Colwise Limited Filleted Accounts Cover
Colwise Limited
Company No. 03178923
Information for Filing with The Registrar
30 April 2023
Colwise 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
Colwise Limited Balance Sheet Registrar
at
30 April 2023
Company No.
03178923
Notes
2023
2022
£
£
Current assets
Stocks
4
563,648563,648
Debtors
5
129,135205,110
Cash at bank and in hand
11,8385,725
704,621774,483
Creditors: Amount falling due within one year
6
(263,516)
(325,098)
Net current assets
441,105449,385
Total assets less current liabilities
441,105449,385
Creditors: Amounts falling due after more than one year
7
(142,778)
(155,850)
Net assets
298,327293,535
Capital and reserves
Called up share capital
100100
Profit and loss account
8
298,227293,435
Total equity
298,327293,535
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
Colwise Limited Notes to the Accounts Registrar
for the year ended 30 April 2023
1
General information
Its registered number is: 03178923
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. Income is recognised when the sale has completed, however, non-refundable deposits are recognised in the period in which they are received. Rental income may be receivable in respect of leases on these properties until they are sold.
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
Stock 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
Stocks
2023
2022
£
£
Property for sale
563,648563,648
563,648563,648
5
Debtors
2023
2022
£
£
Amounts owed by connected parties
-97,000
Deferred tax asset
1,3891,835
Loans to directors
-1,624
Other debtors
120,000100,000
Prepayments and accrued income
7,7464,651
129,135205,110
6
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,66715,667
Trade creditors
-150
Amounts owed to connected parties
200,000
282,000
Loans from directors
17,95617,568
Accruals and deferred income
29,8939,713
263,516325,098
The loan is secured by way of registered charges against the property of the company. A first legal charge over the freehold property at 6 Meredith Road, Ipswich. A first legal charge dated 28 June 2006 over leasehold property at 10 Old Foundry Road, Ipswich and a first legal charge over freehold property at 8 Meredith Road, Ipswich.
7
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
142,778155,850
142,778155,850
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
64,445
77,517
64,44577,517
The loan is secured by way of registered charges against the property of the company. A first legal charge over the freehold property at 6 Meredith Road, Ipswich. A first legal charge dated 28 June 2006 over leasehold property at 10 Old Foundry Road, Ipswich and a first legal charge over freehold property at 8 Meredith Road, Ipswich.
8
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
Related Party Transactions
9
Included in debtors is £nil (2022 - £97,000) payable by companies which are connected with the director and shareholder. Also included in debtors is £nil (2022 - £1,624) due from a director and a member.
Creditors due within one year includes £200,000 (2022 - £ 282,000) due to companies which are connected with the director and shareholder. Also included in creditors due within one year is £17,956 (2022 - £17,568) due to a director and a member.
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