Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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11,276,819 | 10,464,558 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 5 |
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- due after more than one year | 5 |
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Cash at bank and in hand |
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4,540,502 | 3,376,464 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 4,014,860 | 2,887,615 | ||
Total assets less current liabilities | 15,291,679 | 13,352,173 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Cabot Mews Limited (registered number:
Mr S M Davidson
Director |
Mr P Oliphant
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Cabot Mews Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Springfield House, 45 Welsh Back, Bristol, BS1 4AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Vehicles |
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Fixtures and fittings |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
The fair value is determined annually by either external valuers or the Directors and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2022 |
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Disposals |
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At 31 March 2023 |
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Accumulated depreciation | |||||
At 01 April 2022 |
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Charge for the financial year |
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Disposals |
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At 31 March 2023 |
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Net book value | |||||
At 31 March 2023 |
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At 31 March 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
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Fair value movement | 825,000 |
As at 31 March 2023 |
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Valuation
Investment properties, which are all freehold, were revalued to fair value at 31 March 2023, based on a valuation undertaken by Jones Lang LaSalle, an independent valuer with recent experience in the location and class of the investment property being valued.
Historic cost
If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:
2023 | 2022 | ||
£ | £ | ||
Historic cost | 6,858,960 | 6,858,960 |
2023 | 2022 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by Parent undertakings |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to associates |
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Accruals and deferred income |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts owed to directors |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited/(charged) to the Statement of Income and Retained Earnings |
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At the end of financial year | (
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The deferred taxation balance is made up as follows:
2023 | 2022 | ||
£ | £ | ||
Accelerated capital allowances | (
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Revaluation of tangible assets | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Amounts due to the directors | 1,483,628 | 2,983,628 |
Interest was accruing on £1,000,000 of the total loan at a rate of 3.5% above the base rate up to the repayment date and £310,945 (2022: £261,808) has been accrued and is included in Accruals and deferred income.
All other directors loans are unsecured with no fixed date for repayment.
The company has taken advantage of the exemption available under Section 1 a.c. 35 of FRS 102 to not disclose individual transactions within a wholly owned group.
The company has provided an unlimited guarantee on the bank loans in the holding company.
The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £3,757,715 (2022: £2,891,616).