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REGISTERED NUMBER: 07887371 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MOUNT'S BAY TRADING LTD

MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MOUNT'S BAY TRADING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: W D Radmore
Mrs S P Radmore





REGISTERED OFFICE: PZ360
St Mary's Terrace
PENZANCE
Cornwall
TR18 4DZ





REGISTERED NUMBER: 07887371 (England and Wales)





ACCOUNTANT: Catherine Bennett Ltd
Chartered Accountant
Wheal Harmony House
Solomon Road
Redruth
Cornwall
TR15 1FD

MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371)

BALANCE SHEET
31 MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,070 1,831
Investment property 5 3,225,000 2,600,000
3,226,070 2,601,831

CURRENT ASSETS
Debtors 6 100,784 177,958
Cash at bank 64,271 31,052
165,055 209,010
CREDITORS
Amounts falling due within one year 7 3,111,510 2,188,841
NET CURRENT LIABILITIES (2,946,455 ) (1,979,831 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

279,615

622,000

CREDITORS
Amounts falling due after more than one
year

8

(23,507

)

(33,218

)

PROVISIONS FOR LIABILITIES - (7,510 )
NET ASSETS 256,108 581,272

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 256,008 581,172
SHAREHOLDERS' FUNDS 256,108 581,272

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371)

BALANCE SHEET - continued
31 MARCH 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





W D Radmore - Director


MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Mount's Bay Trading Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced sales of services and the value of rents receivable during the year, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

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.

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Grants
Capital grants received in respect of the cost of tangible fixed assets are treated as deferred income and recognised in the profit and loss account over the useful economic life of those assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 13,727 12,155 25,882
DEPRECIATION
At 1 April 2022 11,896 12,155 24,051
Charge for year 761 - 761
At 31 March 2023 12,657 12,155 24,812
NET BOOK VALUE
At 31 March 2023 1,070 - 1,070
At 31 March 2022 1,831 - 1,831

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 2,600,000
Additions 1,062,968
Impairments (437,968 )
At 31 March 2023 3,225,000
NET BOOK VALUE
At 31 March 2023 3,225,000
At 31 March 2022 2,600,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2013 397,129
Valuation in 2013 161,563
Valuation in 2016 238,227
Valuation in 2019 382,864
Valuation in 2022 (1,142,096 )
Valuation in 2023 (437,968 )
Cost 3,625,281
3,225,000

MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INVESTMENT PROPERTY - continued

If the investment property had not been revalued it would have been included at the following historical cost:

31/3/23 31/3/22
£    £   
Cost 3,625,281 2,562,313

Investment property was valued on a fair value basis on 28 February 2023 by Savills .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 18,333 160,988
Other debtors 250 -
VAT - 3,852
Deferred tax asset 75,849 -
Prepayments and accrued income 6,352 13,118
100,784 177,958

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Other loans 1,709,698 938,181
Trade creditors 10,041 32,172
Tax 7,176 13,408
Social security and other taxes - 2,635
VAT 2,013 -
Other creditors 382,500 282,500
Directors' current accounts 791,060 789,639
Accruals and deferred income 209,022 130,306
3,111,510 2,188,841

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Other loans - 1-2 years 10,648 9,936
Other loans - 2-5 years 12,859 23,282
23,507 33,218

MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. RESERVES
Retained
earnings
£   

At 1 April 2022 581,172
Deficit for the year (325,164 )
At 31 March 2023 256,008

The reserves are defined as:

31/3/2331/3/22
££
Distributable256,008550,646
Non-distributable -30,526
Total256,008581,172

10. RELATED PARTY DISCLOSURES

At the 31 March 2023 the company owed the directors Mr W Radmore and Mrs S Radmore the amounts shown
below which are included within Creditors.
31/3/23 31/3/22
£ £
Mr W Radmore 377,256 376,614
Mrs S Radmore 413,804 413,025


At the 31 March 2023 no interest is payable or accrued on the loans from Mr W Radmore or Mrs S Radmore.