Company registration number 02899080 (England and Wales)
CROWSLEY PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
CROWSLEY PARK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CROWSLEY PARK LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
44,220
27,641
Investment properties
4
4,720,000
5,508,566
4,764,220
5,536,207
Current assets
Debtors
5
2,035,666
1,772,132
Cash at bank and in hand
30,750
22,258
2,066,416
1,794,390
Creditors: amounts falling due within one year
6
(345,145)
(309,425)
Net current assets
1,721,271
1,484,965
Total assets less current liabilities
6,485,491
7,021,172
Creditors: amounts falling due after more than one year
7
(3,783,528)
(3,577,606)
Provisions for liabilities
(208,196)
(699,285)
Net assets
2,493,767
2,744,281
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,493,765
2,744,279
Total equity
2,493,767
2,744,281
Ttruehe director of the company has elected not to include a copy of the Income statement within the financial statements.
For the financial year ended 30 April 2023 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.
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 in accordance with the provisions applicable to companies subject to the small companies' regime.
CROWSLEY PARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 January 2024
J Tatham Banks
Director
Company Registration No. 02899080
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Crowsley Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 Prescot Street, London, E1 8NN.
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 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 and rebates.
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 reducing balance
Fixtures, fittings & equipment
15% on straight line
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.
Property interests held under operating leases are classified and accounted for as investment properties if they meet the definition of properties 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.
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include deposits held at call with banks.
1.7
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.
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.9
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 May 2022
35,139
42,680
77,819
Additions
24,802
24,802
At 30 April 2023
35,139
67,482
102,621
Depreciation and impairment
At 1 May 2022
30,278
19,900
50,178
Depreciation charged in the year
1,215
7,008
8,223
At 30 April 2023
31,493
26,908
58,401
Carrying amount
At 30 April 2023
3,646
40,574
44,220
At 30 April 2022
4,861
22,780
27,641
4
Investment property
2023
£
Fair value
At 1 May 2022
5,508,566
Revaluations
(788,566)
At 30 April 2023
4,720,000
The valuations of investment properties were made as at 30 April 2023 by the directors of the company on an open market basis. No depreciation is provided in respect of these properties.
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
4
Investment property
(Continued)
- 7 -
Crowsley Park Limited has a debenture created on 19 December 1998 held with Barclays Bank PLC.
There is a cross guarantee between Crowsley Park Limited and H Q Design Limited, a company in which J Tatham-Banks is a director and shareholder, supported by a charge over the leasehold property owned by Crowsley Park Limited.
Barclays Bank PLC has a fixed and floating charge over the property Crowsley Park, Crowsley, Henley-On-Thames, Oxfordshire, RG9 4JJ.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
90,499
121,600
Corporation tax recoverable
453,958
378,571
Other debtors
1,485,684
1,262,316
Prepayments and accrued income
5,525
9,645
2,035,666
1,772,132
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,830
43,352
Corporation tax
75,386
85,756
Other creditors
234,505
174,625
Accruals and deferred income
17,424
5,692
345,145
309,425
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,783,528
3,577,606
CROWSLEY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
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:
2023
2022
£
£
1,334,271
1,388,423
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent receivable
2023
2022
£
£
Companies under common control
108,334
118,333
Director and controlling party
81,000
81,000
2023
2022
Amounts due to related parties
£
£
Companies under common control
4,018,034
3,747,231
10
Directors' transactions
At the balance sheet date, the director owed the company £1,485,684 (2022: £1,262,316). Interest was paid from the director during the year totalling £27,208 (2022: £22,481).
11
Profit and loss reserve
Included within Profit and loss reserve is an amount of £1,484,564 (2022: £1,484,564) 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 become realised.