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Company No: 13366839 (England and Wales)

KEEP TORQUAY PROP CO LTD

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

KEEP TORQUAY PROP CO LTD

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

KEEP TORQUAY PROP CO LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
KEEP TORQUAY PROP CO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 30.09.2023 30.09.2022
£ £
Restated - note 2
Fixed assets
Investment property 4 392,577 236,339
392,577 236,339
Current assets
Debtors 5 771 0
Cash at bank and in hand 190,970 114,757
191,741 114,757
Creditors: amounts falling due within one year 6 ( 600,098) ( 349,206)
Net current liabilities (408,357) (234,449)
Total assets less current liabilities (15,780) 1,890
Net (liabilities)/assets ( 15,780) 1,890
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account ( 15,782 ) 1,888
Total shareholders' (deficit)/funds ( 15,780) 1,890

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Keep Torquay Prop Co Ltd (registered number: 13366839) were approved and authorised for issue by the Director on 08 February 2024. They were signed on its behalf by:

Maria Jane Coton
Director
KEEP TORQUAY PROP CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
KEEP TORQUAY PROP CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Keep Torquay Prop Co Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Keep, 147 Union Street, Torquay, TQ1 4BU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The prior period accounts covered 17 months ending 30 September 2022.

As a result of the above, the current year figures are not fully comparable to the prior period figures.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

In the period ended 30 September 2022, £4061 of revenue expenditure was capitalised to Investment Property. A prior year adjustment has been posted to re-classify this expenditure to the Profit & Loss for the period.

Profit before tax for the period ended 30 September 2022 has therefore decreased £4,061 and the carrying value of Investment Property has also decreased £4,061.

As previously reported Adjustment As restated
Year ended 30 September 2022 £ £ £
Rates 0 678 678
Water 0 31 31
Light and heat 0 111 111
Insurance 0 653 653
Repairs and maintenance 1,665 2,371 4,036
Legal and professional fees 0 217 217
Investment Property 240,400 (4,061) 236,339

3. Employees

Year ended
30.09.2023
Period from
29.04.2021 to
30.09.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Investment property

Investment property
£
Valuation
As at 01 October 2022 236,339
Additions 156,238
As at 30 September 2023 392,577

Valuation

The valuation was carried out by the directors on an open market for existing use basis.

5. Debtors

30.09.2023 30.09.2022
£ £
Corporation tax 771 0

6. Creditors: amounts falling due within one year

30.09.2023 30.09.2022
£ £
Amounts owed to own subsidiaries 473,104 314,648
Amounts owed to directors 48,994 663
Accruals 2,500 2,500
Taxation and social security 0 1,395
Other creditors 75,500 30,000
600,098 349,206

7. Called-up share capital

30.09.2023 30.09.2022
£ £
Allotted, called-up and fully-paid
164 Ordinary shares of £ 0.01 each 1.64 1.64
36 Ordinary B shares of £ 0.01 each 0.36 0.36
2.00 2.00

8. Related party transactions

Transactions with the entity's directors

30.09.2023 30.09.2022
£ £
Amounts owed to directors 48,994 663
Dividends paid to directors 80,000 60,000

During the year, the directors maintained a loan account with the company. Interest has been charged at 2% when overdrawn and there are no fixed dates for repayment.