Registered number
11607018
Codenest Estate Ltd
Unaudited Filleted Accounts
5 April 2023
Codenest Estate Ltd
Registered number: 11607018
Balance Sheet
as at 5 April 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1,300,000 859,776
Current assets
Debtors 4 104 2,700
Cash at bank and in hand 11,848 10,051
11,952 12,751
Creditors: amounts falling due within one year 5 (753,431) (333,892)
Net current liabilities (741,479) (321,141)
Total assets less current liabilities 558,521 538,635
Creditors: amounts falling due after more than one year 6 (527,882) (527,882)
Provisions for liabilities (14,901) (4,180)
Net assets 15,738 6,573
Capital and reserves
Called up share capital 100 100
Profit and loss account 15,638 6,473
Shareholder's funds 15,738 6,573
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A. Rana
Director
Approved by the board on 5 October 2023
Codenest Estate Ltd
Notes to the Accounts
for the year ended 5 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Income from property letting is measured at the fair value of the consideration received or receivable, net of discounts.
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Cost
At 6 April 2022 859,776
Additions 402,619
Revaluation 37,605
At 5 April 2023 1,300,000
Historical cost
At 6 April 2022 837,777
At 5 April 2023 1,240,396
The properties have been revalued by the director using the sale price of similar properties in the area as a guide.
4 Debtors 2023 2022
£ £
Other debtors 104 2,700
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 753,431 333,892
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 527,882 527,882
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 527,882 527,882
Secured bank loans 527,882 527,882
Security comprises mortgages over residential property.
8 Related party transactions
A loan of £740,471 [2022: £333,471] has been made by a related company. The loan is interest free and repayable on demand.
9 Controlling party
The company is controlled by the director.
10 Other information
Codenest Estate Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Clearways Accountants
Clearways
Colley Way
Reigate
RH2 9JH
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