Company registration number 08983864 (England and Wales)
Country Properties (Knebworth) Limited
Unaudited Financial Statements
For the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Country Properties (Knebworth) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Country Properties (Knebworth) Limited
Balance Sheet
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,938
9,751
Tangible assets
4
14
14
8,952
9,765
Current assets
Debtors
5
15,608
62,058
Cash at bank and in hand
21,407
45,425
37,015
107,483
Creditors: amounts falling due within one year
6
(43,490)
(82,099)
Net current (liabilities)/assets
(6,475)
25,384
Net assets
2,477
35,149
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
2,474
35,146
Total equity
2,477
35,149

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 10 October 2023
Mr A Cox
Director
Company Registration No. 08983864
Country Properties (Knebworth) Limited
Notes to the Financial Statements
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information

Country Properties (Knebworth) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
33.33% straight line
Country Properties (Knebworth) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
Country Properties (Knebworth) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
16,250
Amortisation and impairment
At 1 April 2022
6,499
Amortisation charged for the year
813
At 31 March 2023
7,312
Carrying amount
At 31 March 2023
8,938
At 31 March 2022
9,751
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
501
91
592
Depreciation and impairment
At 1 April 2022 and 31 March 2023
496
82
578
Carrying amount
At 31 March 2023
5
9
14
At 31 March 2022
5
9
14
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
15,608
62,058
Country Properties (Knebworth) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,452
33,189
Taxation and social security
29,051
43,095
Other creditors
6,987
5,815
43,490
82,099
7
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Mr A Cox
9,640
41,123
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