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My Bovey Tracey Rental Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2023

Registration number: 13272786

 

My Bovey Tracey Rental Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

My Bovey Tracey Rental Ltd

Company Information

Directors

D N Jones

K L Jones

Registered office

Unit 4 Sabre Buildings Sabre Close
Heathfield Industrial Estate
Newton Abbot
Devon
TQ12 6TW

Accountants

Francis ClarkLLP
Sigma House
Oak view close
Edginswell Park
Torquay
Devon
TQ2 7FF

 

My Bovey Tracey Rental Ltd

Balance Sheet

31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

-

175,000

Current assets

 

Debtors

5

1,454

-

Cash at bank and in hand

 

-

1,422

 

1,454

1,422

Creditors: Amounts falling due within one year

6

(29,268)

(197,190)

Net current liabilities

 

(27,814)

(195,768)

Net liabilities

 

(27,814)

(20,768)

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

(27,816)

(20,770)

Shareholders' deficit

 

(27,814)

(20,768)

 

My Bovey Tracey Rental Ltd

Balance Sheet

31 August 2023

For the financial year ending 31 August 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 year 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

.........................................
D N Jones
Director

Company Registration Number: 13272786

 

My Bovey Tracey Rental Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 4 Sabre Buildings Sabre Close
Heathfield Industrial Estate
Newton Abbot
Devon
TQ12 6TW
United Kingdom

These financial statements were authorised for issue by the Board on 31 January 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 ceased trading on 31 August 2023, therefore, the financial statements have not been prepared on a going concern basis.

Revenue recognition

Turnover comprises rents receivable from tenants. The company recognises revenue when receivable.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

 

My Bovey Tracey Rental Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Investment property

Investment property is intially recognised at cost, which includes purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.

 

My Bovey Tracey Rental Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 September

175,000

Disposals

(175,000)

At 31 August

-

The investment property was disposed of in the year.

 

My Bovey Tracey Rental Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

5

Debtors

2023
£

Other debtors

1,454

1,454

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

-

1,455

Other creditors

28,148

194,235

Accruals and deferred income

1,120

1,500

29,268

197,190

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

2

2

2

2

         

8

Reserves

The profit and loss represents cumulative profits or losses, net of dividends paid and other adjustments. Included in the carried forward balance is £Nil (2022 - £26,971) in relation to unrealised losses on investment properties.