Company Registration No. 00469394 (England and Wales)
CROUDACE PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CROUDACE PROPERTIES LIMITED
COMPANY INFORMATION
Directors
N D Scott BSc MRICS (Managing Director)
H Brotherton-Ratcliffe
A W S Glover BSc MRICS
(Appointed 1 January 2021)
Secretary
D Beard FCCA MAAT
Company number
00469394
Registered office
36 Frederick Place
Brighton
BN1 4EA
Auditors
Humphrey & Co Audit Services Ltd
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
Business address
36 Frederick Place
Brighton
BN1 4EA
Bankers
HSBC
The Peak
333 Vauxhall Bridge Road
London
SW1V 1EJ
CROUDACE PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CROUDACE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
75,500,000
64,210,000
Current assets
Debtors
4
1,332,247
1,800,923
Cash at bank and in hand
2,691,763
1,055,942
4,024,010
2,856,865
Creditors: amounts falling due within one year
5
(52,623,244)
(45,390,481)
Net current liabilities
(48,599,234)
(42,533,616)
Total assets less current liabilities
26,900,766
21,676,384
Provisions for liabilities
6
(927,000)
(323,103)
Net assets
25,973,766
21,353,281
Capital and reserves
Called up share capital
7
6,243,488
6,243,488
Revaluation reserve
11,116,073
8,180,430
Profit and loss reserves
8,614,205
6,929,363
Total equity
25,973,766
21,353,281
The directors of the company have elected not to include a copy of the income statement 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 by the board of directors and authorised for issue on 31 March 2022 and are signed on its behalf by:
N D Scott BSc MRICS (Managing Director)
Director
Company Registration No. 00469394
CROUDACE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
6,243,488
9,579,620
6,687,263
22,510,371
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
(58,090)
(58,090)
Dividends
-
-
(1,099,000)
(1,099,000)
Transfers
-
(1,399,190)
1,399,190
-
Balance at 31 December 2020
6,243,488
8,180,430
6,929,363
21,353,281
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
5,730,475
5,730,475
Dividends
-
-
(1,109,990)
(1,109,990)
Transfers
-
2,935,643
(2,935,643)
-
Balance at 31 December 2021
6,243,488
11,116,073
8,614,205
25,973,766
CROUDACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Croudace Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
36 Frederick Place, Brighton, BN1 4EA.
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
The company has not suffered significantly as a result of the Covid 19 pandemic. It has continued to trade profitably and most of its tenants have been able to continue paying their rents. Consequently the company has not had to take advantage of any of the governments financial support packages.
true
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents r
ental income from operating leases
and
is recognised on a straight line basis over the term of the relevant lease.
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 income statement.
1.5
Cash and cash equivalents
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.
1.6
Financial instruments
Financial instruments are recognised in the company's statement of financial position 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.
CROUDACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
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.
1.8
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 income statement 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
CROUDACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Investment property
2021
£
Fair value
At 1 January 2021
64,210,000
Additions
6,716,657
Revaluations
4,573,343
At 31 December 2021
75,500,000
The fair value of the investment properties has been arrived at on the basis of a valuation carried out as at 31 December 2021 by Chartered Surveyors who are employees of a company under common control of the shareholders. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If the properties were to be sold at their revalued amounts an additional corporation tax charge of £387,700 (2020 £nil) would arise. This amount has been included in the company's deferred tax provision as at the balance sheet date.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
315,162
264,890
Corporation tax recoverable
110,000
Other debtors
1,017,085
1,426,033
1,332,247
1,800,923
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
12,000,000
1,300,000
Trade creditors
29,049
29,153
Corporation tax
196,035
Other taxation and social security
178,320
369,185
Other creditors
40,219,840
43,692,143
52,623,244
45,390,481
6
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
927,000
323,103
CROUDACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
24,973,950 Ordinary Shares of 25p each
6,243,488
6,243,488
8
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 Mr Michael Macefield.
The auditor was Humphrey & Co Audit Services Ltd.
9
Financial commitments, guarantees and contingent liabilities
The company's bank borrowings are secured by a fixed and floating charge over the assets of the company.
At the balance sheet date the company had commitments, guarantees and contingencies estimated to be less than £1m.
10
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£
£
Acquisition of tangible fixed assets
-
5,470,441
11
Parent company
The immediate and ultimate parent company is Croudace Investment Group Limited, a company registered in England and Wales whose registered office is 36 Frederick Place, Brighton, BN1 4EA.
Croudace Investment Group Limited prepares consolidated accounts.
12
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
2021-12-31
2021-01-01
false
07 April 2022
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
This audit opinion is unqualified
N D Scott BSc MRICS (Managing Director)
H Brotherton-Ratcliffe
N D Scott BSc MRICS (Managing Director)
D Beard FCCA MAAT
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