Year Ended
Registration number:
59 Cardrew Limited
Balance Sheet
31 January 2026
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Note |
2026 |
2025 |
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Fixed assets |
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Investment property |
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Current assets |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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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 |
1 |
1 |
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Other reserves |
1,281,464 |
- |
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Profit and loss account |
166,535 |
73,787 |
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Shareholders' funds |
1,448,000 |
73,788 |
For the financial year ending 31 January 2026 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
59 Cardrew Limited
Balance Sheet
31 January 2026
Approved and authorised by the
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......................................... |
Company Registration Number: 15276361
59 Cardrew Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2026
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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:
The principal place of business is:
59 Cardrew Way
Cardrew Industrial Estate
Redruth
Cornwall
TR15 1ST
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The functional and presentational currency for the company is pounds sterling, with values rounded to the nearest pound.
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.
59 Cardrew Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2026
Adoption of new and revised Financial Reporting Standards (FRS102)
The Financial Reporting Council (FRC) has introduced significant amendments to FRS 102, effective for accounting periods beginning on or after 1 January 2026, with early adoption permitted. These changes, stemming from the 2024 periodic review, aim to align UK and Ireland Generally Accepted Accounting Practice (GAAP) more closely with international standards.
After due consideration the Directors have not chosen to early adopt the requirements of FRS102.
The areas that have been reviewed as a potential change to the financial statements are as follows:
• Revised revenue accounting requirements in FRS 102 and FRS 105, based on the IFRS 15 five-step model for revenue recognition, with appropriate simplifications
• Revised lease accounting requirements in FRS 102 based on the IFRS 16 'on-balance sheet' model again with appropriate simplifications.
The Directors are assessing the impact of the amendment to the accounting standard, which will be reflected in the financial statements to 31 January 2027, however do not anticipate that this will be material.
Going concern
In preparing and approving these financial statements the Board have given due consideration to going concern risks, in particular economic uncertainties and inflationary pressures. The tenant of the site is a company under the control of M G Bailey, Director.
After due consideration the Board are satisfied that the Company will be able to operate within the available facilities and continue as a going concern for the foreseeable future - being a period of no less than 12 months from the date of approval of these financial statements.
Revenue recognition
Turnover represents rent and hire charges received by the company.
Turnover is recognised when the company fulfils its contractual obligations to customers by supplying goods
and services and excludes value added tax.
Interest receivable is recognised on an accruals basis.
59 Cardrew Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2026
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 on all timing differences at the balance sheet date unless indicated below.
Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investment property
Changes in fair value are recognised in profit or loss.
The cumulative impact of fair value movements, net of deferred tax, is shown as an other reserve within the balance sheet.
59 Cardrew Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2026
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Critical judgement and estimation uncertainty
In applying the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily 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 estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following areas are where the Director has applied judgement in the preparation of the financial statements:
Valuation of investment properties (note 4)
As described within the accounting policies, the investment properties are held at the balance sheet date at their fair value. The director has applied his professional knowledge of the sector, coupled with discussions with other professionals in evaluating opportunities in order to derive this fair value.
At the balance sheet date the carrying value of investment properties was £7,500,000 (2025: £5,791,381).
59 Cardrew Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2026
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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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Investment properties |
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2026 |
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At 1 February |
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Fair value adjustments |
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At 31 January |
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There has been an indicative valuation received by the company. This movement in fair value has been recognised in the profit and loss within other operating income.
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Debtors |
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2026 |
2025 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2026 |
2025 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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- |
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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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59 Cardrew Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2026
Creditors: amounts falling due after more than one year
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Note |
2026 |
2025 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
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2026 |
2025 |
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Other borrowings |
- |
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Non-current loans and borrowings
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2026 |
2025 |
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Bank borrowings |
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Amounts shown as bank loans are secured by means of a legal mortgage over the property owned by the company, as well as a fixed charge over the related rights and goodwill attached to the trade conducted on the property.
The bank borrowings are interest only for a period of 12 years from the date of completion, with a fixed interest rate period of 5 years from completion (being at 7.44% per annum) and thereafter at a variable rate of interest being the greater of the Shawbrook base rate as calculated from time to time and 5.14% (being the margin of 4.39% plus floor rate of 0.75%).
The amounts due under other loans are secured by means of a fixed charge over the property, and repayable on demand.
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Share capital |
Allotted, called up and fully paid shares
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2026 |
2025 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
One ordinary share of £1 was issued on incorporation at par value.
59 Cardrew Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2026
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Related party transactions |
Included in creditors is £2,280,866 (2025 - £1,886,212) in respect of balances due to companies under the common control of M G Bailey, Director.
These loans are interest free, unsecured and repayable upon demand.