Company No:
Contents
DIRECTOR | Mrs T R Hardick |
REGISTERED OFFICE | Centenary House Peninsula Park |
Rydon Lane | |
Exeter | |
EX2 7XE | |
United Kingdom |
COMPANY NUMBER | 09741377 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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2,187,826 | 1,687,826 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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567,273 | 366,601 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (1,131,028) | (1,297,240) | ||
Total assets less current liabilities | 1,056,798 | 390,586 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Irregular Cornwall Limited (registered number:
Mrs T R Hardick
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Irregular Cornwall Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.
The principal place of business is 56 The Square, Chagford, Newton Abbot, TQ13 8AE.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
No depreciation is provided on the investment property which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors the property is held primarily for its investment potential and so its current value is of more significance than any measure of consumption and to depreciate it would not give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2023 |
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Fair value movement | 500,000 |
As at 31 December 2023 |
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The investment properties were valued on 31 December 2023 by the director who is internal to the company. The basis of this valuation was open market value.
There has been no valuation of investment property by an independent valuer.
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£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Included in the profit and loss account is a profit of £375,000 (2022: £385,293) that relates to non-distributable reserves. At the year end, non-distributable funds totalled £666,267 (2022: £291,267).
During the year, a loan existed between the director's spouse and Irregular Cornwall Limited. No interest was charged on the loan and the balance is repayable on demand. The balance is included in other creditors due within one year and at the balance sheet date the amount due to the director's spouse was £1,600,778 (2022: £1,600,778).
During the year, a loan existed between Irregular Cornwall Limited and Brechin Investments Limited. At the balance sheet date the amount due from Brechin Investments Limited was £ 461,374 (2022: £311,374 ). The balance is repayable on demand.
During the year, a loan existed between Irregular Cornwall Limited and Roseneath Penryn Limited. At the balance sheet date the amount due from Roseneath Penryn Limited was £19,653 (2022: £19,653). The balance is repayable on demand.
During the year, a loan existed between Irregular Cornwall Limited and Irregular Contracts Limited. At the balance sheet date the amount due to Irregular Contracts was £2,879 (2022: £2,879). The balance is repayable on demand.