Crenns Properties Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03851126 (England and Wales)

CRENNS PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M Rebuck

Mrs M Rebuck

SECRETARY:

Mrs M Rebuck

REGISTERED OFFICE:

1 Bell Street

2nd Floor

London

NW1 5BY

REGISTERED NUMBER:

03851126 (England and Wales)

ACCOUNTANTS:

DSJ Partners (UK) Limited

2nd Floor

1 Bell Street

London

NW1 5BY

FIXED ASSETS

Tangible assets

4

11,391

15,188

Investments

5

1

1

Investment property

6

15,223,247

17,288,071

15,234,639

17,303,260

CURRENT ASSETS

Debtors

7

94,061

89,340

Investments

8

440,593

316,435

Cash at bank

243,112

221,793

777,766

627,568

CREDITORS

Amounts falling due within one year

9

(192,604

)

(1,370,263

)

NET CURRENT ASSETS/(LIABILITIES)

585,162

(742,695

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,819,801

16,560,565

CREDITORS

Amounts falling due after more than one year

10

(9,384,337

)

(9,860,314

)

PROVISIONS FOR LIABILITIES

(76,711

)

(120,388

)

NET ASSETS

6,358,753

6,579,863

CAPITAL AND RESERVES

Called up share capital

4,983,820

4,983,820

Fair value reserve

564,551

520,874

Retained earnings

810,382

1,075,169

SHAREHOLDERS' FUNDS

6,358,753

6,579,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2022 and were signed on its behalf by:

M Rebuck - Director

1.	STATUTORY INFORMATION

Crenns Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The directors have considered the going concern basis for preparing the financial statements on the ground that at the year end there was a net current liability of £742,695. After the year end, the company has sold one of its investment properties and reduced its current liabilities substantially.

During the accounting year end 2021, the company has made a profit and it has continued to trade profitably since the year end. The directors believe that the company will generate sufficient funds from its trading activities to enable it to meet its obligations as and when they fall due. At the year end and the date of approval of the financial statements, the company is within its borrowing facilities and has complied with the bank covenants. The directors therefore consider it appropriate to prepare financial statements on a going concern basis.

Turnover

Turnover represents rents and other property income receivable for the year, net of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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 year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments

Current asset investments are stated at market value at the year end.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

64,773

28,066

92,839

DEPRECIATION

At 1 April 2021

64,773

12,878

77,651

Charge for year

-

3,797

3,797

At 31 March 2022

64,773

16,675

81,448

NET BOOK VALUE

At 31 March 2022

-

11,391

11,391

At 31 March 2021

-

15,188

15,188

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

and 31 March 2022

1

NET BOOK VALUE

At 31 March 2022

1

At 31 March 2021

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

17,288,071

Additions

205,966

Disposals

(2,266,150

)

Revaluations

(4,640

)

At 31 March 2022

15,223,247

NET BOOK VALUE

At 31 March 2022

15,223,247

At 31 March 2021

17,288,071

Fair value at 31 March 2022 is represented by:

£

Valuation in 2022

15,223,247

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

750

750

Other debtors

93,311

88,590

94,061

89,340

8.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Listed investments

440,593

316,435

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

8,938

1,189,656

Taxation and social security

5,297

5,219

Other creditors

178,369

175,388

192,604

1,370,263

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

5,427,895

5,788,067

Other creditors

3,956,442

4,072,247

9,384,337

9,860,314

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

5,427,895

5,788,067

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

5,427,895

5,788,067

The bank loans are secured by fixed charge over the properties of the company.

12.	RELATED PARTY DISCLOSURES

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.

At the year end, the directors are owed £1,500 (2021: £2,956) by the company.

During the year, the company has paid £171,150 (2021: £1,066,152) as development fees and interest charge on late payment to Crenns Development Ltd in which Mr and Mrs Rebuk were directors. At the year end amount receivable from Crenns Development, £750 (2021: £750).

At the year end amount receivable from Crenns Freehold Ltd in which Mr and Mrs Rebuck were directors, was £80,000 (2021: £80,000).

The company had received loan of £3,696,025 from Crenns Finance Ltd in which Mr and Mrs Rebuck were directors. During the year, the company has paid interest charge of £144,453 (2021: £142,297) on this loan. At the year end, amount repayable to Crenns Finance Ltd was £3,696,025 (2021:£3,696,025).

The controlling party is M Rebuck.