Registration number:
Candlelight Property Ltd
for the Year Ended 31 March 2023
Candlelight Property Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Candlelight Property Ltd
(Registration number: 03839081)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
2,074,793 |
1,588,493 |
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Shareholders' funds |
2,074,893 |
1,588,593 |
Candlelight Property Ltd
(Registration number: 03839081)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Candlelight Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Candlelight Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
20% straight line |
Fixtures and fittings |
8% straight line |
Other fixed assets |
20% staright line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Candlelight Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Candlelight Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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- |
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Disposals |
( |
- |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
- |
( |
At 31 March 2023 |
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- |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Investment properties |
2023 |
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At 1 April |
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Additions |
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At 31 March |
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The investment properties were valued by BNP Paribas and the directors during 2022, on an open market value for existing use basis. The directors believe that the market conditions regarding property pricing are such that the valuations have not changed and therefore have considered that the valuations from 2022 are still appropriate.
If the investment properties had been accounted for under historic cost accounting rules, the carrying value of the properties would be £5,949,555 (2022; £5,942,813).
Candlelight Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings include a mortgage of £5,637,850 (2022; £5,893,252) secured against all investment property held by the Company, investment property held in XYZ Partnership, a partnership in which the directors and a family member have a 100% interest, and an investment property held by TSII Ltd, a fellow subsidiary to Candlelight Properties Ltd.
The loan is repayable over a 5 year term, maturing in January 2024, but at the time of writing the directors are in discussions with lenders to reschedule this debt. Interest is charged at a rate of 2.75% above the base rate offered by Metro Bank plc.
The Company also has a loan taken out under the Coronavirus Business Interuption Loan Scheme (CBILS) that was taken out in 2021 and is repayable over 6 years with interest being charged at 3.50% above base. The amount outstanding as at 31st March 2023 is £293,574 (2022; £376,293).
Other secured loans are payable to a pension scheme in which the directors are members. The loans are repayable within 5 years and are secured against the remaining investments in TSII Ltd, with interest charged at a rate of 6.00%.
Candlelight Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Candlelight Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Related party transactions |
Amounts owed to the Company by group undertakings includes amounts due from TSII Ltd of £2,238,940 (2022; £2,192,940) and Touchstone 3 Ltd of £200 (2022; £nil). The balance of £43,962 is owed to the parent company (2022; £45 owed by the parent company). No interest is being charged on these balances.
The Company leased a property from XYZ Partnership during the year at a cost of £112,500 (2022; £112,500).
A Small Self Administered Scheme has made loans to the Company with outstanding balances of £2,806,377 (2022; £2,485,698), which have been secured against assets held by TSII Ltd. The balances outstanding at the year end include new loans made in the year of £1,200,000 by the Scheme to the Company. Interest has been charged on these loans at a rate of 6.00% The directors are members of this scheme.
Other creditors include £133,899 payable to the directors (2022; £66,245). In the year to 31 March 2023 interest amounting to £20,259 (2022; 24,308) was charged to the profit & loss account.
Trade Debtors includes amounts of £10,687 owed to the Company by Chelmsley Town FC Ltd, a related company by virtue of common directors. Trade creditors includes varying amounts totalling £13,603 owed to three related parties. Each of these entities is related to the Company by virtue of common directors or shareholders.
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is