Company Registration No. 03244968 (England and Wales)
CROWN ESTATES AND PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
CROWN ESTATES AND PROPERTIES LIMITED
COMPANY INFORMATION
Directors
D E Slack
J M Denney
Secretary
J M Denney
Company number
03244968
Registered office
249 Cranbrook Road
Ilford
Essex
IG1 4TG
Accountants
Tish Leibovitch
249 Cranbrook Road
Ilford
Essex IG1 4TG
CROWN ESTATES AND PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CROWN ESTATES AND PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investment properties
2
6,274,373
4,600,000
Current assets
Debtors
3
14,019
14,019
Cash at bank and in hand
1,189
1,778
15,208
15,797
Creditors: amounts falling due within one year
4
(3,723,357)
(2,032,474)
Net current liabilities
(3,708,149)
(2,016,677)
Total assets less current liabilities
2,566,224
2,583,323
Creditors: amounts falling due after more than one year
5
(1,217,252)
(1,294,152)
Provisions for liabilities
(235,875)
(235,875)
Net assets
1,113,097
1,053,296
Capital and reserves
Called up share capital
6
2
2
Other reserves
1,241,447
1,241,447
Profit and loss reserves
(128,352)
(188,153)
Total equity
1,113,097
1,053,296
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 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
CROWN ESTATES AND PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2017 and are signed on its behalf by:
D E Slack
J M Denney
Director
Director
Company Registration No. 03244968
CROWN ESTATES AND PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2015
2
1,241,447
(211,907)
1,029,542
Year ended 31 December 2015:
Profit and total comprehensive income for the year
-
-
23,754
23,754
Balance at 31 December 2015
2
1,241,447
(188,153)
1,053,296
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
-
59,801
59,801
Balance at 31 December 2016
2
1,241,447
(128,352)
1,113,097
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
1
Accounting policies
Company information
Crown Estates and Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
249 Cranbrook Road, Ilford, Essex, IG1 4TG.
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 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.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Crown Estates and Properties Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
Turnover
Turnover represents rent receivable.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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 profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
1.5
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.
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 6 -
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.
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
Investment property
2016
£
Fair value
At 1 January 2016
4,600,000
Additions
1,674,373
At 31 December 2016
6,274,373
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2016 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
7,500
7,500
Amounts due from group undertakings
6,517
6,517
Other debtors
2
2
14,019
14,019
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
4
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
51,337
28,600
Amounts due to group undertakings
3,645,320
1,985,596
Corporation tax
14,264
5,938
Other creditors
12,436
12,340
3,723,357
2,032,474
5
Creditors: amounts falling due after more than one year
2016
2015
£
£
Bank loans and overdrafts
1,217,252
1,294,152
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
7
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2016
2015
Amounts owed to related parties
£
£
Other related parties
3,645,320
1,985,596
3,645,320
1,985,596
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
7
Related party transactions
(Continued)
- 8 -
The following amounts were outstanding at the reporting end date:
2016
Balance
Amounts owed by related parties
£
Other related parties
6,517
2015
Balance
Amounts owed in previous period
£
Other related parties
6,517
No guarantees have been given or received.
8
Parent company
The parent company is Aitco Management Limited. The ultimate parent company is
Aitco Limited
. The ultimate controlling party is
D Slack
.
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 January
31 December
2015
2015
Notes
£
£
Equity as reported under previous UK GAAP
23,970
47,724
Adjustments arising from transition to FRS 102:
Fair value adjustment
(i)
1,241,447
-
Deferred tax
(ii)
(235,875)
1,005,572
Equity reported under FRS 102
1,029,542
1,053,296
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
9
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of profit for the financial period
2015
£
Profit as reported under previous UK GAAP and under FRS 102
23,754
Notes to reconciliations on adoption of FRS 102
Fair value adjustment of investment properties
(i) Fair value adjustment of the investment properties as at 1 January 2015 was £1,241,447.
Deferred tax
(ii) Restatement of deferred tax on the fair value adjustment of the investment properties as at 1 January 2015 was £235,875.
2016-12-31
2016-01-01
false
CCH Software
CCH Accounts Production 2017.200
No description of principal activity
03244968
2016-01-01
2016-12-31
03244968
bus:Director1
2016-01-01
2016-12-31
03244968
bus:CompanySecretaryDirector1
2016-01-01
2016-12-31
03244968
bus:CompanySecretary1
2016-01-01
2016-12-31
03244968
bus:RegisteredOffice
2016-01-01
2016-12-31
03244968
2016-12-31
03244968
2015-12-31
03244968
core:CurrentFinancialInstruments
2016-12-31
03244968
core:CurrentFinancialInstruments
2015-12-31
03244968
core:ShareCapital
2016-12-31
03244968
core:ShareCapital
2015-12-31
03244968
core:OtherMiscellaneousReserve
2016-12-31
03244968
core:OtherMiscellaneousReserve
2015-12-31
03244968
core:RetainedEarningsAccumulatedLosses
2016-12-31
03244968
core:RetainedEarningsAccumulatedLosses
2015-12-31
03244968
core:ShareCapital
core:RestatedAmount
2014-12-31
03244968
core:OtherMiscellaneousReserve
core:RestatedAmount
2014-12-31
03244968
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2014-12-31
03244968
core:RestatedAmount
2014-12-31
03244968
core:ShareCapitalOrdinaryShares
2016-12-31
03244968
core:ShareCapitalOrdinaryShares
2015-12-31
03244968
2015-01-01
2015-12-31
03244968
core:Non-currentFinancialInstruments
2016-12-31
03244968
core:Non-currentFinancialInstruments
2015-12-31
03244968
bus:OrdinaryShareClass1
2016-01-01
2016-12-31
03244968
bus:OrdinaryShareClass1
2016-12-31
03244968
bus:PrivateLimitedCompanyLtd
2016-01-01
2016-12-31
03244968
bus:FRS102
2016-01-01
2016-12-31
03244968
bus:AuditExemptWithAccountantsReport
2016-01-01
2016-12-31
03244968
bus:FullAccounts
2016-01-01
2016-12-31
xbrli:pure
xbrli:shares
iso4217:GBP