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Company No: 00723002 (England and Wales)

CHAPEL FARM (NEWQUAY) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

CHAPEL FARM (NEWQUAY) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CHAPEL FARM (NEWQUAY) LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
CHAPEL FARM (NEWQUAY) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mrs J R Adams
Mr R G Adams
Mr M R J Adams
Mrs S J Orchard
REGISTERED OFFICE Chapel Farm
Chapel
Newquay
TR8 4NZ
United Kingdom
COMPANY NUMBER 00723002 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
CHAPEL FARM (NEWQUAY) LIMITED

BALANCE SHEET

As at 31 March 2024
CHAPEL FARM (NEWQUAY) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 63,231 81,767
63,231 81,767
Current assets
Stocks 4 38,327 59,546
Debtors 5 16,906 5,758
Cash at bank and in hand 92,357 122,741
147,590 188,045
Creditors: amounts falling due within one year 6 ( 540,397) ( 607,073)
Net current liabilities (392,807) (419,028)
Total assets less current liabilities (329,576) (337,261)
Net liabilities ( 329,576) ( 337,261)
Capital and reserves
Called-up share capital 7 20,000 20,000
Other reserves 10,775 10,775
Profit and loss account ( 360,351 ) ( 368,036 )
Total shareholders' deficit ( 329,576) ( 337,261)

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 financial statements of Chapel Farm (Newquay) Limited (registered number: 00723002) were approved and authorised for issue by the Board of Directors on 09 August 2024. They were signed on its behalf by:

Mr R G Adams
Director
CHAPEL FARM (NEWQUAY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CHAPEL FARM (NEWQUAY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

Chapel Farm (Newquay) 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 Chapel Farm, Chapel, Newquay, TR8 4NZ, United Kingdom.

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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 101,272 522,541 203,987 38,795 866,595
At 31 March 2024 101,272 522,541 203,987 38,795 866,595
Accumulated depreciation
At 01 April 2023 76,501 482,017 187,515 38,795 784,828
Charge for the financial year 4,287 10,131 4,118 0 18,536
At 31 March 2024 80,788 492,148 191,633 38,795 803,364
Net book value
At 31 March 2024 20,484 30,393 12,354 0 63,231
At 31 March 2023 24,771 40,524 16,472 0 81,767

4. Stocks

2024 2023
£ £
Stocks 38,327 59,546

5. Debtors

2024 2023
£ £
Trade debtors 16,414 5,020
Prepayments 404 738
VAT recoverable 88 0
16,906 5,758

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 5,430 3,801
Amounts owed to directors 227,954 309,728
Accruals 27,375 13,568
Other taxation and social security 0 338
Other creditors 279,638 279,638
540,397 607,073

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares shares of £ 1.00 each (2023: nil shares) 20,000 0
Nil ordinary shares (2023: 20,000 shares of £ 1.00 each) 0 20,000
20,000 20,000