Company No:
Contents
DIRECTOR | Ruth Demenis |
SECRETARY | Andrew Demenis |
REGISTERED OFFICE | The Holt |
Lower Aisholt | |
Bridgwater | |
England | |
TA5 1AS | |
United Kingdom |
COMPANY NUMBER | 02409699 (England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
Stratus House | |
Emperor Way | |
Exeter Business Park | |
Exeter | |
EX1 3QS |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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5,492,000 | 5,225,000 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
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- due after more than one year | 4 |
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Cash at bank and in hand |
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1,413,549 | 1,461,831 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 578,201 | 822,686 | ||
Total assets less current liabilities | 6,070,201 | 6,047,686 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Carnforth Estates Limited (registered number:
Ruth Demenis
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Carnforth Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered number of the Company is 02409699. The address of the Company's registered office is The Holt, Aisholt, Bridgwater, England, TA5 1AS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Carnforth Estates Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.
The fair value is determined annually by the director, on an open market value for existing use basis.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2021 |
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Fair value movement | 267,000 |
As at 31 March 2022 |
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The 2022 valuations were made by the director, on an open market value for existing use basis.
2022 | 2021 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Prepayments |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts owed to director |
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Other creditors |
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Other loans |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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2,675,880 | 3,183,481 |
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2022 | 2021 | ||
£ | £ | ||
Bank loans |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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40,500 | 40,050 |
During the year, the director maintained a current account with the company. At the year end the amount owed to the director was £39,001 (2021: £39,451). The loan is interest free and there are no fixed repayment terms.