Cbo Developments Limited
Cbo Developments Limited
Registered number: 09746559
Unaudited Financial Statements
For The Year Ended
31 August 2022
Elco Accounting Limited
Cbo Developments Limited
Unaudited Financial Statements
For The Year Ended
31 August 2022
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Cbo Developments Limited
Balance Sheet
As at
31 August 2022
Balance Sheet
Registered number:
09746559
For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 6 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Non distributable reserve |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 25,528 | 25,353 | |||
Cbo Developments Limited
Balance Sheet (continued)
As at
31 August 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Cbo Developments Limited
Notes to the Financial Statements
For The Year Ended
31 August 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The directors have indicated that they will continue to support the company and are of the opinion that the company will continue to receive financial support for the foreseeable future from the directors and its creditors to enable the company to continue its activities
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. The turnover shown in the accounts for the year relates to rents received and receivable by the Company on it's investment property.
1.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market prices for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account and then held in an other non distributable reserve until any gain is realised.
1.4.
Financial Instruments
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2021: 3)
Cbo Developments Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2022
3.
Tangible Assets
Investment Properties | |
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Cost | |
As at
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As at
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Net Book Value | |
As at
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As at
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4.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Other debtors | 195,100 | 195,100 | |
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Due after more than one year | |||
Other debtors | 10 | 10 | |
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Long term debtors represent a loan note of £205,000 issued to P1 Capital Limited (company number: 10893482). The note carries a fixed rate of 20% annual interest which will be calculated and due alongside the principal on the repayment date, no later than 11 February 2024.
As an additional term on the loan note, P1 Capital Limited have agreed a 5% share of the development profits from its investment known as Prunus (Farnborough) Limited, payable once the profits have been realised.
5.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Other creditors | 269,052 | 269,582 | |
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6.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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£ | £ | ||
Bank loans |
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The bank loan is secured over the property to which it relates, a charge was registered on 8/2/2019 and contains a negative pledge. The loan is fixed term over 25 years and is on an interest only basis.
Cbo Developments Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2022
8.
Reserves
The other reserve represents the cumulative non-distributable profits on revaluation of investment property.
9.
Related Party Transactions
Included within other creditors is £249,882 owed to the directors of the company, and £15,000 to other related parties. These amounts are interest free and repayable on demand.
10.
General Information
Cbo Developments Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09746559
. The registered office is 63 Gower Street, London, WC1E 6HJ.