obtain planning approval and awarding of development contracts. Consultation with government agencies and our involvement with leading industry groups and stakeholders help to monitor, understand, and plan for proposed changes.

Health and safety
The director considers this to be an area of critical importance with the company promoting a positive safety culture, ensuring the wellbeing of all parties involved with our work. Health and safety or environmental breaches can impact our contractors and site visitors.

Section 172 Statement

The board of directors plan for the business is designed to have a long term beneficial impact on the company and to contribute to its success in delivering high quality residential buildings.

The health, safety and well-being of our sub-contractors and visitors to our site is one of our primary considerations in the way we do business. We act responsibly and fairly in our dealings with our suppliers and our sub-contractors and co-operate with our regulators, all of whom are integral to the successful delivery of our plan. We consider how our business impacts the community and the environment. The use of offsite construction methods benefits local residents, authorities and communities by enabling faster and less disruptive construction projects.

As the Board of Directors, our intention is to behave responsibly and we ensure that management act in a responsible manner, operating within the high standards of business conduct and good governance expected from our business.

Our intention is to behave responsibly towards our shareholders and treat them fairly so they too may benefit from the successful delivery of our plan.

On behalf of the board



___________________________
John Fleming
Director

26 May 2025

College Road Developments (Croydon) Limited

DIRECTOR'S REPORT

for the financial year ended 31 December 2024

The director presents his report and the audited financial statements for the financial year ended 31 December 2024.

Principal Activity

Property development but the company is renting out it's last development on a short term basis in order to maximise the yield.

Results and Dividends

The (loss)/profit for the financial year after providing for taxation amounted to £(97,780) (2023 - £2,016,043).

The director does not recommend payment of a dividend.

Director

The director who served during the financial year is as follows:

John Fleming

There were no changes in shareholdings between 31 December 2024 and the date of signing the financial statements.

Future Developments

The company plans to continue its present activities to ensure the sale of its final development.

Events After the End of the Reporting Period

There have been no significant events affecting the company since the financial year-end.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

■select suitable accounting policies and apply them consistently;

■make judgements and accounting estimates that are reasonable and prudent;

■prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditor
Each person who is a director at the date of approval of this report confirms that:
In so far as the director is aware:
■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
■the director has taken all the steps that he ought to have taken to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, Crowley Young, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

On behalf of the board

___________________________

John Fleming

Director

26 May 2025

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of College Road Developments (Croydon) Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of College Road Developments (Croydon) Limited ('the company') for the financial year ended 31 December 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
■give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the financial year then ended;
■have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
■have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we has concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we has performed, we has not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

■

the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

■

the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

■

adequate accounting records have not been kept; or

■

the financial statements are not in agreement with the accounting records and returns; or

■

certain disclosures of director's remuneration specified by law are not made; or

■

we have not received all the information and explanations we require for our audit.

Responsibilities of director for the financial statements

The director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our procedures included: enquiry of management and those charged with Governance around actual and potential litigation and claims; enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; reviewing minutes of meetings of those charged with governance; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

__________________________________

Fintan Crowley (Senior Statutory Auditor)

for and on behalf of

CROWLEY YOUNG

Chartered Accountants

Level 1

Devonshire House

One Mayfair Place

London

W1J 8AJ

26 May 2025

College Road Developments (Croydon) Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

■

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

■

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

■

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

■

Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

■

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

College Road Developments (Croydon) Limited

INCOME STATEMENT

for the financial year ended 31 December 2024

2024

2023

Continuing

Discontinued

Total

Continuing

Discontinued

Total

operations

operations

Notes

Turnover

134,016

267,816

401,832

20,810,020

Cost of sales

(83,194)

(98,156)

(181,350)

(22,235,770)

─────────

Gross profit/(loss)

50,822

169,660

220,482

(1,425,750)

Administrative

expenses

(17,416)

(103,103)

(120,519)

(14,905)

─────────

Operating profit/(loss)

33,406

66,557

99,963

(1,440,655)

Exceptional items

3,558,309

─────────

(Loss)/profit before

interest

33,406

66,557

99,963

2,117,654

Interest payable and

similar expenses

(1,189,008)

(160,356)

─────────

(Loss)/profit

before taxation

(1,155,602)

66,557

(1,089,045)

(160,356)

2,117,654

1,957,298

Tax on (loss)/profit

991,265

58,745

─────────

(Loss)/profit

for the financial year	(164,337)	66,557	(97,780)	(160,356)	2,176,399	2,016,043
	─────────	─────────	─────────	─────────	─────────	─────────
Total comprehensive income	(164,337)	66,557	(97,780)	(160,356)	2,176,399	2,016,043
	═════════	═════════	═════════	═════════	═════════	═════════

