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Registration number: 03855973

Cardigan Quays Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Cardigan Quays Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Cardigan Quays Limited

Company Information

Director

Ms S Tucker

Company secretary

Mr J Lynch

Registered office

Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

 

Cardigan Quays Limited

(Registration number: 03855973)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

521,906

546,198

Investment property

6

5,256,657

4,931,390

 

5,778,563

5,477,588

Current assets

 

Stocks

7

5,788

5,821

Debtors

8

38,997

72,181

Cash at bank and in hand

 

31,961

56,006

 

76,746

134,008

Creditors: Amounts falling due within one year

9

(3,816,241)

(3,415,745)

Net current liabilities

 

(3,739,495)

(3,281,737)

Total assets less current liabilities

 

2,039,068

2,195,851

Creditors: Amounts falling due after more than one year

9

(1,391,325)

(1,513,221)

Net assets

 

647,743

682,630

Capital and reserves

 

Called up share capital

1

1

Other reserves

539,119

539,119

Profit and loss account

108,623

143,510

Total equity

 

647,743

682,630

 

Cardigan Quays Limited

(Registration number: 03855973)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director on 31 July 2024
 

.........................................
Ms S Tucker
Director

   
     
 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

These financial statements were authorised for issue by the director on 31 July 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 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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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 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 taxable income.

 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance basis

Investment property

No depreciation

Motor vehicles

25% Reducing balance basis

Office equipment

20% Straight line basis

Leashold property

2% Straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2022 - 7).

 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

33,568

36,872

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

489,078

12,532

251,729

12,375

26,715

Additions

-

3,086

6,190

-

-

At 31 October 2023

489,078

15,618

257,919

12,375

26,715

Depreciation

At 1 November 2022

47,651

2,506

158,933

10,651

26,490

Charge for the year

9,782

2,623

19,797

1,310

56

At 31 October 2023

57,433

5,129

178,730

11,961

26,546

Carrying amount

At 31 October 2023

431,645

10,489

79,189

414

169

At 31 October 2022

441,427

10,026

92,796

1,724

225

 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Total
£

Cost or valuation

At 1 November 2022

792,429

Additions

9,276

At 31 October 2023

801,705

Depreciation

At 1 November 2022

246,231

Charge for the year

33,568

At 31 October 2023

279,799

Carrying amount

At 31 October 2023

521,906

At 31 October 2022

546,198

Included within the net book value of land and buildings above is £431,646 (2022 - £441,427) in respect of long leasehold land and buildings.
 

6

Investment properties

2023
£

At 1 November

4,931,390

Additions

325,267

At 31 October

5,256,657

There has been no valuation of investment property by an independent valuer.

7

Stocks

2023
£

2022
£

Other inventories

5,788

5,821

 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

890

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

22,808

-

Prepayments

 

12,081

14,191

Other debtors

 

4,108

57,100

 

38,997

72,181

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

334,276

46,655

Trade creditors

 

19,032

17,163

Taxation and social security

 

46,553

4,858

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

1,260,753

-

Other related parties

 

2,150,414

3,340,935

Outstanding defined contribution pension costs

 

709

940

Corporation tax liability

 

-

3,994

Other creditors

 

4,504

1,200

 

3,816,241

3,415,745

Due after one year

 

Loans and borrowings

11

1,391,325

1,513,221

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

1,391,325

1,513,221

 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,391,325

1,513,221

2023
£

2022
£

Current loans and borrowings

Bank borrowings

334,276

46,655

12

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Other payments made to company by director
£

At 31 October 2023
£

Mr J Lynch

Interest free loan repayable on demand

(2,197,091)

126,091

(2,071,000)

       
     

 

2022

At 1 November 2021
£

Other payments made to company by director
£

At 31 October 2022
£

Mr J Lynch

Interest free loan repayable on demand

(2,339,482)

142,391

(2,197,091)

       
     

 

 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Summary of transactions with other related parties

Cardigan Quays Ltd is related to the following companies by virtue of same shareholder and/or director:-
Fforest Camps Ltd
Fforest Events Ltd
Fforest General Stores Ltd
Fforest Catering Ltd
Fforest Canoes Ltd
Pizza Tipi Ltd
BigFt Construction Ltd
Bigger Box Ltd
Beachbay Ltd
Fforest Land Ltd
Boy Ashore Ltd

 Total amount owed by Cardigan Quays Ltd to the above companies is £1,408,150 (2022 : £1,457,806).
Total amount owed to Cardigan Quays Ltd from the above companies is £50,302 (2022 :£324,563).

During the year ended 31st October 2023, Cardigan Quays Ltd received £40,000 (2022 : £40,000) in rental income from Pizza Tipi Ltd. These transactions were made in the ordinary course of business.
During the year ended 31st October 2023, Cardigan Quays Ltd received £60,000 (2022 : £0) in rental income from Fforest Camps Ltd. These transactions were made in the ordinary course of busineess.
During the year ended 31st October 2023, Cardigan Quays Ltd received £12,000 (2022 : £12,000) in rental income from Fforest General Stores Ltd. These transactions were made in the ordinary course of business.
During the year ended 31st October 2023, Cardigan Quays Ltd received £27,000 (2022 : £Nil) in management fees from Fforest Events Ltd. These transactions were made in the ordinary course of business.
During the year ended 31st October 2023, Cardigan Quays Ltd received £7,200 (2022 : £Nil) in management fees from Fforest Land Ltd. These transactions were made in the ordinary course of business.