Acorah Software Products - Accounts Production 15.0.600 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 13390797 Mr A P Maxted Mrs L A Maxted iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13390797 2023-03-31 13390797 2024-03-31 13390797 2023-04-01 2024-03-31 13390797 frs-core:CurrentFinancialInstruments 2024-03-31 13390797 frs-core:Non-currentFinancialInstruments 2024-03-31 13390797 frs-core:FurnitureFittings 2024-03-31 13390797 frs-core:FurnitureFittings 2023-04-01 2024-03-31 13390797 frs-core:FurnitureFittings 2023-03-31 13390797 frs-core:ShareCapital 2024-03-31 13390797 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 13390797 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13390797 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 13390797 frs-bus:SmallEntities 2023-04-01 2024-03-31 13390797 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13390797 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13390797 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 13390797 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 13390797 frs-core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 13390797 frs-bus:Director1 2023-04-01 2024-03-31 13390797 frs-bus:Director2 2023-04-01 2024-03-31 13390797 frs-countries:EnglandWales 2023-04-01 2024-03-31 13390797 2022-03-31 13390797 2023-03-31 13390797 2022-04-01 2023-03-31 13390797 frs-core:CurrentFinancialInstruments 2023-03-31 13390797 frs-core:Non-currentFinancialInstruments 2023-03-31 13390797 frs-core:ShareCapital 2023-03-31 13390797 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 13390797 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 13390797 frs-core:RevaluationInvestmentPropertyDeferredTax 2023-03-31
Registered number: 13390797
Coastal Lettings (Kent) Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13390797
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,357 9,729
Investment Properties 5 1,040,120 790,645
1,045,477 800,374
CURRENT ASSETS
Debtors 6 706 320
Cash at bank and in hand 2,007 3,165
2,713 3,485
Creditors: Amounts Falling Due Within One Year 7 (236,455 ) (171,711 )
NET CURRENT ASSETS (LIABILITIES) (233,742 ) (168,226 )
TOTAL ASSETS LESS CURRENT LIABILITIES 811,735 632,148
Creditors: Amounts Falling Due After More Than One Year 8 (762,840 ) (579,545 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (13,371 ) (13,371 )
NET ASSETS 35,524 39,232
CAPITAL AND RESERVES
Called up share capital 100 100
Fair Value Reserve 11 57,004 57,004
Profit and Loss Account (21,580 ) (17,872 )
SHAREHOLDERS' FUNDS 35,524 39,232
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A P Maxted
Director
Mrs L A Maxted
Director
14/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Coastal Lettings (Kent) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13390797 . The registered office is The Marlowe Innovation Centre, Marlowe Way, Ramsgate, Kent, CT12 6FA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
Although the company has significant net current liabilities, the accounts have been prepared on a going concern basis due to the continued support of the directors who will not require repayment of their loan to the company until the company has sufficient liquid funds available.
2.3. Significant judgements and estimations
The directors of the company) have supplied the fair values of the company's investment properties as at the
balance sheet date. No other significant judgements and estimates have had to be made by the directors in
preparing these financial statements.
2.4. Turnover
Turnover represents rents receivable during the period under review.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33% on cost
2.6. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
Page 3
Page 4
2.7. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 April 2023 16,302
Additions 1,630
Disposals (249 )
As at 31 March 2024 17,683
Depreciation
As at 1 April 2023 6,573
Provided during the period 5,917
Disposals (164 )
As at 31 March 2024 12,326
Net Book Value
As at 31 March 2024 5,357
As at 1 April 2023 9,729
Page 4
Page 5
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 790,645
Additions 249,475
As at 31 March 2024 1,040,120
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 969,745 720,270
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 706 320
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 236,455 171,711
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 762,840 579,545
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Other Creditors 762,840 579,545
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Other Creditors 762,840 579,545
Page 5
Page 6
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Revaluation of investment properties 13,371 13,371
11. Reserves
Fair Value Reserve
£
As at 1 April 2023 57,004
As at 31 March 2024 57,004
12. Related Party Transactions
Included within other creditors is £170,000 (2023 - £92,000) in respect of an unsecured interest free loan from APM Construction (South) Limited and £17,113 (2023 - £11,113) in respect of an unsecured interest free loan from Coastal Homes (Kent) Ltd. Mr A and Mrs L Maxted are the directors and own 100% of the share capital of both of these companies.
Also included within other creditors is £47,521 (2023 - £67,727) in respect of an unsecured interest free loan from the company's directors.
Page 6