Colwyn Property & Land Limited 05107151 false 2021-05-01 2022-04-30 2022-04-30 The principal activity of the company is that of the receipt of commission income from financial services sold in previous years. In addition the company also undertakes property trading and development activities. Digita Accounts Production Advanced 6.30.9574.0 true 05107151 2021-05-01 2022-04-30 05107151 2022-04-30 05107151 core:RetainedEarningsAccumulatedLosses 2022-04-30 05107151 core:ShareCapital 2022-04-30 05107151 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 05107151 bus:SmallEntities 2021-05-01 2022-04-30 05107151 bus:AuditExemptWithAccountantsReport 2021-05-01 2022-04-30 05107151 bus:FullAccounts 2021-05-01 2022-04-30 05107151 bus:SmallCompaniesRegimeForAccounts 2021-05-01 2022-04-30 05107151 bus:RegisteredOffice 2021-05-01 2022-04-30 05107151 bus:Director1 2021-05-01 2022-04-30 05107151 bus:Director3 2021-05-01 2022-04-30 05107151 bus:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30 05107151 bus:Agent1 2021-05-01 2022-04-30 05107151 core:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 05107151 core:ShareCapital 2021-05-01 2022-04-30 05107151 countries:EnglandWales 2021-05-01 2022-04-30 05107151 2021-04-30 05107151 core:RetainedEarningsAccumulatedLosses 2021-04-30 05107151 core:ShareCapital 2021-04-30 05107151 2020-05-01 2021-04-30 05107151 2021-04-30 05107151 core:RetainedEarningsAccumulatedLosses 2021-04-30 05107151 core:ShareCapital 2021-04-30 05107151 core:CurrentFinancialInstruments core:WithinOneYear 2021-04-30 05107151 core:RetainedEarningsAccumulatedLosses 2020-05-01 2021-04-30 05107151 core:ShareCapital 2020-05-01 2021-04-30 05107151 2020-04-30 05107151 core:RetainedEarningsAccumulatedLosses 2020-04-30 05107151 core:ShareCapital 2020-04-30 iso4217:GBP xbrli:pure

Registration number: 05107151

Colwyn Property & Land Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 30 April 2022

 

Colwyn Property & Land Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 8

 

Colwyn Property & Land Limited

Company Information

Directors

Mr J W Goddard

Mr K P Cattermole

Registered office

10 Neale Street
Ipswich
Suffolk
IP1 3JB

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Colwyn Property & Land 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 Colwyn Property & Land Limited for the year ended 30 April 2022 as set out on pages 3 to 8 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 Colwyn Property & Land Limited, as a body, in accordance with the terms of our engagement letter dated 31 August 2017. Our work has been undertaken solely to prepare for your approval the accounts of Colwyn Property & Land Limited and state those matters that we have agreed to state to the Board of Directors of Colwyn Property & Land 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 Colwyn Property & Land Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Colwyn Property & Land 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 Colwyn Property & Land Limited. You consider that Colwyn Property & Land 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 Colwyn Property & Land 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.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

2 August 2022

 

Colwyn Property & Land Limited

(Registration number: 05107151)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Current assets

 

Stocks

4

1,363,743

1,311,273

Cash at bank and in hand

 

14,142

21,824

 

1,377,885

1,333,097

Creditors: Amounts falling due within one year

5

(1,350,212)

(1,303,449)

Net assets

 

27,673

29,648

Capital and reserves

 

Called up share capital

2

2

Retained earnings

27,671

29,646

Shareholders' funds

 

27,673

29,648

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 2 August 2022 and signed on its behalf by:
 

.........................................
Mr J W Goddard
Director

 

Colwyn Property & Land Limited

Statement of Changes in Equity for the Year Ended 30 April 2022

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2021

2

29,646

29,648

Loss for the year

-

(1,975)

(1,975)

Total comprehensive income

-

(1,975)

(1,975)

At 30 April 2022

2

27,671

27,673

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2020

2

17,796

17,798

Profit for the year

-

11,850

11,850

Total comprehensive income

-

11,850

11,850

At 30 April 2021

2

29,646

29,648

 

Colwyn Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Neale Street
Ipswich
Suffolk
IP1 3JB

The principal place of business is:
10 Neale Street
Ipswich
Suffolk
IP1 3JB
England

These financial statements were authorised for issue by the Board on 2 August 2022.

2

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 amount of commission income received by the company during the accounting period.

Turnover also represents the proceeds received from the sale of development properties during the course of the year and is recognised based on the legal completion date for the sale of the property.

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.

 

Colwyn Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Tax

The tax expense for the period comprises current 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.

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.

There is no corporation tax charge for the 2022 year as the company has tax losses. These losses will carry forward for tax purposes to offset against future taxable profits.

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 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

The value of stock is represented by the value of land and property on hand for development at the year end.

Stock is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

 

Colwyn Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

4

Stocks

2022
£

2021
£

Other inventories

1,363,743

1,311,273

5

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

-

2,786

Accruals and deferred income

1,437

1,888

Other creditors

1,348,775

1,298,775

1,350,212

1,303,449

6

Reserves

The profit and loss reserves of the company are fully distributable.

 

Colwyn Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

7

Related party transactions

Other transactions with directors

During the course of the previous year the company received loan funds of £1,298,775 from Colwyn Developments Limited, a property trading and development company registered in England and Wales. The directors Mr K P Cattermole and Mr J W Goddard are also directors in this company and own 50% each of the issued share capital in Colwyn Developments Limited.

No further loan advances were received during the year ended 30th April 2022.

The loan has been made to assist Colwyn Property & Land with the acquisition of a development site.

Included in creditors due within one year is the loan balance of £1,298,775 (2021 £1,298,775) owed to Colwyn Developments Limited.

Creditors due within one year includes a loan from the directors in the sum of £50,000 (2021 £nil). This loan represents funds of £25,000 injected in to the company during the 2022 year by each director.

The above loans to the company are interest free.