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Report of the Directors and |
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Unaudited |
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Consolidated Financial Statements |
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for the Year Ended 1 April 2021 |
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for |
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Canadian & Portland Estates Limited |
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Report of the Directors and |
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Unaudited |
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Consolidated Financial Statements |
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for the Year Ended 1 April 2021 |
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for |
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Canadian & Portland Estates Limited |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Contents of the Consolidated Financial Statements |
for the Year Ended 1 April 2021 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Consolidated Income Statement | 3 |
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Consolidated Statement of Financial Position | 4 |
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Company Statement of Financial Position | 6 |
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Consolidated Statement of Changes in Equity | 8 |
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Company Statement of Changes in Equity | 10 |
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Notes to the Consolidated Financial Statements | 11 |
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Canadian & Portland Estates Limited |
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Company Information |
for the Year Ended 1 April 2021 |
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DIRECTORS: |
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SECRETARIES: |
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Mr G J E Miles |
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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 Limited (Registered number: 01676411) |
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Report of the Directors |
for the Year Ended 1 April 2021 |
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The directors present their report with the financial statements of the company and the group for the year ended 1 April 2021. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 2 April 2020 to the date of this report. |
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Other changes in directors holding office are as follows: |
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DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with S414C of the Companies Act; included in the Strategic Report is the review of the business and principal risks and uncertainties. This information would have otherwise been required by Schedule 7 of the Large and Medium size Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors Report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Canadian & Portland Estates Limited (Registered number: 01676411) |
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Consolidated |
Income Statement |
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for the Year Ended 1 April 2021 |
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Period |
24.3.19 |
Year Ended | to |
1.4.21 | 1.4.20 |
£ | £ |
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TURNOVER | 622,411 | 701,229 |
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Cost of sales | (129,057 | ) | (184,279 | ) |
GROSS PROFIT | 493,354 | 516,950 |
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Administrative expenses | (24,922 | ) | (17,945 | ) |
468,432 | 499,005 |
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Gain/loss on revaluation of investments | - | 2,000,000 |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 468,432 | 2,499,005 |
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Tax on profit | (72,604 | ) | (511,783 | ) |
PROFIT FOR THE FINANCIAL YEAR |
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Profit attributable to: |
Owners of the parent | 274,780 | 1,381,075 |
Non-controlling interests | 121,048 | 606,147 |
395,828 | 1,987,222 |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Consolidated Statement of Financial Position |
1 April 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 | 6,000,000 | 6,000,000 |
Investments | 6 | - | - |
6,000,000 | 6,000,000 |
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CURRENT ASSETS |
Debtors | 7 | 3,770,336 | 2,916,955 |
Cash at bank | 812,348 | 520,391 |
4,582,684 | 3,437,346 |
CREDITORS |
Amounts falling due within one year | 8 | 1,091,921 | 291,514 |
NET CURRENT ASSETS | 3,490,763 | 3,145,832 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
9,490,763 |
9,145,832 |
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PROVISIONS FOR LIABILITIES | 746,383 | 746,383 |
NET ASSETS | 8,744,380 | 8,399,449 |
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CAPITAL AND RESERVES |
Called up share capital | 9 | 50,040 | 50,040 |
Share premium | 10 | 3,580 | 3,580 |
Fair value reserve | 10 | 4,000,087 | 4,000,087 |
Retained earnings | 10 | 3,636,702 | 3,361,922 |
SHAREHOLDERS' FUNDS | 7,690,409 | 7,415,629 |
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NON-CONTROLLING INTERESTS | 11 | 1,053,971 | 983,820 |
TOTAL EQUITY | 8,744,380 | 8,399,449 |
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The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 1 April 2021. |
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The members have not required the company and the group to obtain an audit of its financial statements for the year ended 1 April 2021 in accordance with Section 476 of the Companies Act 2006. |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Consolidated Statement of Financial Position - continued |
1 April 2021 |
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
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The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2021 and were signed on its behalf by: |
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Mr M Williams FCA - Director |
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Canadian & Portland Estates Limited (Registered number: 01676411) |
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Company Statement of Financial Position |
1 April 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 | 9 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Company's profit for the financial year | 304,154 | 310,720 |
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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. |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Company Statement of Financial Position - continued |
1 April 2021 |
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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 Limited (Registered number: 01676411) |
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Consolidated Statement of Changes in Equity |
for the Year Ended 1 April 2021 |
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Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
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Balance at 24 March 2019 | 50,040 | 3,541,003 | 3,580 |
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Changes in equity |
Profit for the period | - | 1,381,075 | - |
Total comprehensive income | - | 1,381,075 | - |
FV Transfer | - | (1,560,156 | ) | - |
50,040 | 3,361,922 | 3,580 |
Non-controlling interest
distribution paid |
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Balance at 1 April 2020 | 50,040 | 3,361,922 | 3,580 |
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Changes in equity |
Profit for the year | - | 274,780 | - |
Total comprehensive income | - | 274,780 | - |
50,040 | 3,636,702 | 3,580 |
Non-controlling interest
distribution paid |
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Balance at 1 April 2021 | 50,040 | 3,636,702 | 3,580 |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Consolidated Statement of Changes in Equity - continued |
for the Year Ended 1 April 2021 |
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Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
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Balance at 24 March 2019 | 2,439,931 | 6,034,554 | 480,303 | 6,514,857 |
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Changes in equity |
Profit for the period | - | 1,381,075 | 606,147 | 1,987,222 |
Total comprehensive income | - | 1,381,075 | 606,147 | 1,987,222 |
FV Transfer | 1,560,156 | - | - | - |
4,000,087 | 7,415,629 | 1,086,450 | 8,502,079 |
Non-controlling interest
distribution paid |
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(102,630 |
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(102,630 |
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Balance at 1 April 2020 | 4,000,087 | 7,415,629 | 983,820 | 8,399,449 |
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Changes in equity |
Profit for the year | - | 274,780 | 121,048 | 395,828 |
Total comprehensive income | - | 274,780 | 121,048 | 395,828 |
4,000,087 | 7,690,409 | 1,104,868 | 8,795,277 |
Non-controlling interest
