Company registration number:
00627176
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UNAUDITED
CONSOLIDATED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 MARCH 2022
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COMPANY INFORMATION
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CONTENTS
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Notes to the Financial Statements
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CERES ESTATES LIMITED
REGISTERED NUMBER:
00627176
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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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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CERES ESTATES LIMITED
REGISTERED NUMBER:
00627176
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 MARCH 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
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The notes on pages 5 to 13 form part of these financial statements.
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CERES ESTATES LIMITED
REGISTERED NUMBER:
00627176
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
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Debtors: amounts falling due after more than one year
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Debtors due within 1 year
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Creditors: Amounts Falling Due Within One Year
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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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Profit and loss account brought forward
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Profit and loss account carried forward
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CERES ESTATES LIMITED
REGISTERED NUMBER:
00627176
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COMPANY STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 MARCH 2022
The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
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The notes on pages 5 to 13 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Ceres Estates Limited is a private Company limited by shares and incorporated in England and Wales under the Companies Act 2006, registration number 00627176.
The registered office is 105 – 107 Bath Road, Cheltenham, GL53 7LE.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Turnover represents amounts receivable by the group during the year which includes a share of proceeds from the sales of development properties completed in the year.
Turnover also represents rental income received, exclusive of VAT. Rental income is recognised in the period that the service is provided, where amounts are received from customers in advance of services provided, the amounts are recorded as deferred income and included within creditors.
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Operating leases: the Group as lessor
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Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 and the Group operate and generate income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
FRS 102 requires investment properties to be measured at fair value through profit and loss. The directors have departed from FRS 102 and the investment properties are held at cost less impairment in the financial statements.
No depreciation has been charged on the investment properties on the grounds that in the directors opinion the residual value would exceed the current cost the properties are held at in the accounts.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the original purchase price and any further costs attributed to the development of the asset.
At the balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Key sources of estimation uncertainty
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Accounting estimates and assumptions are made concerning the future, and by their nature, will rarely equal the
related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Impairment of stocks
Management include impairment provisions for any properties held in stock which are estimated to be held above the value in which they could reasonably achieve on the open market. These valuations include judgements based on current market conditions.
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The average monthly number of employees, including directors, during the year was
8
(2021 -
8
)
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Investment property costs
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This expense heading is not one of those specified by the Companies Act 2006 but the directors consider that the nature of the business is such that this analysis is more appropriate and informative. This represents the administration costs of the property investment part of the business.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Long-term leasehold property
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
6.
Tangible fixed assets (continued)
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Long-term leasehold property
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Investments in subsidiaries
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The Group holds a number of investments in Limited Liability Partnerships. These types of investments and the tax relief claimed are currently under HMRC investigation.
The Upper Tribunal has ruled for partnerships that raised their funds and undertook transactions in a similar manner to be liable to additional taxation and interest as a corporate body. It is expected that the main elements of this decision will be applied to this Group’s investments.
The quantification of these liabilities cannot be reliably estimated at the time of approving the financial statements. It is not expected that the tax liabilities would fall on the investors due to the limited liability of the partnerships meaning investors are not exposed to debts of the partnership in excess of their contributed capital. The settlement of these liabilities could impact on the valuation of the investments held by the Group.
The Group has settled tax liabilities on the tax relief claimed through these investments through Accelerated Payment Notices issued by HMRC prior to this accounting period.
The parent undertaking and two subsidiary undetakings are members of the Ceres Group money purchase pension scheme. The assets of the scheme are held seperately from those of the group in an indepently administered fund. The pension cost charge represents contributions payable by the companies to the fund and amounted to £2,524 (2021: £2,707). There were no outstanding or prepaid contributions at the year end.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Transactions with Directors
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At the balance sheet date, the company owed L R Parker £477,406 (2021: £452,584). The loan accrues interest annually on agreement and is repayable on demand.
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