REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2014 |
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FOR |
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CARISBROOKE PROPERTIES LIMITED |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2014 |
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FOR |
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CARISBROOKE PROPERTIES LIMITED |
CARISBROOKE PROPERTIES LIMITED (REGISTERED NUMBER: 05367537) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 30 JUNE 2014 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
CARISBROOKE PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2014 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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CARISBROOKE PROPERTIES LIMITED (REGISTERED NUMBER: 05367537) |
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ABBREVIATED BALANCE SHEET |
30 JUNE 2014 |
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2014 | 2013 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 2 |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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. |
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The financial statements were approved by the Board of Directors on
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CARISBROOKE PROPERTIES LIMITED (REGISTERED NUMBER: 05367537) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 30 JUNE 2014 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have not been prepared on a going concern basis for the reasons set out below. |
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The Company operates in the UK property market which has experienced volatile conditions over the last |
number of years. Whilst there are signs of stabilisation in the UK market overall, conditions for the secondary |
property market remain extremely demanding. |
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The Company does not maintain any liquid assets itself and places all surplus funds and draws any required |
funds from the fellow group members of an intermediate parent company, Carisbrooke Anglo Ventures Limited |
("CAVL") . Consequently, the Company relies completely on CAVL for the ongoing daily supply of liquidity |
and funds to enable the Company to function. The company has operated effectively throughout the year and |
continues to do so at the date of the Directors' report. |
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The Company also relies on loans from an intermediate parent company, Carisbrooke Anglo Ventures Limited |
("CAVL"). However, the CAVL financial statements have not been prepared on a going concern basis due to the |
fact that the CAVL Group's loan to value ratio under the lender's loan agreement is breached as it exceeds 80%. |
thereby putting the loan into an event of default. |
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The ultimate lender to the CAVL Group is Firelighter (LUX) S.A.R.L . Firelighter (LUX) S.A.R.L has |
confirmed to the Company that it is Firelighter (LUX) S.A.R.L's intention to support the strategy/business plan |
of the Company. |
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No adjustments to the carrying value of the Company's assets or liabilities were necessary as a result of ceasing |
to prepare the financial statements on the going concern basis. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
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The company was dormant throughout the year ended 30 June 2014. However, reference to information relating |
to the year ended 30 June 2013 has been made where appropriate. |
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Preparation of consolidated financial statements |
The financial statements contain information about Carisbrooke Properties Limited as an individual company |
and do not contain consolidated financial information as the parent of a group. The company has taken the |
option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Investments |
Fixed asset investments are stated at cost less any provision for impairment. |
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An impairment review is performed when events or circumstances indicate that the carrying value of the fixed |
asset may not be recoverable. |
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Impairment is measured by comparing the carrying amount of a fixed asset with its recoverable amount. |
Recoverable amount is the higher of its net realisable value and its value in use. An impairment loss is charged |
to the profit and loss account to the extent that the recoverable amount of the fixed asset is less than its carrying |
value. |
CARISBROOKE PROPERTIES LIMITED (REGISTERED NUMBER: 05367537) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 30 JUNE 2014 |
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2. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
£ |
COST |
At 1 July 2013 |
and 30 June 2014 | 2 |
NET BOOK VALUE |
At 30 June 2014 |
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At 30 June 2013 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Nature of business:
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% |
Class of shares: | holding |
Ordinary shares | 100.00 |
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£ | £ |
Aggregate capital and reserves | (16,730,467 | ) | (16,054,653 | ) |
Loss for the year | (686,814 | ) | (2,136,961 | ) |
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The following companies are held indirectly and are wholly owned within the group. |
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Country of incorporation:
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Nature of business:
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% |
Class of shares: | holding |
Ordinary shares |
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£ | £ |
Aggregate capital and reserves | (8,778,987 | ) | (13,240,315 | ) |
Profit/(loss) for the year | 4,461,328 | (622,199 | ) |
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Nature of business:
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% |
Class of shares: | holding |
Ordinary shares |
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£ | £ |
Aggregate capital and reserves | (35,166,940 | ) | (34,124,256 | ) |
Loss for the year | (1,042,684 | ) | (30,853,997 | ) |
CARISBROOKE PROPERTIES LIMITED (REGISTERED NUMBER: 05367537) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 30 JUNE 2014 |
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2. | FIXED ASSET INVESTMENTS - continued |
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Nature of business:
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% |
Class of shares: | holding |
Ordinary shares |
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£ | £ |
Aggregate capital and reserves | 3,036,875 | 3,036,875 |
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Nature of business:
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% |
Class of shares: | holding |
Ordinary shares |
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£ | £ |
Aggregate capital and reserves | (31,416,917 | ) | (27,038,519 | ) |
Loss for the year | (4,378,398 | ) | (2,135,301 | ) |
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Country of incorporation:
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Nature of business:
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% |
Class of shares: | holding |
Ordinary shares |
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£ | £ |
Aggregate capital and reserves | 2,486,907 | 1,735,452 |
Profit/(loss) for the year | 22,599 | (131,210 | ) |
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Nature of business:
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% |
Class of shares: | holding |
Ordinary shares |
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£ | £ |
Aggregate capital and reserves | 1,165,773 | 50,437 |
(Loss)/profit for the year | (105,182 | ) | 1,586,519 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | £ | £ |
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Ordinary | £0.01 |
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A Ordinary | £0.01 |
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B Ordinary | £0.01 |
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510,000 | 510,000 |
CARISBROOKE PROPERTIES LIMITED (REGISTERED NUMBER: 05367537) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 30 JUNE 2014 |
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3. | CALLED UP SHARE CAPITAL - continued |
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The rights of the different classes of shares are as follows. |
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The ordinary shares and B shares are entitled to one vote each at any meeting of the company. The A shares |
have no voting rights. Both the ordinary shares and the B shares are entitled to receive dividends, the A shares |
have no entitlement to a dividend. |
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On a return of capital on liquidation or otherwise, the surplus assets of the company should be applied in the |
following order of priority. |
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Firstly, in paying the holders of the A shares and ordinary shares the capital paid up on such shares ranks pari |
passu and in proportion to the amount paid up on each share. |
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Secondly, in paying the holders of the B shares the capital paid up on such shares ranks pari passu and in |
proportion to the amount paid up on each share. |
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Thirdly, the balance of such assets (if any) shall be divided amounts the holders of the B shares and ordinary |
shares pro rata to the number of shares held. The A shares are not entitled to receive any amounts in excess of |
that referred to above. |
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4. | ULTIMATE PARENT COMPANY |
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On the 21 February 2013, Carisbrooke Arkle LLP became the company's ultimate parent. The smallest group of |
which the Company is a member is headed by Carisbrooke Anglo Ventures Limited. Neither the ultimate parent |
nor the immediate parent company prepare consolidated financial statements. |