Company Registration No. 02899080 (England and Wales)
CROWSLEY PARK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
CROWSLEY PARK LIMITED
COMPANY INFORMATION
Director
J Tatham Banks
Secretary
M Knudsen-Pond
Company number
02899080
Registered office
106 Hampstead Road
London
NW1 2LS
Accountants
Carter Backer Winter LLP
66 Prescot Street
London
E1 8NN
Business address
106 Hampstead Road
London
NW1 2LS
CROWSLEY PARK LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 12
CROWSLEY PARK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2018
- 1 -
The director presents his annual report and financial statements for the year ended 30 April 2018.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
J Tatham Banks
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J Tatham Banks
Director
16 January 2019
CROWSLEY PARK LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CROWSLEY PARK LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crowsley Park Limited for the year ended 30 April 2018 set out on pages 3 to 12 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/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Crowsley Park Limited, as a body, in accordance with the terms of our engagement letter dated 7 August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Crowsley Park Limited
and state those matters that we have agreed to state to the Board of Directors of Crowsley Park Limited, 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 Crowsley Park Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Crowsley Park Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of Crowsley Park Limited. You consider that Crowsley Park Limited 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 financial statements of Crowsley Park Limited. 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 financial statements.
Carter Backer Winter LLP
18 January 2019
Chartered Accountants
66 Prescot Street
London
E1 8NN
CROWSLEY PARK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2018
- 3 -
2018
2017
Notes
£
£
Turnover
170,767
161,403
Administrative expenses
(279,370)
(318,383)
Operating loss
(108,603)
(156,980)
Interest receivable and similar income
14,832
17,107
Loss before taxation
(93,771)
(139,873)
Tax on loss
804
1,320
Loss for the financial year
(92,967)
(138,553)
CROWSLEY PARK LIMITED
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 4 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
24,422
21,820
Investment properties
3
5,508,566
5,508,566
5,532,988
5,530,386
Current assets
Debtors
4
839,028
765,305
Cash at bank and in hand
1,101
95
840,129
765,400
Creditors: amounts falling due within one year
5
(55,401)
(50,385)
Net current assets
784,728
715,015
Total assets less current liabilities
6,317,716
6,245,401
Creditors: amounts falling due after more than one year
6
(2,855,278)
(2,689,192)
Provisions for liabilities
(558,313)
(559,117)
Net assets
2,904,125
2,997,092
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
2,904,123
2,997,090
Total equity
2,904,125
2,997,092
For the financial year ended 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 16 January 2019
J Tatham Banks
Director
Company Registration No. 02899080
CROWSLEY PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2018
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2016
2
3,135,643
3,135,645
Year ended 30 April 2017:
Loss and total comprehensive income for the year
-
(138,553)
(138,553)
Balance at 30 April 2017
2
2,997,090
2,997,092
Year ended 30 April 2018:
Loss and total comprehensive income for the year
-
(92,967)
(92,967)
Balance at 30 April 2018
2
2,904,123
2,904,125
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 6 -
1
Accounting policies
Company information
Crowsley Park Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
106 Hampstead Road, London, NW1 2LS.
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 on the historical cost convention
.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at fair value of the consideration received or receivable
and represents rental income from investment properties, net off discounts
, rebates, VAT and other sales tax.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on written down value
Fixtures, fittings & equipment
15% on cost
Motor vehicles
25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
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
at
the reporting
date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 7 -
Property
interest
s
held under operating lease
s are
classified and accounted for as investment propert
ies
if the
y
meet the definition of propert
ies
and the fair value
can be measured reliably
without undue cost or effort on an on-going basis.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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 asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash at bank.
1.7
Financial instruments
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
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.
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, bank loans
and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction,
Financial liabilities classified as payable within one year are not amortised.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 8 -
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.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2017
27,241
18,869
6,954
53,064
Additions
7,898
-
-
7,898
At 30 April 2018
35,139
18,869
6,954
60,962
Depreciation and impairment
At 1 May 2017
16,742
9,748
4,754
31,244
Depreciation charged in the year
3,036
1,710
550
5,296
At 30 April 2018
19,778
11,458
5,304
36,540
Carrying amount
At 30 April 2018
15,361
7,411
1,650
24,422
At 30 April 2017
10,499
9,121
2,200
21,820
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 9 -
3
Investment property
2018
£
Fair value
At 1 May 2017 and 30 April 2018
5,508,566
The valuations of investment properties were made as at 3
0 April
2018 by the directors of the company on an open market basis. No Depreciation is provided in respect of these properties.
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
500
-
Corporation tax recoverable
167,802
152,863
Other debtors
670,726
612,442
839,028
765,305
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
551
Trade creditors
15,679
8,569
Corporation tax
14,939
-
Other creditors
24,783
41,265
55,401
50,385
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
2,855,278
2,689,192
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 10 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
Each share is entitled to one vote in any circumstances and each share is also entitled pari passu
to dividend payments or any other distribution, including a distribution arising from a winding up of
the company.
8
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company in respect of its investment property. The property is held under a 50 year lease from 1 April 1994. Rent was fixed at £30,000 per annum for the first 10 years and is subject to 5 yearly upward only reviews thereafter, by agreement between the landlord and tenant.
At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2018
2017
£
£
1,613,871
1,675,943
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 11 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent receivable
2018
2017
£
£
Companies under common control
50,000
50,000
Director and controlling party
81,000
81,000
131,000
131,000
2018
2017
Amounts owed to related parties
£
£
Companies under common control
2,869,544
2,728,457
2,869,544
2,728,457
2018
Balance
Amounts owed by related parties
£
Director and controlling party
623,568
Director and controlling party
577,603
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 12 -
10
Directors' transactions
All amounts borrowed by directors are repayable to the company on demand.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan account
2.50
577,603
45,965
623,568
577,603
45,965
623,568
11
Profit and loss reserve
Included within Profit and loss reserve is an amount of £2,983,993 (2017: £2,983,993) relating to unrealised revaluation gains on investment properties. The amount is not available for distribution until the investment properties are disposed off after which it becomes realised.
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