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REGISTERED NUMBER: 04727387 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

298 LIMITED

298 LIMITED (REGISTERED NUMBER: 04727387)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


298 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: P D Bailey
Mrs H A Bailey





SECRETARY: Mrs H A Bailey





REGISTERED OFFICE: 29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU





REGISTERED NUMBER: 04727387 (England and Wales)





ACCOUNTANTS: Advanta
Chartered Accountants
29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU

298 LIMITED (REGISTERED NUMBER: 04727387)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,102 2,802
Tangible assets 5 410 547
Investments 6 50 50
Investment property 7 477,980 468,401
480,542 471,800

CURRENT ASSETS
Debtors 8 663 4,144
Cash at bank 10,576 4,971
11,239 9,115
CREDITORS
Amounts falling due within one year 9 28,757 27,353
NET CURRENT LIABILITIES (17,518 ) (18,238 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

463,024

453,562

CREDITORS
Amounts falling due after more than one
year

10

(163,510

)

(179,959

)

PROVISIONS FOR LIABILITIES 11 (1,820 ) -
NET ASSETS 297,694 273,603

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserve 12 7,759 -
Retained earnings 289,835 273,503
SHAREHOLDERS' FUNDS 297,694 273,603

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

298 LIMITED (REGISTERED NUMBER: 04727387)

BALANCE SHEET - continued
31 MARCH 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 10 September 2022 and were signed on its behalf by:





P D Bailey - Director


298 LIMITED (REGISTERED NUMBER: 04727387)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

298 Limited 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, was being amortised evenly over its estimated useful life of 20 years until 30 April 2014. With effect from 1 May 2014, this accounting estimate has been reviewed and reduced to 14 years from acquisition, in accordance with financial reporting standard 102.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture,fittings & equipment - 25% on reducing balance
Motor vehicles - Straight line over 4 years

Government grants
Grants are accounted for under the accruals method. Grants of a revenue nature are recognised in "other income" within the profit or loss in the same period as the related expenditure.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

298 LIMITED (REGISTERED NUMBER: 04727387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 April 2021
and 31 March 2022 145,000 4,566 149,566
AMORTISATION
At 1 April 2021 145,000 1,764 146,764
Amortisation for year - 700 700
At 31 March 2022 145,000 2,464 147,464
NET BOOK VALUE
At 31 March 2022 - 2,102 2,102
At 31 March 2021 - 2,802 2,802

5. TANGIBLE FIXED ASSETS
Furniture,fittings Motor
& equipment vehicles Totals
£    £    £   
COST
At 1 April 2021
and 31 March 2022 2,680 4,079 6,759
DEPRECIATION
At 1 April 2021 2,133 4,079 6,212
Charge for year 137 - 137
At 31 March 2022 2,270 4,079 6,349
NET BOOK VALUE
At 31 March 2022 410 - 410
At 31 March 2021 547 - 547

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2021
and 31 March 2022 50
NET BOOK VALUE
At 31 March 2022 50
At 31 March 2021 50

298 LIMITED (REGISTERED NUMBER: 04727387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 468,401
Revaluations 9,579
At 31 March 2022 477,980
NET BOOK VALUE
At 31 March 2022 477,980
At 31 March 2021 468,401

The investment property was valued by Menorcasa Properties S.L. on an open market basis in March 2022. No further revaluations are required in 2022.

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2022 9,579
Cost 468,401
477,980

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 3,129
Amounts owed by group undertakings 71 71
Other debtors - 944
Tax 558 -
Prepayments 34 -
663 4,144

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 9,079 7,678
Trade creditors - 939
Tax 2,026 8,998
PAYE 241 180
VAT 2,879 3,054
Directors' current accounts 12,937 4,957
Accrued expenses 1,595 1,547
28,757 27,353

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 151,676 164,390
Bank loans more 5 yr by instal 11,834 15,569
163,510 179,959

298 LIMITED (REGISTERED NUMBER: 04727387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2022 2021
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 11,834 15,569

11. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Investment property fair value 1,820 -

Deferred
tax
£   
Provided during year 1,820
Balance at 31 March 2022 1,820

12. RESERVES
Non-distributable
reserve
£   
Reserve transfer 7,759

At 31 March 2022 7,759