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Registration number: 10680983

Cornwall Estates (Padstow) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Cornwall Estates (Padstow) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Cornwall Estates (Padstow) Limited

Company Information

Directors

Mr R Walker

Mrs H Studt

Miss G Thomas

Mr T Walker

Mrs D Walker

Mrs L Walker-Gumbis

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cornwall Estates (Padstow) Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cornwall Estates (Padstow) Limited for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cornwall Estates (Padstow) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cornwall Estates (Padstow) Limited and state those matters that we have agreed to state to the Board of Directors of Cornwall Estates (Padstow) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornwall Estates (Padstow) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cornwall Estates (Padstow) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cornwall Estates (Padstow) Limited. You consider that Cornwall Estates (Padstow) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cornwall Estates (Padstow) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

9 August 2024

 

Cornwall Estates (Padstow) Limited

(Registration number: 10680983)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

13,532

14,531

Current assets

 

Debtors

6

185,263

171,693

Cash at bank and in hand

 

153,391

175,026

 

338,654

346,719

Creditors: Amounts falling due within one year

7

(155,875)

(149,297)

Net current assets

 

182,779

197,422

Total assets less current liabilities

 

196,311

211,953

Creditors: Amounts falling due after more than one year

7

(6,990)

(13,390)

Net assets

 

189,321

198,563

Capital and reserves

 

Called up share capital

203

203

Retained earnings

189,118

198,360

Shareholders' funds

 

189,321

198,563

 

Cornwall Estates (Padstow) Limited

(Registration number: 10680983)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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 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 12 August 2024 and signed on its behalf by:
 

.........................................

Mr R Walker

Director

 

Cornwall Estates (Padstow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
5 Broad Street
Padstow
Cornwall
PL28 8BS

These financial statements were authorised for issue by the Board on 12 August 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.

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 current 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.

 

Cornwall Estates (Padstow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Fixtures and fittings

15% reducing balance

Office equipment

33% reducing balance

Improvements to leasehold property

2% reducing balance

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

20% straight line

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.

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 directors) during the year, was 8 (2023 - 8).

 

Cornwall Estates (Padstow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Amortisation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,487

23,024

27,511

Additions

-

1,345

1,345

At 31 March 2024

4,487

24,369

28,856

Depreciation

At 1 April 2023

515

12,466

12,981

Charge for the year

79

2,264

2,343

At 31 March 2024

594

14,730

15,324

Carrying amount

At 31 March 2024

3,893

9,639

13,532

At 31 March 2023

3,972

10,559

14,531

Included within the net book value of land and buildings above is £(79) (2023 - £(83)) in respect of long leasehold land and buildings and £3,972 (2023 - £4,055) in respect of short leasehold land and buildings.
 

 

Cornwall Estates (Padstow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

-

45,756

Prepayments

281

2,065

Other debtors

184,982

123,872

185,263

171,693

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,879

6,879

Trade creditors

 

4,771

5,643

Taxation and social security

 

66,265

57,928

Accruals and deferred income

 

6,514

48,595

Other creditors

 

71,446

30,252

 

155,875

149,297

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

6,990

13,390

 

Cornwall Estates (Padstow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

6,990

13,390

2024
£

2023
£

Current loans and borrowings

Bank borrowings

6,879

6,879

9

Related party transactions

During the year the company made cash advances of £265,326 to the directors, this amount was partly repaid and the balance owed to the company at the year end was £84,982. Interest of £1,810 was charged during the year and this was charged at HMRC official rate.