Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31falsefalse2022-08-01falseThe principal activity of the Company is that of letting both residential and commercial property.11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10420334 2022-08-01 2023-07-31 10420334 2021-08-01 2022-07-31 10420334 2023-07-31 10420334 2022-07-31 10420334 c:Director1 2022-08-01 2023-07-31 10420334 d:FurnitureFittings 2022-08-01 2023-07-31 10420334 d:FurnitureFittings 2023-07-31 10420334 d:FurnitureFittings 2022-07-31 10420334 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10420334 d:FreeholdInvestmentProperty 2023-07-31 10420334 d:FreeholdInvestmentProperty 2022-07-31 10420334 d:CurrentFinancialInstruments 2023-07-31 10420334 d:CurrentFinancialInstruments 2022-07-31 10420334 d:Non-currentFinancialInstruments 2023-07-31 10420334 d:Non-currentFinancialInstruments 2022-07-31 10420334 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10420334 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 10420334 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 10420334 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 10420334 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 10420334 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 10420334 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 10420334 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 10420334 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 10420334 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-07-31 10420334 d:ShareCapital 2023-07-31 10420334 d:ShareCapital 2022-07-31 10420334 d:RetainedEarningsAccumulatedLosses 2023-07-31 10420334 d:RetainedEarningsAccumulatedLosses 2022-07-31 10420334 c:FRS102 2022-08-01 2023-07-31 10420334 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 10420334 c:FullAccounts 2022-08-01 2023-07-31 10420334 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10420334 2 2022-08-01 2023-07-31 10420334 6 2022-08-01 2023-07-31 10420334 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 10420334










SHORTBAY HOLDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
SHORTBAY HOLDINGS LIMITED
REGISTERED NUMBER: 10420334

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
962
1,283

Investments
 5 
1
1

Investment property
 6 
472,321
472,321

  
473,284
473,605

Current assets
  

Debtors: amounts falling due within one year
 7 
633
-

Cash at bank and in hand
  
1,050
5,300

  
1,683
5,300

Creditors: amounts falling due within one year
 8 
(22,064)
(23,653)

Net current liabilities
  
 
 
(20,381)
 
 
(18,353)

Total assets less current liabilities
  
452,903
455,252

Creditors: amounts falling due after more than one year
 9 
(277,717)
(330,691)

  

Net assets
  
175,186
124,561


Capital and reserves
  

Called up share capital 
  
952
952

Profit and loss account
  
174,234
123,609

  
175,186
124,561


Page 1

 
SHORTBAY HOLDINGS LIMITED
REGISTERED NUMBER: 10420334
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J C Henderson
Director

Date: 2 April 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SHORTBAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Shortbay Holdings Limited is a private limited Company by shares and incorporated in England and Wales, registration number 10420334. The registered office is 80 Grove Lane, Holt, Norfolk, NR25 6ED. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SHORTBAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value assessed annually by the director. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
SHORTBAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

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

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
SHORTBAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 August 2022
4,863



At 31 July 2023

4,863



Depreciation


At 1 August 2022
3,580


Charge for the year on owned assets
321



At 31 July 2023

3,901



Net book value



At 31 July 2023
962



At 31 July 2022
1,283


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
1



At 31 July 2023
1




Page 6

 
SHORTBAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
472,321



At 31 July 2023
472,321

The 2023 valuations were made by the director, on an open market value for existing use basis.




Page 7

 
SHORTBAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Debtors

2023
2022
£
£


Prepayments and accrued income
633
-

633
-



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
15,467
18,311

Corporation tax
361
455

Other creditors
4,086
3,099

Accruals and deferred income
2,150
1,788

22,064
23,653



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
189,158
202,132

Amounts owed to group undertakings
38,559
78,559

Other creditors
50,000
50,000

277,717
330,691


The bank loans are secured by a charge over the fixed and floating assets of the Company and legal charges over the specific asset to which they relate.

Page 8

 
SHORTBAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
15,467
18,311


15,467
18,311

Amounts falling due 1-2 years

Bank loans
16,701
18,903


16,701
18,903

Amounts falling due 2-5 years

Bank loans
61,425
60,976


61,425
60,976

Amounts falling due after more than 5 years

Bank loans
111,032
122,253

111,032
122,253

204,625
220,443



11.


Related party transactions

As at the year end the director of the Company was owed £4,086 (2022 - £3,099) which is repayable on demand.

 
Page 9