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Registered Number: 01422784
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

CORNISH TRADITIONAL COTTAGES LIMITED

Directors Mr C F T Edward Collins
Mrs V J E Edward Collins
Mr G C T Edward Collins
Registered Number 01422784
Registered Office The Offices
Trewardale
Blisland Bodmin
Cornwall
PL30 4HS
Accountants H M Williams Chartered Certified Accountants
5 Sandy Court
Ashleigh Way
Plymouth
PL7 5JX
Secretary Mr G C T Edward Collins
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company in the year under review was that of acting as an agent for the owners of holiday cottages in Cornwall.
Directors
The directors who have held office during the whole of the year were as follows:
Mr C F T Edward Collins
Mrs V J E Edward Collins
Mr G C T Edward Collins
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Mr G C T Edward Collins
Director

Date approved: 11 September 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 143,876    215,813 
Tangible fixed assets 4 12,469    15,512 
Investments 5 182,360    182,360 
338,705    413,685 
Current assets      
Debtors 6 360,681    354,513 
Cash at bank and in hand 38,383    125,120 
399,064    479,633 
Creditors: amount falling due within one year 7 (490,599)   (520,687)
Net current assets (91,535)   (41,054)
 
Total assets less current liabilities 247,170    372,631 
Creditors: amount falling due after more than one year 8 (19,167)   (29,167)
Provisions for liabilities 9 (1,634)   (2,089)
Net assets 226,369    341,375 
 

Capital and reserves
     
Called up share capital 150    150 
Profit and loss account 226,219    341,225 
Shareholders' funds 226,369    341,375 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 11 September 2024 and were signed on its behalf by:


-------------------------------
Mr G C T Edward Collins
Director
3
General Information
Cornish Traditional Cottages Limited is a private company, limited by shares, registered in England and Wales, registration number 01422784, registration address The Offices, Trewardale, Blisland Bodmin, Cornwall, PL30 4HS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 33.3% Reducing Balance
Computer Equipment 33.3% Reducing Balance
Improvements to property 20% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2.

Average number of employees

Average number of employees during the year was 7 (2022 : 7).
3.

Intangible fixed assets

Cost Goodwill   Other   Total
  £   £   £
At 01 January 2023 719,378    76,974    796,352 
Additions    
Disposals    
At 31 December 2023 719,378    76,974    796,352 
Amortisation
At 01 January 2023 503,565    76,974    580,539 
Charge for year 71,937      71,937 
On disposals    
At 31 December 2023 575,502    76,974    652,476 
Net book values
At 31 December 2023 143,876      143,876 
At 31 December 2022 215,813      215,813 


4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Improvements to property   Total
  £   £   £   £   £
At 01 January 2023 26,334    24,831    29,334    2,895    83,394 
Additions   1,718    511      2,229 
Disposals        
At 31 December 2023 26,334    26,549    29,845    2,895    85,623 
Depreciation
At 01 January 2023 18,637    22,670    23,680    2,895    67,882 
Charge for year 1,924    1,293    2,055      5,272 
On disposals        
At 31 December 2023 20,561    23,963    25,735    2,895    73,154 
Net book values
Closing balance as at 31 December 2023 5,773    2,586    4,110      12,469 
Opening balance as at 01 January 2023 7,697    2,161    5,654      15,512 


5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 January 2023 182,360    182,360 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 December 2023 182,360    182,360 
This is made up of   2023
£
  2022
£
Scotts Castle Holidays 65,000  65,000 
Love Cottage Ltd 3,000  3,000 
Edward-Collins Farm 114,360  114,360 
182,360  182,360 


6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 360,681    354,513 
360,681    354,513 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 24,401    8,740 
Bank Loans & Overdrafts 10,000    10,000 
Taxation and Social Security 18,325    38,016 
Other Creditors 437,873    463,931 
490,599    520,687 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 19,167    29,167 
19,167    29,167 

9.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 1,634    2,089 
1,634    2,089 

10.

Ultimate controlling party

The controlling party is Mr & Mrs Edward-Collins.
4