Company registration number 09008902 (England and Wales)
CVH DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
CVH DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CVH DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
771,428
1,100,000
Current assets
Debtors
5
1,548
1,796
Cash at bank and in hand
14,605
24,147
16,153
25,943
Creditors: amounts falling due within one year
6
(644,772)
(881,454)
Net current liabilities
(628,619)
(855,511)
Total assets less current liabilities
142,809
244,489
Provisions for liabilities
(8,724)
(33,612)
Net assets
134,085
210,877
Capital and reserves
Called up share capital
7
100
100
Non-distributable profits reserve
8
98,075
143,291
Distributable profit and loss reserves
35,910
67,486
Total equity
134,085
210,877
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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.
The financial statements were approved and signed by the director and authorised for issue on 5 August 2022
C V Hall
Director
Company Registration No. 09008902
CVH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
CVH Developments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
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
Turnover
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Rental income
Investment properties generate rental income via licence agreements, and this revenue is recognised proportionally over the performance of the licence agreement, by reference to the stage of completion of the transaction at the end of the reporting period.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
CVH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
CVH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021
2,039
Disposals
(571)
At 31 March 2022
1,468
Depreciation and impairment
At 1 April 2021
2,039
Eliminated in respect of disposals
(571)
At 31 March 2022
1,468
Carrying amount
At 31 March 2022
At 31 March 2021
4
Investment property
2022
£
Fair value
At 1 April 2021
1,100,000
Disposals
(258,468)
Revaluations
(70,104)
At 31 March 2022
771,428
The fair value of the investment property was arrived at on the basis of a valuation carried out by the director at 25 February 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
273
Other debtors
1,275
1,796
1,548
1,796
CVH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
120
68
Trade creditors
883
855
Taxation and social security
1,671
Other creditors
642,098
880,531
644,772
881,454
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
143,291
-
Non distributable profits in the year
(45,216)
143,291
At the end of the year
98,075
143,291
9
Directors' transactions
At the balance-sheet date, the company owed the director £617,479 (2021- £856,177) in respect of interest free loans made by the director to the company.