REGISTERED NUMBER: |
Coomber Property Limited |
Financial Statements |
for the Year Ended 30 April 2023 |
REGISTERED NUMBER: |
Coomber Property Limited |
Financial Statements |
for the Year Ended 30 April 2023 |
Coomber Property Limited (Registered number: 10128776) |
Contents of the Financial Statements |
for the year ended 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Coomber Property Limited |
Company Information |
for the year ended 30 April 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Coomber Property Limited (Registered number: 10128776) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
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. |
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 |
Coomber Property Limited (Registered number: 10128776) |
Notes to the Financial Statements |
for the year ended 30 April 2023 |
1. | Statutory information |
Coomber Property Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
The company has net current liabilities of £15,631 (2022 £69,377) as at the year end. However the Directors still believe that the going concern basis is appropriate. They have overall net assets of £356,060 (2022: £116,376) and so could cover their own creditors as and when they become due. The going concern basis is therefore appropriate. |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is a significant Judgement in calculating the valuation of the investment property. A market value is estimated by the Directors based on their expert knowledge of the industry and market. |
Turnover |
Turnover represents rents received under operating leases and is inclusive of irrecoverable VAT. |
Rental income is recognised from the date of which the rental took place and payable in advance. Any amounts which are received in advance are spread over the period for which they relate. |
Investment property |
Investment property, which is property held to earn rentals and/pr capital appreciation, is initially recognised at cost, which includes the purchase cost and the directly attributable expenditure. Subsequently is is measured at fair value at the reporting end date. Changes in the fair value are recognised in profit and loss. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Coomber Property Limited (Registered number: 10128776) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current 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 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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Investment property |
Total |
£ |
Fair value |
At 1 May 2022 |
Revaluations | 287,837 |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
The property has been valued as at 30 April 2023 at the current market value. The valuation was carried out by a qualified 3rd party surveyor. |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Tax |
Directors' current accounts | 10,891 | 63,391 |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Other creditors |
Coomber Property Limited (Registered number: 10128776) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 300 | 300 |
9. | Related party disclosures |
During the year the company was charged £10,290 (2022: £17,344) of interest on a loan, £7,650 (2022: £7,650) of property management fees and received rental income of £51,000 (2022: £51,000) from related companies. |
Included in other creditors falling due in more than one year was £453,750 (2022: £423,810) due to a company under common control. |
Included in other creditors falling due within one year as at year end was £10,891 (2022: £63,391) owed to the company's directors. |
10. | Distributable reserves |
Held within the profit and loss reserve is an amount relating to the revaluation of the investment property which is not distributable to the shareholders. As such the amount available for distribution as at 30 April 2023 was £139,882. |