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Unaudited Financial Statements |
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for the Period 2 April 2021 to 31 March 2022 |
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for |
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Canadian & Portland Estates Ltd |
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Unaudited Financial Statements |
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for the Period 2 April 2021 to 31 March 2022 |
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for |
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Canadian & Portland Estates Ltd |
Canadian & Portland Estates Ltd (Registered number: 01676411) |
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Contents of the Financial Statements |
for the Period 2 April 2021 to 31 March 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Canadian & Portland Estates Ltd |
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Company Information |
for the Period 2 April 2021 to 31 March 2022 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
8-10 South Street |
Epsom |
Surrey |
KT18 7PF |
Canadian & Portland Estates Ltd (Registered number: 01676411) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Canadian & Portland Estates Ltd (Registered number: 01676411) |
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Notes to the Financial Statements |
for the Period 2 April 2021 to 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Canadian & Portland Estates Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 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. |
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Preparation of consolidated financial statements |
The financial statements contain information about Canadian & Portland Estates Plc as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Canadian & Portland (Holdings) Limited, a company registered in England. The accounts can be obtained from 76 New Bond Street, London W1S 1RX. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to fund in respect of the year. The assets of the scheme are held separately from those of the group in an independently administered fund. |
Canadian & Portland Estates Ltd (Registered number: 01676411) |
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Notes to the Financial Statements - continued |
for the Period 2 April 2021 to 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. |
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The directors have prepared detailed cash flow forecasts and valuation projections which they believe are based upon reasonable assumptions. These forecasts show that the company can meet its obligations as they fall due and thus the directors consider it appropriate to prepare the financial statements on the going concern basis. |
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Investment in joint ventures |
Investments in joint ventures are stated at cost. The relevant proportion of profit is brought into the Statement of Comprehensive Income. The asset is stated at cost together with any advances in financing to the Joint Venture. Revaluation of JV properties is not recognised in these accounts but is recognised in the ultimate holding company consolidation. |
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Investment properties |
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account. |
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Financial assets |
For financial assets carried at amortised cost, the amount of an impairment is the difference between the assets' carrying amount and the present value of the estimated future cash flows, discounted at the financial asset's original effective interest rate. |
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For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. |
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Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial assets to the extent that the revised recoverable value does not lead to the revised carrying amount higher than the carrying value had no impairment been recognised. |
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Financial liabilities and equity |
Financial instruments are classified as liabilities and equity instruments 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL (2021 - NIL). |
Canadian & Portland Estates Ltd (Registered number: 01676411) |
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Notes to the Financial Statements - continued |
for the Period 2 April 2021 to 31 March 2022 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST OR VALUATION |
At 2 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 1 April 2021 |
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Cost or valuation at 31 March 2022 is represented by: |
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Shares in |
group |
undertakings |
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Valuation in 2018 | 963,348 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Other debtors represents amounts due from the Joint Venture. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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7. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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8. | ULTIMATE CONTROLLING PARTY |
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There is no individual controlling party. |