REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CGM INVESTMENTS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2021 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CGM INVESTMENTS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2021 |
|
|
|
|
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
|
|
|
Page |
|
Balance Sheet | 1 |
|
Notes to the Financial Statements | 2 |
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
BALANCE SHEET |
30 JUNE 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Revaluation reserve | 8 |
|
|
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 Profit and loss account has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
1. | STATUTORY INFORMATION |
|
CGM Investments Limited is a
|
|
Registered number: |
|
|
Registered office: |
|
|
|
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Going concern |
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
|
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
|
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. |
|
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
|
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
2. | ACCOUNTING POLICIES - continued |
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. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2020 |
and 30 June 2021 |
|
|
|
|
DEPRECIATION |
At 1 July 2020 |
|
|
|
|
Charge for year |
|
|
|
|
At 30 June 2021 |
|
|
|
|
NET BOOK VALUE |
At 30 June 2021 |
|
|
|
|
At 30 June 2020 |
|
|
|
|
|
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 30 June 2021 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 2018 | - | 17,764 | 450 | 18,214 |
1,950,000 | 17,764 | 1,364 | 1,969,128 |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
CGM INVESTMENTS LIMITED (REGISTERED NUMBER: 05030601) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | 117,244 | 138,247 |
Accruals and deferred income |
|
|
Rent received in advance | 19,064 | 25,722 |
Tenant lease deposits | 10,500 | 4,000 |
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans > one year | 382,546 | 414,868 |
|
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2020 |
and 30 June 2021 |
|
|
9. | 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 £117,244 (2020: £138,247) in respect of working capital funding provided. |