Company Registration No. 08139384 (England and Wales)
CASPAN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
CASPAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CASPAN LIMITED
BALANCE SHEET
AS AT 31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment property
3
14,100,000
14,100,000
Current assets
Debtors
4
37,074
50,955
Cash at bank and in hand
498,371
657,780
535,445
708,735
Creditors: amounts falling due within one year
5
(727,397)
(1,155,761)
Net current liabilities
(191,952)
(447,026)
Total assets less current liabilities
13,908,048
13,652,974
Creditors: amounts falling due after more than one year
6
(5,044,028)
(5,233,537)
Provisions for liabilities
7
(1,252,736)
(958,699)
Net assets
7,611,284
7,460,738
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
7,611,184
7,460,638
Total equity
7,611,284
7,460,738
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 April 2022
M Oberoi
Director
Company Registration No. 08139384
CASPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 2 -
1
Accounting policies
Company information
Caspan Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Old House, 64 The Avenue, Egham, TW20 9AD.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
true
In addition, the net current liabilities include £200,000 of loan notes due to shareholders of the company. The shareholders have confirmed to the directors of Caspan Limited that they will not withdraw the shareholder funding loans per the Shareholder Agreement to the detriment of the company’s ability to meet its liabilities as they fall due. Accordingly the financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover represents amounts attributable to the year, exclusive of Value Added Tax, in respect of rents receivable for the period.
1.4
Investment properties
Freehold investment properties, which represent completed care homes held for use in an operating lease, are included in the balance sheet at their open market value and are not depreciated.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and represent cash in hand and deposits held at call with banks.
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
CASPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price
. 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,
and other loans,
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing difference can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates enacted or substantively enacted at the balance sheet date.
Deferred tax assets and liabilities are not discounted.
2
Employees
During the current and preceding periods, the average monthly number of persons employed by the company was nil.
CASPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 4 -
3
Investment property
2021
£
Fair value
At 1 August 2020 and 31 July 2021
14,100,000
The valuation of the investment property was made on 10 January 2020 by Cushman & Wakefield LLP. It is the opinion of the directors that the carrying value stated above is a fair reflection of the market value of the property at the balance sheet date.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
37,074
50,955
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
189,561
181,974
Trade creditors
61,230
50,264
Corporation tax
50,187
48,965
Amounts due to related parties
200,000
650,000
Other creditors
95,051
95,051
Accruals and deferred income
131,368
129,507
727,397
1,155,761
The bank loan is repayable in monthly instalments with a final bullet repayment in April 2025. The bank loan is secured by way of a debenture incorporating a fixed and floating charge covering the property and undertaking of the company.
CASPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 5 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
5,044,028
5,233,537
The bank loan is repayable in monthly instalments with a final bullet repayment in April 2025. The bank loan is secured by way of a debenture incorporating a fixed and floating charge covering the property and undertaking of the company.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
(119,428)
(84,146)
Unrealised revaluation gains
1,372,164
1,042,845
1,252,736
958,699
2021
Movements in the year:
£
Liability at 1 August 2020
958,699
Charge to profit or loss
294,037
Liability at 31 July 2021
1,252,736
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Lee Van Houplines and the auditor was Azets Audit Services.
CASPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
10
Profit and loss reserves
Within retained earnings is a non distributable amount of £5,208,981 (2020: £5,519,300) which relates to the revaluation of investment property, stated net of the related deferred taxation liability.
11
Related party transactions
At the balance sheet date the company owed £100,000 (2020: £450,000
) to
Zedan Limited
, a company under common control. The balance is interest free and repayable on demand.
The company owed M Oberoi, a director and shareholder of the company, £100,000 (2020: £200,000
). The balance is interest free and repayable on demand.