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false
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false
false
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true
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No description of principal activity
2020-02-28
Sage Accounts Production Advanced 2020 - FRS102_2019
1,763,737
128,564
110,000
1,782,301
1,782,301
1,763,737
xbrli:pure
xbrli:shares
iso4217:GBP
05670247
2020-02-28
2021-02-27
05670247
2021-02-27
05670247
2019-02-28
2020-02-27
05670247
2020-02-27
05670247
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2020-02-28
2021-02-27
05670247
bus:Director1
2020-02-28
2021-02-27
05670247
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2021-02-27
05670247
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2020-02-27
05670247
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2021-02-27
05670247
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2020-02-27
05670247
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2021-02-27
05670247
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2020-02-27
05670247
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2021-02-27
05670247
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2020-02-27
05670247
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2021-02-27
05670247
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2020-02-27
05670247
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core:Non-currentFinancialInstruments
2020-02-27
05670247
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core:Non-currentFinancialInstruments
2021-02-27
05670247
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core:Non-currentFinancialInstruments
2021-02-27
05670247
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core:Non-currentFinancialInstruments
2021-02-27
05670247
core:Non-currentFinancialInstruments
2021-02-27
05670247
core:Non-currentFinancialInstruments
2020-02-27
05670247
core:RevaluationInvestmentPropertyDeferredTax
2021-02-27
05670247
core:RevaluationInvestmentPropertyDeferredTax
2020-02-27
05670247
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2020-02-28
2021-02-27
05670247
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2020-02-28
2021-02-27
05670247
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2020-02-28
2021-02-27
05670247
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2021-02-27
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2020-02-27
COMPANY REGISTRATION NUMBER:
05670247
C.C. PROPERTY MANAGEMENT LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
C.C. PROPERTY MANAGEMENT LIMITED
|
|
YEAR ENDED 27th FEBRUARY 2021
Statement of financial position
|
1 to 2
|
|
|
Notes to the financial statements
|
3 to 6
|
|
|
C.C. PROPERTY MANAGEMENT LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
27 February 2021
FIXED ASSETS
Investments
|
5
|
|
1,782,301
|
|
1,763,737
|
|
|
|
|
|
|
CURRENT ASSETS
Debtors
|
6
|
2,424
|
|
6,699
|
|
Cash at bank and in hand
|
60,196
|
|
15,202
|
|
|
---------
|
|
---------
|
|
|
62,620
|
|
21,901
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
7
|
604,770
|
|
480,450
|
|
|
----------
|
|
----------
|
|
NET CURRENT LIABILITIES
|
|
542,150
|
|
458,549
|
|
|
-------------
|
|
-------------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
1,240,151
|
|
1,305,188
|
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
8
|
|
1,112,989
|
|
1,166,923
|
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax
|
|
10,378
|
|
14,963
|
|
|
-------------
|
|
-------------
|
NET ASSETS
|
|
116,784
|
|
123,302
|
|
|
-------------
|
|
-------------
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
10
|
|
10
|
|
10
|
Non distributable reserve
|
|
50,668
|
|
73,054
|
Profit and loss account
|
|
66,106
|
|
50,238
|
|
|
----------
|
|
----------
|
SHAREHOLDERS FUNDS
|
|
116,784
|
|
123,302
|
|
|
----------
|
|
----------
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 27th February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
C.C. PROPERTY MANAGEMENT LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
27 February 2021
These financial statements were approved by the
board of directors
and authorised for issue on
23 March 2022
, and are signed on behalf of the board by:
Company registration number:
05670247
C.C. PROPERTY MANAGEMENT LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 27th FEBRUARY 2021
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Fire Outlet, Shaftesbury Avenue, South Shields, Tyne & Wear, NE34 9PH.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. In choosing this basis, the directors have assessed the impact of Covid-19 and the financial assistance received. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration and represents amounts receivable for rent, stated net of Value Added Tax.
Covid-19 support
During the year the company received Covid-19 support in the form of HM Revenue & Customs CJRS grants. Covid-19 support grants are recognised at the fair value of the grant receivable using the accrual model.
Under the accrual model, the grant shall be recognised as income on a systematic basis over the period in which the entity recognises the costs for which the grant is intended to compensate.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment properties
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised through the income statement.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Investment properties are not depreciated.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
2
(2020:
2
).
5.
INVESTMENTS
|
Investment properties
|
|
£
|
Valuation
|
|
At 28th February 2020
|
1,763,737
|
Additions
|
128,564
|
Disposals
|
(
110,000)
|
|
-------------
|
At 27th February 2021
|
1,782,301
|
|
-------------
|
Impairment
|
|
At 28th February 2020 and 27th February 2021
|
–
|
|
-------------
|
|
|
Carrying amount
|
|
At 27th February 2021
|
1,782,301
|
|
-------------
|
At 27th February 2020
|
1,763,737
|
|
-------------
|
|
|
Investment properties are stated at the directors' opinion of fair value.
6.
DEBTORS
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
–
|
726
|
Prepayments and accrued income
|
2,424
|
4,621
|
Other debtors
|
–
|
1,352
|
|
-------
|
-------
|
|
2,424
|
6,699
|
|
-------
|
-------
|
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans
|
88,241
|
74,880
|
Trade creditors
|
674
|
–
|
Accruals and deferred income
|
2,439
|
1,976
|
Corporation tax
|
5,114
|
8,204
|
Social security and other taxes
|
6,528
|
–
|
Director loan accounts
|
475,321
|
377,329
|
Direct Fitting Services Ltd
|
26,453
|
18,061
|
|
----------
|
----------
|
|
604,770
|
480,450
|
|
----------
|
----------
|
|
|
|
The bank loans, included within creditors falling due within one year, are secured by a fixed charge over the investment properties.
8.
CREDITORS:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans
|
505,055
|
576,028
|
Plasterpiece Limited
|
607,934
|
590,895
|
|
-------------
|
-------------
|
|
1,112,989
|
1,166,923
|
|
-------------
|
-------------
|
|
|
|
The bank loans, included within creditors falling due after more than one year, are secured by a fixed charge over the investment properties.
Included within creditors: amounts falling due after more than one year is an amount of £200,755 (2020: £251,978) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Interest of 2.5% is charged on the loan from Plasterpiece Limited.
9.
DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
|
2021
|
2020
|
|
£
|
£
|
Included in provisions
|
10,378
|
14,963
|
|
---------
|
---------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2021
|
2020
|
|
£
|
£
|
Fair value adjustment of investment property
|
10,378
|
14,963
|
|
---------
|
---------
|
|
|
|
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2021
|
2020
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
10
|
10
|
10
|
10
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
11.
RELATED PARTY TRANSACTIONS
C. Ferry
and S. A. Ferry are also directors of Plasterpiece Limited and Direct Fitting Services Ltd. At the year end, a loan of £607,934 (2020: £590,895) was due to Plasterpiece Limited. Interest of 2.50% per annum is charged on this loan. At the year end, a loan of £26,453 (2020: £18,061) was due to Direct Fitting Services Ltd. No further transactions with related parties were undertaken such as are required to be disclosed under the FRS 102 Section 1A small entities.