Company Registration No. 02515386 (England and Wales)
C.V.R.A. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
C.V.R.A. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
C.V.R.A. LIMITED
BALANCE SHEET
AS AT
23 JUNE 2020
23 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,180,000
1,180,000
Current assets
Debtors
4
4,285
2,706
Cash at bank and in hand
195,483
176,592
199,768
179,298
Creditors: amounts falling due within one year
5
(11,992)
(12,329)
Net current assets
187,776
166,969
Total assets less current liabilities
1,367,776
1,346,969
Provisions for liabilities
6
(203,512)
(203,512)
Net assets
1,164,264
1,143,457
Capital and reserves
Called up share capital
48
48
Capital redemption reserve
1
1
Investment property reserve
915,887
915,887
Profit and loss reserves
248,328
227,521
Total equity
1,164,264
1,143,457
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 2020 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.
T
he 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)
AS AT
23 JUNE 2020
23 June 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 June 2021 and are signed on its behalf by:
C Rendall
Director
Company Registration No. 02515386
C.V.R.A. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 JUNE 2020
- 3 -
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 Rendall And Rittner Limited, 13b St. George Wharf, London, England, SW8 2LE.
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 a
mounts
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
Going concern
The directors have considered the effect of the Covid-19 outbreak
true
.
T
he outbreak has caused little disruption to the company’s business to date. The directors consider it unlikely that a prolonged outbreak will cause significant disruption. Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents ground rents receivable.
1.4
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
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
.
1.6
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.
C.V.R.A. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
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.
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.8
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.
C.V.R.A. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 JUNE 2020
- 5 -
3
Investment property
2020
£
Fair value
At 24 June 2019 and 23 June 2020
1,180,000
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.
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
561
98
Other debtors
3,724
2,600
Prepayments and accrued income
-
8
4,285
2,706
5
Creditors: amounts falling due within one year
2020
2019
£
£
Debenture loans
1,269
1,269
Trade creditors
3,842
-
Corporation tax
4,881
9,377
Accruals and deferred income
2,000
1,683
11,992
12,329
6
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
203,512
203,512
The deferred tax liability in the accounts relates solely to the potential taxation liability if the
investment
proper
ty
w
as
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
Capital redemption reserve
The capital redemption reserve is due to a share buyback in a previous year.
C.V.R.A. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 JUNE 2020
- 6 -
8
Events after the reporting date
Since the balance sheet date, longer leases have been offered and in some cases granted to existing leaseholders. This is likely to have a material effect on the value of the freehold and this will be considered fully in the balance sheet for the relevant period.