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REGISTERED NUMBER: 04727387 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

298 LIMITED

298 LIMITED (REGISTERED NUMBER: 04727387)






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


298 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P D Bailey
Mrs H A Bailey





SECRETARY: Mrs H A Bailey





REGISTERED OFFICE: Archer House
Britland Estate
Northbourne Road
Eastbourne
BN22 8PW





REGISTERED NUMBER: 04727387 (England and Wales)





ACCOUNTANTS: Dominic Hill Associates Limited
Archer House
Britland Estate
Northbourne Road
Eastbourne
BN22 8PW

298 LIMITED (REGISTERED NUMBER: 04727387)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,576 2,102
Tangible assets 5 307 410
Investments 6 50 50
Investment property 7 515,069 477,980
517,002 480,542

CURRENT ASSETS
Debtors 8 15,108 663
Cash at bank 3,833 10,576
18,941 11,239
CREDITORS
Amounts falling due within one year 9 76,174 28,757
NET CURRENT LIABILITIES (57,233 ) (17,518 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

459,769

463,024

CREDITORS
Amounts falling due after more than one
year

10

(111,049

)

(163,510

)

PROVISIONS FOR LIABILITIES (8,867 ) (1,820 )
NET ASSETS 339,853 297,694

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserve 11 44,848 7,759
Retained earnings 294,905 289,835
SHAREHOLDERS' FUNDS 339,853 297,694

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.

298 LIMITED (REGISTERED NUMBER: 04727387)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 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 2023

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.
Plant and machinery etc - 25% on reducing balance and 25% 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.

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 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS

Intangible assets are initially measure 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.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 6,759
DEPRECIATION
At 1 April 2022 6,349
Charge for year 103
At 31 March 2023 6,452
NET BOOK VALUE
At 31 March 2023 307
At 31 March 2022 410

6. FIXED ASSET INVESTMENTS
Other
investment
£   
COST
At 1 April 2022
and 31 March 2023 50
NET BOOK VALUE
At 31 March 2023 50
At 31 March 2022 50

298 LIMITED (REGISTERED NUMBER: 04727387)

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

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 477,980
Revaluations 37,089
At 31 March 2023 515,069
NET BOOK VALUE
At 31 March 2023 515,069
At 31 March 2022 477,980

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 37,089
Cost 477,980
515,069

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,600 -
Amounts owed by group undertakings - 71
Other debtors 508 592
15,108 663

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 36,359 9,079
Trade creditors 564 2
Amounts owed to group undertakings 7,429 -
Taxation and social security 596 5,146
Other creditors 31,226 14,530
76,174 28,757

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 111,049 163,510

Amounts falling due in more than five years:

Repayable by instalments
Bank loan more 5 yr by install 8,443 11,834

298 LIMITED (REGISTERED NUMBER: 04727387)

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

11. RESERVES
Non-distrib
reserve
£   
At 1 April 2022 7,759
Reserve transfer 37,089

At 31 March 2023 44,848

12. RELATED PARTY DISCLOSURES

Included in creditors is a loan from the Director. This loan has no fixed repayment terms and is interest free.

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.