Company registration number 00469394 (England and Wales)
CROUDACE PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
78,800,000
71,800,000
Current assets
Debtors
4
1,491,771
976,391
Cash at bank and in hand
2,298,019
1,749,719
3,789,790
2,726,110
Creditors: amounts falling due within one year
5
(55,749,025)
(46,351,666)
Net current liabilities
(51,959,235)
(43,625,556)
Total assets less current liabilities
26,840,765
28,174,444
Provisions for liabilities
6
(1,180,000)
(1,220,000)
Net assets
25,660,765
26,954,444
Capital and reserves
Called up share capital
7
6,243,488
6,243,488
Revaluation reserve
12,133,627
13,004,024
Profit and loss reserves
7,283,650
7,706,932
Total equity
25,660,765
26,954,444
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 19 March 2024 and are signed on its behalf by:
N D Scott BSc MRICS (Managing Director)
Director
Company registration number 00469394 (England and Wales)
CROUDACE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
6,243,488
11,116,073
8,614,205
25,973,766
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
2,211,558
2,211,558
Dividends
-
-
(1,230,880)
(1,230,880)
Transfers
-
1,887,951
(1,887,951)
-
Balance at 31 December 2022
6,243,488
13,004,024
7,706,932
26,954,444
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(18,839)
(18,839)
Dividends
-
-
(1,274,840)
(1,274,840)
Transfers
-
(870,397)
870,397
-
Balance at 31 December 2023
6,243,488
12,133,627
7,283,650
25,660,765
CROUDACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 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 amounts 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
Turnover represents rental income from operating leases and is recognised on a straight line basis over the term of the relevant lease.
1.3
Investment property
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 at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
1.4
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.
1.5
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.
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.
CROUDACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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.
1.7
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 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:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 January 2023
71,800,000
Additions
7,231,546
Revaluations
(231,546)
At 31 December 2023
78,800,000
CROUDACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Investment property
(Continued)
- 5 -
The fair value of the investment properties has been arrived at on the basis of a valuation carried out as at 31 December 2023 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.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
191,729
140,658
Corporation tax recoverable
98,993
Other debtors
1,201,049
835,733
1,491,771
976,391
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
18,000,000
3,250,000
Trade creditors
61,938
73,239
Corporation tax
105,744
Other taxation and social security
188,760
163,107
Other creditors
37,498,327
42,759,576
55,749,025
46,351,666
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,180,000
1,220,000
7
Called up share capital
2023
2022
£
£
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.
CROUDACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Audit report information
(Continued)
- 6 -
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
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.