Registered number
01071421
John Courage (Cornwall) Limited
Filleted Accounts
31 December 2023
John Courage (Cornwall) Limited
Registered number: 01071421
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 686,198 700,811
Investments 4 173,824 147,939
860,022 848,750
Current assets
Debtors 5 8,337 1,295
Cash at bank and in hand 91,247 128,000
99,584 129,295
Creditors: amounts falling due within one year 6 (26,243) (33,836)
Net current assets 73,341 95,459
Total assets less current liabilities 933,363 944,209
Provisions for liabilities (94,942) (95,667)
Net assets 838,420 848,542
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 725,641 717,757
Profit and loss account 112,680 130,685
Shareholders' funds 838,420 848,542
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alfred John Courage
Director
Approved by the board on 23 February 2024
John Courage (Cornwall) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% Straight line
Plant and machinery 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 726,975 32,064 - 759,039
Additions - 637 36,710 37,347
Disposals - - (36,710) (36,710)
At 31 December 2023 726,975 32,701 - 759,676
Depreciation
At 1 January 2023 29,079 29,149 - 58,228
Charge for the year 14,539 711 - 15,250
At 31 December 2023 43,618 29,860 - 73,478
Net book value
At 31 December 2023 683,357 2,841 - 686,198
At 31 December 2022 697,896 2,915 - 700,811
The land and buildings class of fixed assets was revalued on 31 December 2021 by
Mr A J Courage - director, who is internal to the company. The basis of this valuation was open market value. This class of assets has a current value of £683,357 (2022: £697,896) and a carrying amount at historical cost of £65,840 (2022: £65,840). The depreciation of this historical cost is £nil (2021: £nil).
4 Investments
Other
investments
£
Cost
At 1 January 2023 147,939
Additions 23,621
Revaluation 7,884
Disposals (5,620)
At 31 December 2023 173,824
5 Debtors 2023 2022
£ £
Other debtors 8,337 1,295
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 5,555 11,293
Other creditors 20,688 22,543
26,243 33,836
7 Revaluation reserve 2023 2022
£ £
At 1 January 2023 717,757 741,717
Gain/(loss) on revaluation of land and buildings 7,884 (23,960)
At 31 December 2023 725,641 717,757
8 Related party transactions
At the period end the company was owed £7,715 (2022: £950) by Mr Alfred John Courage, director. The Loan is interest free and repayable after less than one year.
9 Controlling party
The company is ultimately controlled by Mr Alfred John Courage, who owns 98% of the issued share capital.
10 Other information
John Courage (Cornwall) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Parkwood Hill
Carnon Crease
Truro
Cornwall
TR3 6LJ
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