Crowdhill Limited - Period Ending 2019-09-30

Crowdhill Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Crowdhill Limited

Company Information

Directors

L M Froggatt Mrs A Froggatt

Company secretary

L M Froggatt

Registered office

Hitchcock House Hilltop Park Devizes Road Salisbury Wiltshire SP3 4UF

Accountants

Francis Clark LLP Hitchcock House Hilltop Park Devizes Road Salisbury Wiltshire SP3 4UF

Crowdhill Limited

Balance Sheet

30 September 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	5	5,911,625	5,911,625
Current assets
Debtors	6	2,867,014	2,475,729
Cash at bank and in hand		11,554	5,222
		2,878,568	2,480,951
Creditors: Amounts falling due within one year	7	(1,610,007)	(1,484,101)
Net current assets		1,268,561	996,850
Total assets less current liabilities		7,180,186	6,908,475
Creditors: Amounts falling due after more than one year	7	(3,015,000)	(3,015,000)
Provisions for liabilities		(410,082)	(409,750)
Net assets		3,755,104	3,483,725
Capital and reserves
Called up share capital		100	100
Profit and loss account		3,755,004	3,483,625
Total equity		3,755,104	3,483,725

Included within the profit and loss reserves is £3,221,907 (2018 - £3,221,907) of non-distributable reserves.

Crowdhill Limited

Balance Sheet

30 September 2019

For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 December 2020 and signed on its behalf by:
 

......................................... L M Froggatt Director

Company Registration Number: 02862884

Crowdhill Limited

Notes to the Financial Statements

Year Ended 30 September 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

The principal place of business is:
Haleworth House
Tite Hill
Egham
Surrey
TW20 0LR

These financial statements were authorised for issue by the Board on 22 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is reliant upon the continued support of related companies for the continuance of its normal trading activities. The directors believe that this support will continue for the foreseeable future.

Following discussions with the company bankers, the directors believe that sufficient facilities will continue to be available to enable the company to continue normal trading, and that the going concern basis of accounting is appropriate.

Crowdhill Limited

Notes to the Financial Statements

Year Ended 30 September 2019

Revenue recognition

Turnover represents rental income receivable during the year exclusive of Value Added Tax.

Where rental income is invoiced in advance this is included in deferred income. Where lease incentives are granted to a lessee these are included in accrued income and are realised to the profit and loss account on a straight line basis over the period between inception of the lease and the first break point.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Crowdhill Limited

Notes to the Financial Statements

Year Ended 30 September 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2018 - 0).

4

Taxation

Tax charged/(credited) in the profit and loss account

	2019  £	2018  £
Current taxation
UK corporation tax	46,381	-
UK corporation tax adjustment to prior periods	19,240	-
	65,621	-
Deferred taxation
Arising from origination and reversal of timing differences	332	(4,038)
Tax expense/(receipt) in the income statement	65,953	(4,038)

Crowdhill Limited

Notes to the Financial Statements

Year Ended 30 September 2019

5	Investment properties

	2019 £
At 1 October	5,911,625

The investment properties were valued on 30 September 2019 by the Directors of the company. The basis of this valuation was open market value.

The Directors determined the valuation at 30 September 2019 using reports by Colliers International who are external to the company.

6

Debtors

	2019  £	2018  £
Trade debtors	48,681	61,605
Amounts due from related companies	2,802,155	2,358,294
Other debtors	402	41,280
Prepayments	15,776	14,550
	2,867,014	2,475,729

Crowdhill Limited

Notes to the Financial Statements

Year Ended 30 September 2019

7

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018  £
Due within one year
Trade creditors		114,415	134,128
Amounts due to related companies		1,221,611	1,236,234
Corporation tax		65,622	-
Social security and other taxes		7,338	14,997
Accrued expenses		139,065	56,286
Payments on account		61,956	42,456
		1,610,007	1,484,101

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	8	3,015,000	3,015,000

8	Loans and borrowings

	2019 £	2018 £
Loans and borrowings due after one year
Bank borrowings	3,015,000	3,015,000

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £11,400,000 (2018 - £11,400,000).

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £3,015,000 (2018 - £3,015,000). This is secured on assets held by the company and is part of a loan shared between Areawise Limited, Manawey Developments Limited and Froggatt Investments Limited.

Crowdhill Limited

Notes to the Financial Statements

Year Ended 30 September 2019

10	Parent and ultimate parent undertaking

The company's immediate parent is Areawise Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr L M Froggatt by virtue of his majority shareholding of Areawise Limited.