Crenns Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03851126 (England and Wales)

Crenns Properties Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2018

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

1 Bell Street

2nd Floor

London

NW1 5BY

FIXED ASSETS

Tangible assets

4

4,565

6,591

Investments

5

14,853

88,917

Investment property

6

16,800,707

15,075,078

16,820,125

15,170,586

CURRENT ASSETS

Debtors

7

68,954

4,835

Investments

8

38,784

32,433

Cash at bank

447,558

253,371

555,296

290,639

CREDITORS

Amounts falling due within one year

9

(891,930

)

(1,431,541

)

NET CURRENT LIABILITIES

(336,634

)

(1,140,902

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,483,491

14,029,684

CREDITORS

Amounts falling due after more than one year

10

(5,812,702

)

(4,069,747

)

PROVISIONS FOR LIABILITIES

(49,908

)

-

NET ASSETS

10,620,881

9,959,937

CAPITAL AND RESERVES

Called up share capital

9,983,820

9,983,820

Fair value reserve

12

212,767

-

Retained earnings

424,294

(23,883

)

SHAREHOLDERS' FUNDS

10,620,881

9,959,937

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 14 November 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

During the year 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.

Investments - long term

Investments are classified as fixed assets and are stated at cost. Provision is made for any impairment in value of

such investments.

Investments - short term

Fixed 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 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

64,773

17,730

82,503

DEPRECIATION

At 1 April 2017

63,857

12,055

75,912

Charge for year

607

1,419

2,026

At 31 March 2018

64,464

13,474

77,938

NET BOOK VALUE

At 31 March 2018

309

4,256

4,565

At 31 March 2017

916

5,675

6,591

5.	FIXED ASSET INVESTMENTS

2018

2017

£

£

Shares in group undertakings

1

68,800

Other investments not loans

14,852

20,117

14,853

88,917

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 April 2017

68,800

Dividends received

(68,799

)

At 31 March 2018

1

NET BOOK VALUE

At 31 March 2018

1

At 31 March 2017

68,800

Investments (neither listed nor unlisted) were as follows:

2018

2017

£

£

Cost/valuation b/fwd

39,242

33,769

Additions

6,419

5,473

Amortisation b/fwd

(19,125

)

(11,638

)

Amortisation for the year

(11,684

)

(7,487

)

14,852

20,117

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

15,075,078

Additions

1,880,707

Disposals

(417,753

)

Revaluations

262,675

At 31 March 2018

16,800,707

NET BOOK VALUE

At 31 March 2018

16,800,707

At 31 March 2017

15,075,078

Fair value at 31 March 2018 is represented by:

£

Valuation in 2018

16,800,707

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

68,954

4,835

8.	CURRENT ASSET INVESTMENTS

2018

2017

£

£

Listed investments

38,784

32,433

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

437,379

308,552

Trade creditors

38,645

14,659

Amounts owed to group undertakings

251,673

994,091

Taxation and social security

84,992

34,570

Other creditors

79,241

79,669

891,930

1,431,541

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

5,812,702

4,069,747

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

5,812,702

3,632,368

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

6,250,081

4,378,299

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

12.

RESERVES

Fair

value

reserve

£

Transfer of revaluation gain

262,675

Deferred tax

(49,908

)

At 31 March 2018

212,767

13.	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.

During the year, total dividends of £11,100 were paid to the directors .

At the year end, the directors are owed £4,880 (2017: £3,692) by the company.

During the year, the Company has repaid loan of £565,079 to Crenns Development Limited in which Mr & Mrs

Rebuck are dirctors. At the year end amount payable to Crenns Development Limited was £240,000

(2017:£805,079).

During the year, the Company has received dividend of £177,341 from Rhobulus Limited in which Mr and Mrs

Rebuck are directors. At the year end amount payable to Rhobulus Limited was £11,673 (2017:£189,014).

During the year company has given loan to Crenns Freehold Ltd £60,000. At the year end amount receivable

from Crenns Freehold Ltd was £60,000 (2017: £Nil).

The controlling party is M Rebuck.