Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseproperty development66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11226907 2023-01-01 2023-12-31 11226907 2022-01-01 2022-12-31 11226907 2023-12-31 11226907 2022-12-31 11226907 c:Director1 2023-01-01 2023-12-31 11226907 d:CurrentFinancialInstruments 2023-12-31 11226907 d:CurrentFinancialInstruments 2022-12-31 11226907 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11226907 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11226907 d:ShareCapital 2023-12-31 11226907 d:ShareCapital 2022-12-31 11226907 d:RetainedEarningsAccumulatedLosses 2023-12-31 11226907 d:RetainedEarningsAccumulatedLosses 2022-12-31 11226907 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11226907 c:OrdinaryShareClass1 2023-12-31 11226907 c:FRS102 2023-01-01 2023-12-31 11226907 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11226907 c:FullAccounts 2023-01-01 2023-12-31 11226907 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11226907 2 2023-01-01 2023-12-31 11226907 4 2023-01-01 2023-12-31 11226907 6 2023-01-01 2023-12-31 11226907 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11226907










CORAL PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CORAL PROPERTIES LIMITED
REGISTERED NUMBER: 11226907

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
4,000
4,000

Current assets
  

Stocks
  
21,401,756
21,243,351

Debtors: amounts falling due within one year
 6 
17,934
6,104

Cash at bank and in hand
  
252,451
366,728

  
21,672,141
21,616,183

Creditors: amounts falling due within one year
 7 
(21,835,777)
(21,755,592)

Net current liabilities
  
 
 
(163,636)
 
 
(139,409)

Total assets less current liabilities
  
(159,636)
(135,409)

  

Net liabilities
  
(159,636)
(135,409)


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
(160,636)
(136,409)

  
(159,636)
(135,409)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M I Nouri
Director

Date: 10 September 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
CORAL PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Coral Properties Limited, is a private company, limited by shares, and incorporated in England and Wales. The address of its registered office is Flat 1, 1a St Johns Wood Park, London, NW8 6QS.
The funcational and presentational currency of the company is considered to be Pound Sterling (£). 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operation for the foreseeable future.
The shareholders, who are the largest creditors at the balance sheet date, have confirmed that for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, they will continue to maintain their financial support of the company, by deferment of the amounts due to them and by other means as necessary.
In view of the above confirmation, and the continued activity of the company throughout the year the directors are confident that the company will have sufficient resources to enable it to continue in operation for the foreseeable future, and that it is therefore appropriate to prepare the financial statements on a going concern basis.

 
2.3

Exemption from preparing consolidated financial statements

The company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts..

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 2

 
CORAL PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Stocks

Stocks, which comprises development property held for resale, is staed at the lower of cost and net realisable value.
Cost comprises the cost of purchase together with all associated costs of development. Net realisable value comprises the actual or estimated selling price less all further costs to be incurred in the marketing and sale of the development properties.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
4,000



At 31 December 2023
4,000




Page 3

 
CORAL PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Development property
21,401,756
21,243,351



6.


Debtors

2023
2022
£
£


Other debtors
17,236
5,077

Prepayments and accrued income
698
1,027

17,934
6,104



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
330,470
247,826

Amounts owed to group undertakings
3,840
4,000

Other creditors
21,497,366
21,497,366

Accruals and deferred income
4,101
6,400

21,835,777
21,755,592



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1 each
1,000
1,000



9.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
At the balance sheet the amount owed to the shareholders was £21,497,366 (2022 - £21,497,366). All loans are repayable on demand and interest free.


Page 4