REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Cosmo Property Investment Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Cosmo Property Investment Ltd |
Cosmo Property Investment Ltd (Registered number: 12309068) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Cosmo Property Investment Ltd |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
6 Chislett Row |
Chelmsford |
Essex |
CM2 9QS |
Cosmo Property Investment Ltd (Registered number: 12309068) |
Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | ( |
) | ( |
) |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
Cosmo Property Investment Ltd (Registered number: 12309068) |
Balance Sheet - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Cosmo Property Investment Ltd (Registered number: 12309068) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Cosmo Property Investment Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operation for the foreseeable future.The director, who is the major creditors, has confirmed that he will continue to make such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available that would otherwise place the company in insolvency. |
Based on this undertaking the director believes that the company will have sufficient resources to enable it to continue normal trading operations for a period of at least twelve months from the date of approval of these financial statements, and therefore it is appropriate to prepare the financial statements on a going concern basis. |
Turnover |
Turnover represents rents receivable during the period from investment property in accordance with the company's lease agreement with its tenants. |
Property acquisitions and disposals are accounted for when legally binding contracts which are irrecoverable and effectively unconditional are exchanged and, in the case of disposals, where completion has taken place prior to the date on which the financial statements are approved. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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. |
Cosmo Property Investment Ltd (Registered number: 12309068) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
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. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
Revaluations | (2,000 | ) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Cosmo Property Investment Ltd (Registered number: 12309068) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | INVESTMENT PROPERTY - continued |
The company's investment property was valued by the director on a fair value of existing use basis as at 30 November 2023. |
The historical cost of the investment property at the balance sheet date amounted to £222,509 (2022 - £222,509). |
The investment property has been provided for security for bank loan. |
6. | DEBTORS |
30.11.23 | 30.11.22 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The aggregate amount of creditor for which security has been given amounted to £135,197 (2022 - £135,197) and is secured by a legal charge on the company's investment property. |
Bank loan include repayment instalment of £135,197 (2022 - £135,197) not wholly repayable within 5 years. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary | £1 | 10 | 10 |
Cosmo Property Investment Ltd (Registered number: 12309068) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the director, Z Wang had provided personal guarantees in respect of bank borrowings totalling £135,197 (2022 - £135,197). |
At the balance sheet date the balance due to the director was £120,397 (2022 - £103,547). |