Registration number:
CP Properties (Nottingham) Ltd
for the Year Ended 28 February 2022
CP Properties (Nottingham) Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
CP Properties (Nottingham) Ltd
Company Information
Directors |
Mr C Pycroft Mrs H Pycroft |
Registered office |
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Accountants |
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CP Properties (Nottingham) Ltd
(Registration number: 12632121)
Balance Sheet as at 28 February 2022
Note |
2022 |
2021 |
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Fixed assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
341,750 |
306,350 |
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Shareholders' funds |
341,850 |
306,450 |
CP Properties (Nottingham) Ltd
(Registration number: 12632121)
Balance Sheet as at 28 February 2022
For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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CP Properties (Nottingham) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprisesof rental income for the residential properties, these are recognised when they become receivable by the company.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
CP Properties (Nottingham) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
CP Properties (Nottingham) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2022 |
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At 1 March |
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Additions |
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Fair value adjustments |
( |
At 28 February |
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The properties have been valued by the directors based on current market values and rental yields.
There has been no valuation of investment property by an independent valuer.
Stocks |
2022 |
2021 |
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Work in progress |
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Debtors |
2022 |
2021 |
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Prepayments |
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Other debtors |
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- |
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CP Properties (Nottingham) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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2022 |
2021 |
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Due after more than five years |
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After more than five years not by instalments |
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- |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Other borrowings |
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- |
2022 |
2021 |
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Non-current loans and borrowings |
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Other borrowings |
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Secured Liabilities
The loans of £1,564,270 (2021: £722,408) are secured by a fixed or flaoting charges over the company's assets to which they relate.
Included in the loans and borrowings are the following amounts due after more than five years:
CP Properties (Nottingham) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Summary of transactions with other related parties
Included within other creditors is the following balance, in respect of companies which are related by virtue of common ownership and directorships:
At the year end, an amount of £331,581 (2021: £77,888) was owed to CP Developments (Nottingham) Ltd. This amount is interest free and payable on demand.
Also included in other creditors, at the year end, an amount of £266,384 (2021: £253,699) was owed to a member of a directors close family. Interest of 5% is being charged on this loan. This loan is payable on demand.
Also included in other creditors, at the year end, an amount of £500,000 was lent to the company by the directors. Interest of 6% is being charged on this loan. This loan is payable on demand.
Included within other debtors is the following balance, in respect of companies which are related by virtue of common ownership and directorships:
At the year end, an amount of £623 (2021: £nil) was owed by CP Holdings (Nottingham) Ltd. This amount is interest free and payable on demand.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is