Company registration number 04892977 (England and Wales)
CELTIC PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
CELTIC PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CELTIC PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
6
915
1,566
Investment properties
7
6,598,860
6,501,883
6,599,775
6,503,449
Current assets
Debtors
8
724,561
767,874
Cash at bank and in hand
88,334
75,192
812,895
843,066
Creditors: amounts falling due within one year
9
(185,032)
(209,135)
Net current assets
627,863
633,931
Total assets less current liabilities
7,227,638
7,137,380
Creditors: amounts falling due after more than one year
10
(4,527,150)
(4,605,781)
Provisions for liabilities
11
(249,803)
(192,978)
Net assets
2,450,685
2,338,621
Capital and reserves
Called up share capital
12
2
2
Other reserves
13
1,484,760
1,484,760
Profit and loss reserves
965,923
853,859
Total equity
2,450,685
2,338,621
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 28 February 2022 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.
T
he members have 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.
CELTIC PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2022
28 February 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 November 2022 and are signed on its behalf by:
Mr T H Griffiths
Director
Company Registration No. 04892977
CELTIC PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2022
28 February 2022
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Celtic Property Developments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 Barons Court, Usk, Gwent, United Kingdom, NP15 1AY.
2.1
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 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.
2.2
Turnover
Turnover represents rents receivable and income from repair and maintenance work, net of VAT. Turnover is recognised when the services are provided.
2.3
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:
Plant and machinery
25% on straight line basis.
Fixtures, fittings & equipment
25% on straight line basis
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
.
2.4
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.
Changes in fair value are recognised in profit or loss.
CELTIC PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2
Accounting policies
(Continued)
- 4 -
2.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. 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). 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.
Recoverable amount is the higher of fair value less costs to sell and 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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.6
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.
2.7
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.
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.
CELTIC PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
2
Accounting policies
(Continued)
- 5 -
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
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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
2.8
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.
2.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.10
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.
CELTIC PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
2
Accounting policies
(Continued)
- 6 -
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.
2.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
4
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
73,645
72,299
Deferred tax
Origination and reversal of timing differences
56,825
27,278
Total tax charge
130,470
99,577
CELTIC PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 7 -
5
Dividends
2022
2021
£
£
Final paid
150,000
110,000
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2021 and 28 February 2022
18,697
Depreciation and impairment
At 1 March 2021
17,131
Depreciation charged in the year
651
At 28 February 2022
17,782
Carrying amount
At 28 February 2022
915
At 28 February 2021
1,566
7
Investment property
2022
£
Fair value
At 1 March 2021
6,501,883
Additions
96,977
At 28 February 2022
6,598,860
Investment property comprises a number of commercial and residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 28 February 2022 by the directors
.
The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
14,208
Other debtors
710,353
767,874
724,561
767,874
CELTIC PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 8 -
9
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
73,645
72,299
Other taxation and social security
28,926
56,862
Other creditors
82,461
79,974
185,032
209,135
10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
2,527,150
2,605,781
Other creditors
2,000,000
2,000,000
4,527,150
4,605,781
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
155,621
116,184
Investment property
94,182
76,794
249,803
192,978
2022
Movements in the year:
£
Liability at 1 March 2021
192,978
Other
56,825
Liability at 28 February 2022
249,803
CELTIC PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 9 -
12
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary of 1p each
2
2
13
Other reserves
2022
2021
£
£
At beginning of year
1,484,760
1,480,756
Transfer to retained earnings
4,004
At end of year
1,484,760
1,484,760
14
Events after the reporting date
Post year end the company has sold two investment properties. The increase to the value of the properties to reflect the sales proceeds received has not been reflected in these accounts. The profit on disposal will be reflected fully in the accounts for the subsequent period.
15
Related party transactions
Amounts owed to/by related parties
The following amounts were outstanding at the reporting end date:
Amount owed to
Amounts owed by
2022
2021
2022
2021
£
£
£
£
Other related parties
2,000,000
2,000,000
710,352
710,352
16
Directors' transactions
Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan
57,521
(57,521)
-
57,521
(57,521)
-
2022-02-28
2021-03-01
false
25 November 2022
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
Mr T H Griffiths
Mr D Chapman
Mr H C Griffiths
Mr T H Griffiths
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