|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CGM INVESTMENTS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30TH JUNE 2018 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CGM INVESTMENTS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30TH JUNE 2018 |
|
|
|
|
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
CGM INVESTMENTS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2018 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
ACCOUNTANTS: |
|
Chartered Tax Advisers and |
Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Herts |
AL9 5BG |
|
|
|
BANKERS: |
|
1-4 Berkeley Square House |
Berkeley Square |
London W1A 1SN |
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
BALANCE SHEET |
30TH JUNE 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
|
|
|
CURRENT ASSETS |
Debtors | 4 |
|
|
Prepayments and accrued income |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 5 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Revaluation reserve | 7 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2018 |
|
1. | STATUTORY INFORMATION |
|
CGM Investments Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover represents rents and service charges due and receivable from tenants. |
|
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
|
Fixtures & fittings - 25% reducing balance. |
Computer equipment - 25% reducing balance. |
|
The investment property is recognised at fair value. Fair value changes to the investment property are recognised in the |
income statement and then transferred to the non-distributable revaluation reserve. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that |
it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
3. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st July 2017 |
|
|
|
|
Additions |
|
|
|
|
At 30th June 2018 |
|
|
|
|
DEPRECIATION |
At 1st July 2017 |
|
|
|
|
Charge for year |
|
|
|
|
At 30th June 2018 |
|
|
|
|
NET BOOK VALUE |
At 30th June 2018 |
|
|
|
|
At 30th June 2017 |
|
|
|
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2018 |
|
3. | TANGIBLE FIXED ASSETS - continued |
|
The freehold investment property was acquired in April 2004, and for VAT purposes, the company subsequently opted to |
tax. The property is subject to a long term commercial mortgage in favour of Natwest Bank PLC. |
|
The property has been re-valued by the director, based on existing use and yields, at £1,950,000 at the balance sheet date, |
giving rise to a revaluation reserve, against which a deferred taxation provision has been made. |
|
Cost or valuation at 30th June 2018 is represented by: |
|
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2004 | 989,431 | - | - | 989,431 |
Valuation in 2005 | 110,569 | - | - | 110,569 |
Valuation in 2006 | 400,000 | - | 672 | 400,672 |
Valuation in 2007 | - | - | 242 | 242 |
Valuation in 2013 | 300,000 | - | - | 300,000 |
Valuation in 2017 | 150,000 | - | - | 150,000 |
Valuation in 0 | - | 17,764 | 450 | 18,214 |
1,950,000 | 17,764 | 1,364 | 1,969,128 |
|
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
|
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Amounts owed to associates | - | 20,520 |
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts |
|
|
Accruals and deferred income |
|
|
Rent received in advance |
|
|
Tenant lease deposits |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Natwest Loan > one year |
|
|
|
The flexible business loan with NatWest Bank PLC, available up to £950,000, is repayable over a 20 year term, with capital |
and interest repayments restructured in July 2009. Of the outstanding balance of £538,158 (2017 £583,569), £31,767 is |
repayable within the next twelve months. |
|
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1st July 2017 |
and 30th June 2018 |
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2018 |
|
8. | RELATED PARTY DISCLOSURES |
|
The company is under the control of its director, Mr. S Mehta, who has a beneficial interest in a majority of the shares in |
issue. |
|
At the balance sheet date, the company was indebted to Mr Mehta in the amount of £86,459 (2017 = £90,997) in respect of |
working capital funding provided. |
|
9. | LEGAL CHARGE |
|
The freehold property is subject to a first legal charge to secure long term commercial borrowing from National Westminster |
Bank PLC, which at the balance sheet date amounted to £538,158. |