College Road Developments (Croydon) Limited

Company Registration Number: 11989618

STATEMENT OF FINANCIAL POSITION

as at 31 December 2024

		2024	2023
	Notes	£	£

Non-Current Assets

Property, plant and equipment

39,375,000

39,375,000

─────────

Current Assets

Debtors

1,639,702

2,629,720

Cash and cash equivalents

226,889

379,053

─────────

1,866,591

3,008,773

─────────

Creditors: amounts falling due within one year

(21,340,794)

(42,074,029)

─────────

Net Current Liabilities

(19,474,203)

(39,065,256)

─────────

Total Assets less Current Liabilities

19,900,797

309,744

Creditors:

amounts falling due after more than one year

(19,688,833)

─────────

Net Assets

211,964

309,744

═════════

Capital and Reserves

Called up share capital

100

100

Retained earnings

211,864

309,644

─────────

Equity attributable to owners of the company

211,964

309,744

═════════

Approved by the Director and authorised for issue on 26 May 2025



________________________________
John Fleming
Director

College Road Developments (Croydon) Limited

STATEMENT OF CHANGES IN EQUITY

as at 31 December 2024

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 January 2023	100	(1,706,399)	(1,706,299)
	─────────	─────────	─────────
Profit for the financial year	-	2,016,043	2,016,043
	─────────	─────────	─────────
At 31 December 2023	100	309,644	309,744
	─────────	─────────	─────────
Loss for the financial year	-	(97,780)	(97,780)
	─────────	─────────	─────────
At 31 December 2024	100	211,864	211,964
	═════════	═════════	═════════

College Road Developments (Croydon) Limited

STATEMENT OF CASH FLOWS

for the financial year ended 31 December 2024

	2024	2023
Notes	£	£

Cash flows from operating activities

(Loss)/profit for the financial year

(97,780)

2,016,043

Adjustments for:

Exceptional items

(3,558,309)

Interest payable and similar expenses

1,189,008

160,356

Tax on (loss)/profit on ordinary activities

(991,265)

(58,745)

─────────

99,963

(1,440,655)

Movements in working capital:

Movement in stocks

34,115,964

Movement in debtors

1,955,005

18,328,976

Movement in creditors

(1,768,199)

(44,725,255)

─────────

Cash generated from operations

286,769

6,279,030

Interest paid

(1,189,008)

(160,356)

Tax repaid

1,023,005

─────────

Net cash (used in)/generated from operating activities

(902,239)

7,141,679

─────────

Cash flows from investing activities

Payments to acquire investment property

(42,816,691)

─────────

Cash flows from financing activities

New long term loan		19,688,833	-
Advances to subsidiaries/group companies		(964,987)	5,767,658
Movement in funding from subsidiaries/group companies and connected parties		(17,973,771)	27,693,012
		─────────	─────────
Net cash generated from financing activities		750,075	33,460,670
		─────────	─────────

Net decrease in cash and cash equivalents		(152,164)	(2,214,342)
Cash and cash equivalents at beginning of financial year		379,053	2,593,395
		─────────	─────────
Cash and cash equivalents at end of financial year	12	226,889	379,053
		═════════	═════════

College Road Developments (Croydon) Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

General Information

College Road Developments (Croydon) Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 11989618. The registered office of the company is 5th Floor, 62-64 Baker Street, London, W1U 7DF which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of construction works carried out during the year and rental income which is recognised on a receivable basis.

Investment properties

Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

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 ordinary shares.

Debt instruments (other than those wholly receivable or payable within one year) including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently at the undiscounted amount of cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt beyond normal business terms or in the case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

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.

Finance costs

Interest and finance costs may be capitalised if they relate to property development.

Other finance costs are charged to profit and loss account over the period of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Exceptional item

Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.

Going concern

Having undertaken a going concern review, the director has considered the company's principal risk areas, including the potential impact of rising costs and inflation and a downturn in the rental market when assessing the ability of the company to continue as a going concern. The director has stress tested the forecasts by considering potential downturns in performance which represent severe but plausible scenarios in these uncertain times.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has the support of other group companies who are committed to ongoing financial support. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of property development and investment.


