Company Registration No. 02515386 (England and Wales)
C.V.R.A. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
C.V.R.A. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
C.V.R.A. LIMITED
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
940,000
940,000
Current assets
Debtors
4
184,766
456,733
Cash at bank and in hand
62,426
174,038
247,192
630,771
Creditors: amounts falling due within one year
5
(39,666)
(91,272)
Net current assets
207,526
539,499
Total assets less current liabilities
1,147,526
1,479,499
Provisions for liabilities
6
(207,779)
(207,779)
Net assets
939,747
1,271,720
Capital and reserves
Called up share capital
48
48
Capital redemption reserve
1
1
Investment property reserve
671,620
671,620
Profit and loss reserves
268,078
600,051
Total equity
939,747
1,271,720
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 23 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
C.V.R.A. LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
D R E Cornwell
Director
Company Registration No. 02515386
C.V.R.A. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 23 JUNE 2022
- 3 -
Share capital
Capital redemption reserve
Investment property reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 24 June 2020
48
1
915,887
248,328
1,164,264
Year ended 23 June 2021:
Profit and total comprehensive income for the year
-
-
-
107,456
107,456
Fair value gains net of deferred tax
-
-
(244,267)
244,267
-
Balance at 23 June 2021
48
1
671,620
600,051
1,271,720
Year ended 23 June 2022:
Loss and total comprehensive income for the year
-
-
-
(46,673)
(46,673)
Distributions
-
-
-
(285,300)
(285,300)
Balance at 23 June 2022
48
1
671,620
268,078
939,747
C.V.R.A. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 JUNE 2022
- 4 -
1
Accounting policies
Company information
C.V.R.A. Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Mih Merchants House, 1st floor, 5-7 Southwark Street, London, England, SE1 1RQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents ground rents receivable.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. The fair value movements in investment property valuations and the associated deferred tax are then transferred out of the profit and loss reserves into the investment property reserve.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
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 a 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 constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable 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 assets of the company after deducting all of its liabilities.
C.V.R.A. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing 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 liabilities are not recognised if the timing 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 at 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 the tax rates that are expected to apply in the period when the liability is 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 tax 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 liabilities relate to taxes levied by the same tax authority.
2
Employees
There were no employees during current and previous year.
3
Investment property
2022
£
Fair value
At 24 June 2021 and 23 June 2022
940,000
Investment property comprises of a freehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on an open market valuation basis.
C.V.R.A. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 JUNE 2022
- 6 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,695
205
Corporation tax recoverable
8,721
Other debtors
174,350
456,528
184,766
456,733
5
Creditors: amounts falling due within one year
2022
2021
£
£
Debenture loans
1,269
1,269
Trade creditors
33,207
10,174
Corporation tax
71,279
Accruals and deferred income
5,190
8,550
39,666
91,272
6
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
207,779
207,779
The deferred tax liability in the accounts relates solely to the potential taxation liability if the investment property was sold at its market value. The full amount of the deferred tax provision is transferred from the profit and loss reserves to the investment property reserve.
7
Related party transactions
The distributions are equivalent to the value of premiums for lease extensions granted to shareholders where the premium is not payable. This is an update to the position in the previous year's accounts, at the time of filing of which the same premiums were deemed receivable.