Registration number:
Indi Bay Properties Limited
for the Period from 3 May 2022 to 31 May 2023
Indi Bay Properties Limited
(Registration number: 14083481)
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Indi Bay Properties Limited
(Registration number: 14083481)
Company Information
Directors |
H V Cutmore B C Cutmore |
Registered office |
|
Accountants |
|
Indi Bay Properties Limited
(Registration number: 14083481)
Balance Sheet as at 31 May 2023
Note |
2023 |
|
Fixed assets |
||
Investment property |
|
|
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
|
|
Profit and loss account |
( |
|
Total equity |
( |
For the financial period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Indi Bay Properties Limited
(Registration number: 14083481)
Notes to the Unaudited Financial Statements for the Period from 3 May 2022 to 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company currently has negative reserves however the directors will continue to support the company financially in order to meet its liabilities as they fall due. As such, the financial statements have been prepared on a going concern basis.
Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Indi Bay Properties Limited
(Registration number: 14083481)
Notes to the Unaudited Financial Statements for the Period from 3 May 2022 to 31 May 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Investment properties |
2023 |
|
Additions |
|
At 31 May |
|
The directors have estimated the fair value of the investment property based on their knowledge of the market. The value is estimated to be in line with the costs incurred in purchasing and development as there has been little growth since the property was acquired.
There has been no valuation of investment property by an independent valuer.
Debtors |
2023 |
|
Prepayments and accrued income |
|
Total current trade and other debtors |
|
Indi Bay Properties Limited
(Registration number: 14083481)
Notes to the Unaudited Financial Statements for the Period from 3 May 2022 to 31 May 2023
Creditors |
2023 |
|
Due within one year |
|
Other creditors |
|
Accrued expenses |
|
|