Registration number:
Colchurch Properties Limited
Pages for filing with the Registrar
for the Year Ended 30 April 2022
Colchurch Properties Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Colchurch Properties Limited
Company Information
Directors |
Mr J W Goddard Mr K P Cattermole Mr A C Harris |
Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Colchurch Properties Limited
for the Year Ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Colchurch Properties Limited for the year ended 30 April 2022 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Colchurch Properties Limited, as a body, in accordance with the terms of our engagement letter dated 10 August 2017. Our work has been undertaken solely to prepare for your approval the accounts of Colchurch Properties Limited and state those matters that we have agreed to state to the Board of Directors of Colchurch Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Colchurch Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Colchurch Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Colchurch Properties Limited. You consider that Colchurch Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Colchurch Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
Colchurch Properties Limited
(Registration number: 08800161)
Balance Sheet as at 30 April 2022
Note |
2022 |
2021 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
56,580 |
62,110 |
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Shareholders' funds |
56,680 |
62,210 |
For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Colchurch Properties Limited
Statement of Changes in Equity for the Year Ended 30 April 2022
Called up share capital |
Profit and loss account |
Total equity |
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At 1 May 2021 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 April 2022 |
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Called up share capital |
Profit and loss account |
Total equity |
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At 1 May 2020 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 April 2021 |
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Colchurch Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover represents the proceeds received from the sale of development properties during the course of the accounting period and is recognised based on the legal completion date for the sale of the property.
Other operating income includes the rent receivable from the letting by the company of its development properties. Rental income is recognised in the financial statements on the basis of that receivable in the accounting period.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises corporation 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.
Colchurch Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The company has no corporation tax charge for the 2022 or 2021 years as there are losses in those years
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The value of stock is represented by the value of land and property on hand for development at the year end. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Colchurch Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2022 |
2021 |
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Property on hand for development |
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Debtors |
Current |
2022 |
2021 |
Prepayments |
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Other debtors |
- |
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451 |
434 |
Colchurch Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Reserves |
The profit and loss reserves of the company are fully distributable.
Colchurch Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Related party transactions |
Other transactions with directors |
A company known as Colwyn Developments Limited, a property trading and development company registered in England, advanced loan funds of £20,000 in the 2021 year to Colchurch Properties Limited to assist Colchurch with the ongoing costs of its development property. During the 2022 year further funds of £84,000 were advanced from Colwyn to Colchurch. The directors Mr K P Cattermole and Mr J W Goddard are also directors in Colwyn Developments Limited and own 50% each of the issued share capital. Therefore included in other creditors at the 30th April 2022 is the sum of £104,000 (2021 £20,000) owed by Colchurch Properties Limited to Colwyn Developments Limited.
A company known as Corindale Properties Limited, a property trading and development company registered in England, advanced loan funds of £10,000 to Colchurch Properties Limited in the 2021 accounting year. Further funds of £134,000 were advanced from Corindale to Colchurch during the 2022 year. These funds had been advanced in order to assist Colchurch Properties Limited with the ongoing costs of its development property. The directors Mr K P Cattermole and Mr J W Goddard are also directors in Corindale Properties Limited and own 50% each of the issued share capital. Therefore included in other creditors at the 30th April 2022 is the sum of £144,000 (2021 £10,000) owed by Colchurch Properties Limited to Corindale Properties Limited.
A company known as Christchurch Land & Estates Ltd, a property trading and development company registered in England, advanced loan funds of £11,149 to Colchurch Properties Limited in the previous periods. There were no further advances to, or repayments by Colchurch during the 2022 year. These funds have been advanced in order to assist Colchurch Properties Limited with the acquisition of a development property. The director Mr A C Harris is a director in Christchurch Land & Estates Ltd and he owns 100% of the issued share capital. Therefore included in other creditors at the 30th April 2022 is the sum of £11,149 (2021 £11,149) owed by Colchurch Properties Limited to Christchurch Land & Estates Ltd.
During the 2021 year Covedale Developments Limited has advanced funds of £7,000 to Colchurch Properties Limtied to assist Colchurch with the ongoing costs of its development property.Further funds of £4,000 were advanced by Covedale to Colchurch during the 2022 year. Covedale Developments Limited is a property development company registered in England and the directors in Colchurch Properties Limited are also all directors in Covedale Developments Limited and between them they own 100% of the issued share capital in this company. Therefore included in other creditors at the 30th April 2022 is the sum of £11,000 (2021 £7,000) owed by Colchurch Properties Limited to Covedale Developments Limited.
During the course of the 2020 year each of the directors injected personal funds in to Colchurch Properties Limited. The loan funds advanced by the directors are to be used by Colchurch Properties Limited for its development project. During the course of the 2022 year further loan were funds were injected by J W Goddard and K P Cattermole in the sum of £25,000 each.
Other creditors at the 30th April 2022 includes a total sum of £300,000 owed to the directors (2021 £250,000) which is split as follows:
A C Harris £nil (2021 £nil)
J W Goddard £150,000 (2021 £125,000)
K P Cattermole £150,000 (2021 £125,000)
The above loans are all interest free.