Company registration number 07928540 (England and Wales)
COMBE HOMES (INVESTMENTS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
COMBE HOMES (INVESTMENTS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 5
COMBE HOMES (INVESTMENTS) LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
2
7,565,349
6,694,999
Current assets
Debtors
3
384,960
335,841
Cash at bank and in hand
52,989
58,102
437,949
393,943
Creditors: amounts falling due within one year
4
(1,488,435)
(1,551,788)
Net current liabilities
(1,050,486)
(1,157,845)
Total assets less current liabilities
6,514,863
5,537,154
Creditors: amounts falling due after more than one year
5
(4,694,979)
(4,695,042)
Provisions for liabilities
(384,321)
(130,079)
Net assets
1,435,563
712,033
Capital and reserves
Called up share capital
6
100
100
Other reserves
1,452,105
835,998
Profit and loss reserves
(16,642)
(124,065)
Total equity
1,435,563
712,033
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
COMBE HOMES (INVESTMENTS) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr C C Johnson
Director
Company Registration No. 07928540
COMBE HOMES (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Combe Homes (Investments) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1-4 Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rental income.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
COMBE HOMES (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Investment property
2023
£
Fair value
At 1 April 2022
6,694,999
Revaluations
870,350
At 31 March 2023
7,565,349
Investment property comprises a portfolio of 14 flats and 11 freehold houses. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the directors' of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
COMBE HOMES (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
329,352
314,281
Deferred tax asset
55,608
21,560
384,960
335,841
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,488,435
1,551,788
5
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
4,694,979
4,695,042
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Related party transactions
At the year end, included within other debtors is an amount of £100,000 (2022 : £105,000) and £216,702 (2022 : £174,093) owed by Trafalgar Property Group PLC and Trafalgar New Homes Ltd respectively. Mr C Johnson has an interest in both companies.
At the year end, included within other debtors is an amount of £1,130 (2022 : £25,000) owed by Selmat Limited, a company Mr C Johnson has an interest in.
8
Directors' transactions
Included in creditors amounts due within one year is an amount of £1,483,324 (2022: £1,539,988) owed to Mr C Johnson, a director of the company.