5.	Operating profit/(loss)	2024	2023
		£	£
	Operating profit/(loss) is stated after charging:
	Auditor's remuneration
	- audit services	9,914	7,328
		═════════	═════════


6.	Exceptional items	2024	2023
		£	£

	Impairment of investment property	-	(3,441,691)
	Loan from parent company waived	-	7,000,000
		─────────	─────────
		-	3,558,309
		═════════	═════════

Interest payable and similar expenses

2024

2023

On amounts payable to connected parties

621,229

160,356

On bank loans and overdrafts

567,779

─────────

1,189,008

160,356

═════════

In 2023, an additional £316,691 of interest paid to connected parties was capitalised.

Employees and remuneration

Number of employees

The average number of persons employed (including executive director) during the financial year was as follows:

2024

2023

Number

Number

Management

═════════

Tax on (loss)/profit

2024

2023

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2023 - 23.52%)

Receipt in respect of group relief

(991,265)

(58,745)

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2023 - 23.52%). The differences are explained below:

2024

2023

(Loss)/profit taxable at 25.00%

(1,089,045)

1,957,298

═════════

(Loss)/profit before tax

multiplied by the standard rate of corporation tax

in the United Kingdom at 25.00% (2023 - 23.52%)

(272,261)

460,356

Effects of:

Utilisation of tax losses

(719,004)

Losses carried forward

317,813

Impairment of investment property

809,486

Loan from parent company waived

(1,646,400)

─────────

Total tax charge for the financial year (Note 9 (a))

(991,265)

(58,745)

═════════

10.

Property, plant and equipment

Investment

Total

properties

Cost

At 1 January 2024

39,375,000

─────────

At 31 December 2024

39,375,000

─────────

Depreciation

At 1 January 2024

─────────

At 31 December 2024

─────────

Net book value

At 31 December 2024

39,375,000

═════════

At 31 December 2023

39,375,000

═════════

The investment property was professionally valued by Jones Lang LaSalle in April 2024 and and the asset is stated at this valuation.


11.	Debtors	2024	2023
		£	£

	Amounts recoverable on long term work-in-progress	50,000	2,100,349
	Amounts owed by group undertakings	1,096,505	131,518
	Other debtors	104,344	-
	Taxation (Note 15)	388,853	397,853
		─────────	─────────
		1,639,702	2,629,720
		═════════	═════════


12.	Cash and cash equivalents	2024	2023
		£	£

	Cash and bank balances	226,889	379,053
		═════════	═════════


13.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Trade creditors	-	15,840
	Amounts owed to group undertakings	2,432,995	1,727,995
	Amounts owed to connected parties (Note 18)	18,890,357	37,569,128
	Taxation (Note 15)	9,714	441,793
	Accruals	7,728	2,319,273
		─────────	─────────
		21,340,794	42,074,029
		═════════	═════════

14.

Creditors

2024

2023

Amounts falling due after more than one year

Bank loan

19,688,833

═════════

Loans

Repayable between one and two years

19,688,833

═════════

The bank loan is secured by a fixed charge over the assets and undertakings of the company and of it's sister company Tide Properties Limited.


15.	Taxation	2024	2023
		£	£

	Debtors:
	Subcontractors tax	388,853	397,853
		═════════	═════════
	Creditors:
	VAT	9,714	441,793
		═════════	═════════


16.	Share capital			2024	2023
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary	100	£1.00 each	100	100

				═════════	═════════

17.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 December 2024.

18.

Related party transactions

The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

The following amounts are due to other connected parties:

2024

2023

Tide Construction Limited

530,110

37,569,128

Taoide Holdings Limited

18,360,247

─────────

18,890,357

37,569,128

═════════

Tide Construction Limited and Taoide Holdings Limited are substantially owned by the ultimate beneficial owners of this company. Interest of £621,229 (2023: £270,396) was charged on these loans.

The loans are subordinated to the bank debt.

19.

Parent and ultimate parent company

The company is a wholly owned subsidiary of Furadino Holdings Limited, a company incorporated in the United Kingdom.

The companys ultimate parent undertaking is Lewisrock Limited, a company incorporated in Malta.

The smallest group in which the results of the company are consolidated is that headed by Furadino Holdings Limited.

20.

Events After the End of the Reporting Period

There have been no significant events affecting the company since the financial year-end.


21	Reconciliation of Net Cash Flow to Movement in Net Debt
		Opening	Cash	Closing
		balance	flows	balance

		£	£	£

	Long-term borrowings	-	(19,688,833)	(19,688,833)
		─────────	─────────	─────────
	Total liabilities from financing activities	-	(19,688,833)	(19,688,833)
		═════════	═════════	─────────
	Total Cash and cash equivalents (Note 12)			226,889
				─────────
	Total net debt			(19,461,944)
				═════════