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Registered number: 07471724
Cherry Bank Cottages Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07471724
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 5 900,000 696,018
900,000 696,018
CURRENT ASSETS
Cash at bank and in hand 32,651 38,663
32,651 38,663
Creditors: Amounts Falling Due Within One Year 6 (459,434 ) (460,911 )
NET CURRENT ASSETS (LIABILITIES) (426,783 ) (422,248 )
TOTAL ASSETS LESS CURRENT LIABILITIES 473,217 273,770
PROVISIONS FOR LIABILITIES
Deferred Taxation (50,310 ) -
NET ASSETS 422,907 273,770
CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 153,672 -
Profit and Loss Account 269,135 273,670
SHAREHOLDERS' FUNDS 422,907 273,770
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 H D Taylor
Director
4th September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cherry Bank Cottages Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07471724 . The registered office is Heritage Exchange, South Lane, Elland, West Yorkshire, HX5 0HG.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
2.3. 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.
2.4. Government Grant
Government grants are recognised at the fair value of the asset received or receivable. Grants are not
recognised until there is reasonable assurance that the company will comply with the conditions
attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis
over the periods in which the company recognises the related costs for which the grant is intended to
compensate. Grants that are receivable as compensation for expenses or losses already incurred or for
the purpose of giving immediate financial support to the entity with no future related costs are
recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life
of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income
and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related
conditions on the recipient, it is recognised in income when the grant proceeds are received or
receivable. Where the grant does impose specified future performance-related conditions on the
recipient, it is recognised in income only when the performance-related conditions have been met.
Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a
liability.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Investment Property
Investment property is measured initially at cost, which includes purchase price and any directly
attributable expenditure. Investment property is revalued to its fair value at each reporting date and any
changes in fair value are recognised in profit or loss.
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Page 4
5. Investments
Other
£
Cost
As at 1 April 2023 696,018
Revaluations 203,982
As at 31 March 2024 900,000
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 900,000
As at 1 April 2023 696,018
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 458,795 460,911
Taxation and social security 639 -
459,434 460,911
7. Ultimate Controlling Party
The company was controlled throughout the year by the directors who own 100% of the issued share
capital.
Page 4