Registration number:
Central Link Properties Ltd
for the Year Ended 31 July 2025
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Central Link Properties Ltd
for the Year Ended 31 July 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Central Link Properties Ltd for the year ended 31 July 2025 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Central Link Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Central Link Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Central Link Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Central Link Properties Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Central Link Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Central Link Properties Ltd. You consider that Central Link Properties Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Central Link Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Harrow
Middlesex
HA1 1BH
Central Link Properties Ltd
(Registration number: 03228725)
Balance Sheet as at 31 July 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Revaluation reserve |
1,598,188 |
1,598,188 |
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Retained earnings |
4,072,595 |
3,696,961 |
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Shareholders' funds |
5,670,785 |
5,295,151 |
For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Central Link Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continue to adopt the going concern basis of accounting in preparing the annual financial statements. The director intends to keep the company in operational existence for the foreseeable future and is prepared to provide all the financial assistance to enable the company to continue and meet its ongoing obligations as they fall due.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of properties and rental income.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Central Link Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025
Tangible assets
Tangible assets are stated in the balance sheet 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 less residual values over thier useful lives on following bases
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Asset class |
Depreciation method and rate |
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Furniture and Fittings |
25% Reducing Balance |
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Motor Vehicles |
25% Reducing Balance |
Investment property
Borrowings
All borrowing costs are recognised in the profit or loss in the year in which they are incurred.
Impairment of Fixed Assets
At each reporting period end date, the company reviews the carrying amounts to it's intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. if any such indication exists, the recoverable amount of the assset is estimated in order to determin the extent of the impairment loss (if any). Where it is not possiblt to estimate recoverable amount of an indiviual asset, the company estimates the recoverable amount to the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cashflows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset for which the estimates of future cashflows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than it's carrying amount, the carying amount of asset is reduced to it's recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses the carrying amount of the asset (or cash generating-unit) is increased to the revised estimate of its recoverable amount but so that theincreased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior-years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as revaluation increase.
Central Link Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025
Stocks
Stocks represent work in progress relating to property development, and are stated at lower of cost and net realisable value. The cost of work in progress comprises land, buildings, design costs, raw materials,direct labour, borrowing costs and other direct costs incurred in bringing the inventories to their present condition. Net Relisable value is the estimate selling price in the ordinary course of business, less applicable selling expenses.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment l;osses are also recognised in profit or loss.
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.
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 in the company's balance sheet 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 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value of the future reciepts discounted at a market rate of interest. Financial assets classified as recievable within one year are not amortised.
Classification of Financial Liabilities
Financial Liabilities and Equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asssets of the company after deducting all of its liabilities.
Basic Financial Liabilities
Basic Financial Liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classsified as payable within one year are not amortised.
Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordianry course of business from suppliers. Amount payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. trade creditors are recognized initially at transaction price and subsequently measured at amortised cost using effective interest method.
Central Link Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025
Taxation
The tax expense represents the sum of the tax currently payable and deffered tax.
Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit and loss acccount because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the reporting end date.
Deferred Tax
Deferred tax liabilites are generally recognised for all timig differences and 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. Such assets and laibilities are not recognised if the timig difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed each reporting end date 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 is calculated at tax rate that are expected to apply in the period when the liability ios settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilties relate to taxes levied by the same tax authority.
Finance Costs
Fiannce Cost are charged to the Statement of Income and Retained Earnings over the term 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 recognized as a reduction in the proceeds of the associated capital instrument.
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.
Judgement and Key Sources of estimation uncertainity
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readilty apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision effects only that period, or in the period of the revision and future periods where the revision effects both current and future periods.
Investment properties are professionally valued annualy using a yeild methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in market itself.
Central Link Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Taxation |
Tax charged/(credited) in the profit and loss account
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2025 |
2024 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
- |
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125,307 |
112,873 |
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Tangible assets |
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Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 August 2024 |
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At 31 July 2025 |
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Depreciation |
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At 1 August 2024 |
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At 31 July 2025 |
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Carrying amount |
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At 31 July 2025 |
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At 31 July 2024 |
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Investment properties |
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2025 |
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At 1 August |
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At 31 July |
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Central Link Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025
Investment property comprises property historically included in stocks and was subsequently appropriated as an investment property.
The investment property was revalued to £4,200,000 on 31 July 2023 by Calton & Co, an independent firm of Chartered Surveyors who have experience in valuing similar properties. The valuation was undertaken, on the basis of an open market value for existing use, taking into consideration the current condition of the property.
The directors are not aware of any material change in value since the date of the valuation and consider that the balance sheet value of the investment property is not materially different from the true market value.
If revalued investment property was stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
Central Link Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025
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2025 |
2024 |
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£ |
£ |
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Original cost of freehold interest on acquisition |
890,625 |
890,625 |
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Uplift in value to June 2009 as agreed with HM Revenue and Customs on appropriation as an investment property |
359,375 |
359,375 |
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Historic base cost on appropriation as an investment property |
1,250,000 |
1,250,000 |
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Stocks |
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2025 |
2024 |
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Stock of properties and work in progress |
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Stock represents stock of properties available for resale and work in progress relating to property development.
The reversionary freehold interest to a property, the redevelopment of which was completed in 2022 and residential flats sold on long leases by the company in the same year, was revalued by the directors on 31 July 2023 at £20,000.
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Prepayments |
- |
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Other debtors |
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Central Link Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
At the balance sheet date, a total amount of £1,500,583 (2024: £1,439,783) is due from and £3,825,648 (2024: £ 3,826,648) owed to companies under common control.
Included in Other Debtors is an amount of £591,656 (2024: £608,832) owed by the directors of the company. Interest has been charged on the loans at 2.25% and 3.75% per annum.
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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Ordinary Shares of £1 each |
2 |
2 |
2 |
2 |