distribution paid |
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(50,897 |
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(50,897 |
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Balance at 1 April 2021 | 4,000,087 | 7,690,409 | 1,053,971 | 8,744,380 |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Company Statement of Changes in Equity |
for the Year Ended 1 April 2021 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 24 March 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 1 April 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 1 April 2021 |
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Canadian & Portland Estates Limited (Registered number: 01676411) |
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Notes to the Consolidated Financial Statements |
for the Year Ended 1 April 2021 |
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1. | STATUTORY INFORMATION |
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Canadian & Portland Estates Limited 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 investment properties. |
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Basis of consolidation |
The consolidated financial statements incorporate the financial statements to the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over its useful economic life. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss for the parent company is omitted from the group financial statements by virtue of s408 of the Companies Act 2006. The accounts can be obtained from 76 New Bond Street, London W1S 1RX. |
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Joint ventures |
The company is involved in one joint venture. The full asset and income is brought into the accounts with a deduction for the JV partner shown as a Minority Interest charge. |
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Significant judgements and estimates |
Investment property, which is freehold, was revalued to fair value at 1 April 2021, based on a valuation undertaken by a suitably qualified director with recent experience in the location and class of the investment property being valued. |
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Turnover |
Turnover represents rents receivable in relation to the accounting period after adjusting for rent free periods and other agreed rebates and discounts. VAT and other taxes are excluded. |
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Reduced disclosures |
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements as a qualifying entity: |
- Section 7 'Statement of Cash Flows' - Presentation of a Statement of Cash Flow and related notes and disclosures. |
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income. |
- Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
The financial statements of the company are included within these financial statements of Canadian & Portland Estates PLC. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 1 April 2021 |
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4. | INDIVIDUAL INCOME STATEMENT |
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As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
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5. | TANGIBLE FIXED ASSETS |
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Group |
Land and |
buildings |
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COST |
At 2 April 2020 |
and 1 April 2021 |
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NET BOOK VALUE |
At 1 April 2021 |
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At 1 April 2020 |
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On historical cost basis, the group's investment properties would be been included at an original cost of £1,264,710 (2020: £1,264,710). |
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6. | FIXED ASSET INVESTMENTS |
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Company |
Shares in |
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undertakings |
£ |
COST OR VALUATION |
At 2 April 2020 |
and 1 April 2021 |
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NET BOOK VALUE |
At 1 April 2021 |
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At 1 April 2020 |
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Cost or valuation at 1 April 2021 is represented by: |
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Shares in |
group |
undertakings |
£ |
Valuation in 2018 | 963,348 |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 1 April 2021 |
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6. | FIXED ASSET INVESTMENTS - continued |
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The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Subsidiaries |
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Registered office: 76 New Bond Street, London, London, W1S 1RX |
Nature of business:
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% |
Class of shares: | holding |
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2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
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Registered office: 76 New Bond Street, London, London, W1S 1RX |
Nature of business:
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Class of shares: | holding |
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2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
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Registered office: 76 New Bond Street, London, London, W1S 1RX |
Nature of business:
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% |
Class of shares: | holding |
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2021 | 2020 |
£ | £ |
Aggregate capital and reserves | ( |
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Registered office: 76 New Bond Street, London, London, W1S 1RX |
Nature of business:
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% |
Class of shares: | holding |
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2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year/period |
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Canadian & Portland Estates Limited (Registered number: 01676411) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 1 April 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Group | Company |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Trade debtors | 766,854 | 56,183 |
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Amounts owed by group undertakings | 2,878,428 | 2,733,896 |
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Other debtors | - | - |
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Prepayments and accrued income | 125,054 | 126,876 |
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3,770,336 | 2,916,955 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Group | Company |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Trade creditors | - | - | ( |
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Amounts owed to group undertakings | 122,703 | 50,000 |
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Tax | 92,256 | 73,277 |
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VAT | 149,487 | 28,046 | - | - |
Accruals and deferred income | 144,364 | 132,540 |
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Accrued expenses | 583,111 | 7,651 |
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1,091,921 | 291,514 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 50,040 | 50,040 |
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10. | RESERVES |
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The Group's and Company's other reserves are as follows: |
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The retained earnings reserve represents cumulative profits or losses, net of dividends paid and other adjustments. |
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The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses. |
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The fair value reserve represents the cumulative effect of revaluations of investment property which is revalued to fair value at each reporting date. |
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11. | NON-CONTROLLING INTERESTS |
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The minority interest is a 25% interest in the long leasehold property. The 25% minority holding is held by CJ Bourne (Asset Management) Limited. |
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12. | ULTIMATE PARENT COMPANY |
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The immediate and ultimate parent company is Canadian & Portland Estates (Holdings) Limited, a company incorporated in England and Wales. Consolidated financial statements are prepared by this entity and copies can be obtained from the registered office at 76 New Bond Street, London, W1S 1RX. |
Canadian & Portland Estates Limited (Registered number: 01676411) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 1 April 2021 |
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13. | 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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Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
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14. | ULTIMATE CONTROLLING PARTY |
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There is no individual controlling party. |