Company Registration No. 03244968 (England and Wales)
CROWN ESTATES AND PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
CROWN ESTATES AND PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CROWN ESTATES AND PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
4,673,070
6,274,373
Current assets
Trade and other receivables
4
17,925
14,019
Cash and cash equivalents
9,204
1,189
27,129
15,208
Current liabilities
5
(1,771,216)
(3,723,357)
Net current liabilities
(1,744,087)
(3,708,149)
Total assets less current liabilities
2,928,983
2,566,224
Non-current liabilities
6
(1,141,427)
(1,217,252)
Provisions for liabilities
8
(235,875)
(235,875)
Net assets
1,551,681
1,113,097
Equity
Called up share capital
9
2
2
Other reserves
1,241,447
1,241,447
Retained earnings
310,232
(128,352)
Total equity
1,551,681
1,113,097
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 October 2018 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 2017
- 3 -
Share capital
Other reserves
Retained earnings
Total
£
£
£
£
Balance at 1 January 2016
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
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
438,584
438,584
Balance at 31 December 2017
2
1,241,447
310,232
1,551,681
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 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.
1.2
Revenue
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
it is probable will be
recover
ed
.
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 profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
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.
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
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 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 trade and other receivables 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 trade and other payables, 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 payables
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 payables 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 2017
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 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.
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 income statement, 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
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
95,751
14,264
3
Investment property
2017
£
Fair value
At 1 January 2017
6,274,373
Additions
1,427,389
Disposals
(3,028,692)
At 31 December 2017
4,673,070
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2017 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
11,666
7,500
Amounts owed by group undertakings
6,257
6,517
Other receivables
2
2
17,925
14,019
5
Current liabilities
2017
2016
Notes
£
£
Bank loans and overdrafts
7
67,044
51,337
Amounts due to group undertakings
1,263,805
3,645,320
Corporation tax
95,751
14,264
Accruals and deferred income
344,616
12,436
1,771,216
3,723,357
6
Non-current liabilities
2017
2016
Notes
£
£
Bank loans and overdrafts
7
1,141,427
1,217,252
7
Borrowings
2017
2016
£
£
Bank loans
1,208,471
1,268,589
Payable within one year
67,044
51,337
Payable after one year
1,141,427
1,217,252
The long-term loans are secured by fixed and floating charges over the freehold properties held by the company.
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Investment property
235,875
235,875
There were no deferred tax movements in the year.
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
10
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Other related parties
1,263,805
3,645,320
1,263,805
3,645,320
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Other related parties
6,257
2016
Balance
Amounts owed in previous period
£
Other related parties
6,517
CROWN ESTATES AND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
10
Related party transactions
(Continued)
- 9 -
No guarantees have been given or received.
11
Parent company
The parent company is
Aitco Management Limited
. The ultimate parent company is
Aitco Limited
. The ultimate controlling party is
D Slack
.
2017-12-31
2017-01-01
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CCH Software
CCH Accounts Production 2018.100
No description of principal activity
19 October 2018
D E Slack
J M Denney
J M Denney
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