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REGISTERED NUMBER: 09349600 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

CORALCREST LIMITED

CORALCREST LIMITED (REGISTERED NUMBER: 09349600)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CORALCREST LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2022







DIRECTORS: Mr J M Kiely
Mr A Stephenson





REGISTERED OFFICE: PO Box 103
Suite 103
19 Lever Street
Manchester
M1 1AN





REGISTERED NUMBER: 09349600 (England and Wales)





ACCOUNTANTS: Xeinadin
100 Barbirolli Square
Manchester
M2 3BD

CORALCREST LIMITED (REGISTERED NUMBER: 09349600)

BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 37,948 50,597
Investment property 5 3,039,907 2,457,893
3,077,855 2,508,490

CURRENT ASSETS
Debtors 6 40,518 13,605
Cash at bank 9 2,681
40,527 16,286
CREDITORS
Amounts falling due within one year 7 2,968,864 2,379,666
NET CURRENT LIABILITIES (2,928,337 ) (2,363,380 )
TOTAL ASSETS LESS CURRENT LIABILITIES 149,518 145,110

CREDITORS
Amounts falling due after more than one year 8 69,317 76,994
NET ASSETS 80,201 68,116

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 80,101 68,016
SHAREHOLDERS' FUNDS 80,201 68,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:



Mr J M Kiely - Director


CORALCREST LIMITED (REGISTERED NUMBER: 09349600)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022


1. STATUTORY INFORMATION

Coralcrest Limited is a private company, limited by shares, registered in England and Wales, registration number 09349600. The address of the registered office is Suite 103 19 Lever Street, Manchester, M1 1AN. The principal place of business is Suite 103 19 Lever Street, Manchester, M1 1AN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of rental income which is recognised on a straight-line basis over the lease term.

Tangible fixed assets
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Motor vehicles-25% reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measure at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents are represented by cash at bank and in hand.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

CORALCREST LIMITED (REGISTERED NUMBER: 09349600)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Motor
vehicles
£   
COST
At 1 January 2022
and 31 December 2022 67,463
DEPRECIATION
At 1 January 2022 16,866
Charge for year 12,649
At 31 December 2022 29,515
NET BOOK VALUE
At 31 December 2022 37,948
At 31 December 2021 50,597

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2022 2,457,893
Additions 582,014
At 31 December 2022 3,039,907
NET BOOK VALUE
At 31 December 2022 3,039,907
At 31 December 2021 2,457,893

Investment properties were deemed to be fair value at 31st December 2022, based on a valuation undertaken by the director.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 40,518 12,473
Other debtors - 1,132
40,518 13,605

CORALCREST LIMITED (REGISTERED NUMBER: 09349600)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 3,738 -
Hire purchase contracts 4,375 4,375
Trade creditors 39,961 45,371
Taxation and social security 5,624 714
Other creditors 2,915,166 2,329,206
2,968,864 2,379,666

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 31,698 35,000
Hire purchase contracts 37,619 41,994
69,317 76,994

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

10. RELATED PARTY DISCLOSURES

Included in creditors are amounts owed to companies under common control amounting to £1,157,059 (2021: £966,151).

Included in creditors are amounts owed to directors amounting to £170,877 (2021: £188,457), this balance is made up of an interest free loan, repayable on demand.