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COMPANY REGISTRATION NUMBER: 2651458
Cardyl Property Limited
Filleted Unaudited Financial Statements
31 December 2023
Cardyl Property Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
5,137,043
5,348,418
Current assets
Debtors
6
2,404
6,224
Cash at bank and in hand
52,526
47,351
--------
--------
54,930
53,575
Creditors: amounts falling due within one year
7
2,481,246
2,970,486
------------
------------
Net current liabilities
2,426,316
2,916,911
------------
------------
Total assets less current liabilities
2,710,727
2,431,507
Creditors: amounts falling due after more than one year
8
250,758
282,955
Provisions
Taxation including deferred tax
156,156
39,030
------------
------------
Net assets
2,303,813
2,109,522
------------
------------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
2,302,813
2,108,522
------------
------------
Shareholders funds
2,303,813
2,109,522
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cardyl Property Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
M.P. Millard
Director
Company registration number: 2651458
Cardyl Property Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is West Camel House, West Camel, Yeovil, Somerset, BA22 7QB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents rent receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
20% straight line
Equipment
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Investment property
Total
£
£
£
£
Cost or valuation
At 1 January 2023
36,062
9,804
5,330,000
5,375,866
Disposals
( 500,000)
( 500,000)
Revaluations
295,000
295,000
--------
-------
------------
------------
At 31 December 2023
36,062
9,804
5,125,000
5,170,866
--------
-------
------------
------------
Depreciation
At 1 January 2023
19,055
8,393
27,448
Charge for the year
5,669
706
6,375
--------
-------
------------
------------
At 31 December 2023
24,724
9,099
33,823
--------
-------
------------
------------
Carrying amount
At 31 December 2023
11,338
705
5,125,000
5,137,043
--------
-------
------------
------------
At 31 December 2022
17,007
1,411
5,330,000
5,348,418
--------
-------
------------
------------
The investment properties have been valued by the director at fair value as at 31 December 2023.
6. Debtors
2023
2022
£
£
Trade debtors
2,404
6,224
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
936,268
2,115,342
Corporation tax
28,469
Social security and other taxes
3,615
5,077
Other creditors
1,541,363
821,598
------------
------------
2,481,246
2,970,486
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
250,758
282,955
---------
---------
The bank loans are secured by fixed charges over the properties.
Included within creditors: amounts falling due after more than one year is an amount of £105,691 (2022: £137,888) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Director's advances, credits and guarantees
There is no interest payable on the loan from the director and there is no set repayment schedule.
11. Related party transactions
The director has given personal guarantees in respect of company borrowings.