Indi Bay Properties Limited 14083481 false 2022-05-03 2023-05-31 2023-05-31 The principal activity of the company is property letting. Digita Accounts Production Advanced 6.30.9574.0 true false 14083481 2022-05-03 2023-05-31 14083481 2023-05-31 14083481 core:RetainedEarningsAccumulatedLosses 2023-05-31 14083481 core:ShareCapital 2023-05-31 14083481 core:CurrentFinancialInstruments 2023-05-31 14083481 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 14083481 bus:SmallEntities 2022-05-03 2023-05-31 14083481 bus:AuditExemptWithAccountantsReport 2022-05-03 2023-05-31 14083481 bus:FullAccounts 2022-05-03 2023-05-31 14083481 bus:SmallCompaniesRegimeForAccounts 2022-05-03 2023-05-31 14083481 bus:RegisteredOffice 2022-05-03 2023-05-31 14083481 bus:Director1 2022-05-03 2023-05-31 14083481 bus:Director2 2022-05-03 2023-05-31 14083481 bus:PrivateLimitedCompanyLtd 2022-05-03 2023-05-31 14083481 countries:EnglandWales 2022-05-03 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 14083481

Indi Bay Properties Limited

Filleted Unaudited Financial Statements

for the Period from 3 May 2022 to 31 May 2023

 

Indi Bay Properties Limited
(Registration number: 14083481)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Indi Bay Properties Limited
(Registration number: 14083481)

Company Information

Directors

H V Cutmore

B C Cutmore

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Indi Bay Properties Limited
(Registration number: 14083481)

Balance Sheet as at 31 May 2023

Note

2023
£

Fixed assets

 

Investment property

4

788,663

Current assets

 

Debtors

5

156

Cash at bank and in hand

 

26,910

 

27,066

Creditors: Amounts falling due within one year

6

(819,827)

Net current liabilities

 

(792,761)

Net liabilities

 

(4,098)

Capital and reserves

 

Called up share capital

2

Profit and loss account

(4,100)

Total equity

 

(4,098)

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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 Board on 30 January 2024 and signed on its behalf by:
 

.........................................
B C Cutmore
Director

 

Indi Bay Properties Limited
(Registration number: 14083481)

Notes to the Unaudited Financial Statements for the Period from 3 May 2022 to 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investment properties

2023
£

Additions

788,663

At 31 May

788,663

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.

5

Debtors

2023
£

Prepayments and accrued income

156

Total current trade and other debtors

156

 

Indi Bay Properties Limited
(Registration number: 14083481)

Notes to the Unaudited Financial Statements for the Period from 3 May 2022 to 31 May 2023

6

Creditors

2023
£

Due within one year

Other creditors

818,827

Accrued expenses

1,000

819,827