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Company registration number: 12799306
La Corona (Javea) Limited
Unaudited filleted financial statements
31 August 2023
La Corona (Javea) Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
La Corona (Javea) Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 6 1,395,587 969,791
_______ _______
1,395,587 969,791
Current assets
Debtors 7 834 1,057
_______ _______
834 1,057
Creditors: amounts falling due
within one year 8 ( 1,005,391) ( 987,679)
_______ _______
Net current liabilities ( 1,004,557) ( 986,622)
_______ _______
Total assets less current liabilities 391,030 ( 16,831)
Provisions for liabilities ( 103,751) -
_______ _______
Net assets/(liabilities) 287,279 ( 16,831)
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 311,254 -
Profit and loss account ( 24,075) ( 16,931)
_______ _______
Shareholders funds/(deficit) 287,279 ( 16,831)
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr David Vickers
Director
Company registration number: 12799306
La Corona (Javea) Limited
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 September 2021 100 - ( 1,813) ( 1,713)
Profit/(loss) for the year ( 15,118) ( 15,118)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 15,118) ( 15,118)
_______ _______ _______ _______
At 31 August 2022 and 1 September 2022 100 - ( 16,931) ( 16,831)
Profit/(loss) for the year 304,110 304,110
Transfer of current year revaluation gain, net of deferred tax - 311,254 ( 311,254) -
_______ _______ _______ _______
Total comprehensive income for the year - 311,254 ( 7,144) 304,110
_______ _______ _______ _______
At 31 August 2023 100 311,254 ( 24,075) 287,279
_______ _______ _______ _______
La Corona (Javea) Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jacksons Charted Accountants, Deansfield House, 98 Lancaster Road, Newcastle-Under-Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tax on profit/loss
Major components of tax expense
2023 2022
£ £
Current tax:
Irrecoverable tax charge 789 -
_______ _______
Deferred tax:
Origination and reversal of timing differences 103,751 -
_______ _______
Tax on profit/loss 104,540 -
_______ _______
6. Investments
Investment property Total
£ £
Cost or valuation
At 1 September 2022 969,791 969,791
Additions 10,791 10,791
Revaluations 415,005 415,005
_______ _______
At 31 August 2023 1,395,587 1,395,587
_______ _______
Impairment
At 1 September 2022 - -
At 1 September 2022 and 31 August 2023 - -
_______ _______
Carrying amount
At 31 August 2023 1,395,587 1,395,587
_______ _______
At 31 August 2022 969,791 969,791
_______ _______
At the year end, the directors have uplifted the value of the investment property to reflect the fair value, based on an external valuation by an independent valuer. The directors are of the opinion that £1,395,587 (€1,600,000) is an amount for which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction.
If the investment property had not been revalued, it would have been included at the following historical cost:
2023 - Cost - £980,582
2022 - Cost - £969,791
7. Debtors
2023 2022
£ £
Prepayments and accrued income 834 1,057
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 4,920 1,800
Director's loan account 997,931 982,803
Social security and other taxes 740 1,276
Accruals and deferred income 1,800 1,800
_______ _______
1,005,391 987,679
_______ _______
9. Related party transactions
Mr D Vickers is a related party to La Corona (Javea) Limited by virtue of his directorship and shareholding in the company.During the period Mr Vickers introduced net monies into the company amounting to £15,128 (2022: £113,281).As at 31 August 2023 the company owed Mr Vickers the sum of £997,931 (2022: £982,803)The loan is interest free, unsecured and repayable on demand.
10. Going concern
As reflected within these financial statements, the company has reported a trading loss of £7,144 (2022: £15,118) and had a deficiency of assets at 31 August 2023 of £23,975 (2022: £16,831). The company meets its day to day working capital requirements through support from the company director. The financial statements have been prepared on a going concern basis, the validity of which depends upon the company's ability to continue to receive the financial support of the director. The financial statements do not include any adjustments that would result from a failure to obtain such support. It is the opinion of the directors that the preparation of the financial statements on a going concern basis is appropriate.