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Basis of opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or |
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the directors have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue. |
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Other information |
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and |
● |
the directors’ report has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
Catford Regeneration Partnership Limited
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Notes to the Accounts |
for the year ended 31 March 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover represents rent received or receivable, net of value added taxes. The granting of rent incentives are recognised in the Profit and Loss account over the lease period.
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Investment property |
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Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Siu Kin Ho
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Firm: |
ACF Auditing Services Limited
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Date of audit report: |
2 November 2020
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3 |
Employees |
2020 |
|
2019 |
Number |
Number |
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Average number of persons employed by the company |
3 |
|
3 |
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4 |
Investment property |
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Other |
investments |
£ |
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Fair value |
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At 1 April 2019 |
15,767,000 |
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Net deficit from fair value adjustments |
(797,300) |
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At 31 March 2020 |
14,969,700 |
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Historical cost |
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At 1 April 2019 |
13,222,886 |
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At 31 March 2020 |
13,222,886 |
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The fair value of investment property is based on a valuation by an external Property Adviser who hold a recognised and relevant professional qualification and has recent experience in the location and class of investment being valued. The valuation method used was rental yield analysis which based on market rental information of the immediate area, recent market transactions and economic market review on a regional basis. |
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5 |
Debtors |
2020 |
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2019 |
£ |
£ |
|
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Trade debtors |
13,881 |
|
12,626 |
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Other debtors |
|
132,408 |
|
75,491 |
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Prepayments and accrued income |
632,366 |
|
118,861 |
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|
|
|
|
|
778,655 |
|
206,978 |
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Amounts due after more than one year included above |
63,335 |
|
26,060 |
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6 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Trade creditors |
90,805 |
|
45,663 |
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Amounts owed to group undertakings |
|
143,564 |
|
170,237 |
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Other taxes and social security costs |
- |
|
10,886 |
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Other creditors |
23,672 |
|
73,116 |
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|
|
|
|
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258,041 |
|
299,902 |
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7 |
Creditors: amounts falling due after one year |
2020 |
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2019 |
£ |
£ |
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Amounts owed to group undertakings |
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13,361,204 |
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12,861,203 |
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8 |
Loans |
2020 |
|
2019 |
£ |
£ |
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Creditors include: |
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Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
13,361,204 |
|
12,861,203 |
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|
|
|
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|
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Secured loans |
13,361,204 |
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12,897,594 |
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9 |
Controlling party |
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The company is a subsidiary of Lewisham Council who is also the parent undertakings. The group accounts for the parent undertakings together with the two trading subsidiaries, Lewisham Homes Limited and Catford Regeneration Partnership Limited are available for inspection by any local governement elector from Lewisham Council principal place of business at Laurence Hosue, Catford, London SE6 4RU.
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10 |
Other information |
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Catford Regeneration Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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5th Floor Laurence House |
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1 Catford Road |
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Catford |
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London |
|
SE6 4RU |