Colthill Properties Limited Filleted Accounts Cover
Colthill Properties Limited
Company No. 01244148
Information for Filing with The Registrar
30 April 2023
Colthill Properties Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 30 April 2023.
Principal activities
The principal activity of the company during the year under review was property development.
Directors
The Directors who served at any time during the year were as follows:
C. Goddard
J.W. Goddard
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
J.W. Goddard
Director
02 November 2023
Colthill Properties Limited Balance Sheet Registrar
at
30 April 2023
Company No.
01244148
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
395613
395613
Current assets
Stocks
5
1,192,3071,212,890
Debtors
6
1,242,1211,254,030
Cash at bank and in hand
329,51979,045
2,763,9472,545,965
Creditors: Amount falling due within one year
7
(322,869)
(312,805)
Net current assets
2,441,0782,233,160
Total assets less current liabilities
2,441,4732,233,773
Creditors: Amounts falling due after more than one year
8
(9,660)
(9,724)
Net assets
2,431,8132,224,049
Capital and reserves
Called up share capital
5858
Capital redemption reserve
9
4242
Profit and loss account
9
2,431,7132,223,949
Total equity
2,431,8132,224,049
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 02 November 2023
And signed on its behalf by:
J.W. Goddard
Director
02 November 2023
Colthill Properties Limited Notes to the Accounts Registrar
for the year ended 30 April 2023
1
General information
Its registered number is: 01244148
Its registered office is:
30-32 Great Colman Street
Ipswich
Suffolk
IP4 2AP
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover comprises revenue recognised by the company in respect of property sales. Rental income maybe receivable in respect of leases on the properties until they are sold.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
15% straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks which comprises land and property on hand for development is valued at the lower of cost and net realisable value.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 May 2022
1,4541,454
At 30 April 2023
1,4541,454
Depreciation
At 1 May 2022
841841
Charge for the year
218218
At 30 April 2023
1,0591,059
Net book values
At 30 April 2023
395395
At 30 April 2022
613
613
5
Stocks
2023
2022
£
£
Land & Property for development
1,192,3071,212,890
1,192,3071,212,890
6
Debtors
2023
2022
£
£
Amounts owed by connected parties
494,000585,000
Other debtors
748,121669,030
1,242,1211,254,030
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
92,499100,000
Amounts owed to connected parties
25,000
30,500
Taxes and social security
50,243
32,906
Loans from directors
28,27626,783
Other creditors
22,54938,071
Accruals and deferred income
104,30284,545
322,869312,805
The bank loan is secured against the assets of the business.
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Accruals and deferred income
9,6609,724
9,6609,724
9
Reserves
Capital redemption reserve
Total other reserves
£
£
At 1 May 2021
42
42
At 30 April 2022 and 1 May 2022
42
42
At 30 April 2023
4242
Capital redemption reserve - records the nominal value of shares repurchased by the company.
Profit and loss account - includes all current and prior period retained profits and losses.
10
Related party transactions
Included within debtors falling due within one year is £ 494,000 (2022 - £585,000) due from connected companies. Creditors due within one year includes £25,000 (2022 - £30,500) due to companies which are connected with the director and shareholder. Also included in creditors due within one year is £28,276 (2022 - £26,783) due to a director and a member.
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