Company registration number 03083992 (England and Wales)
THE CARDIFF BAY ANTIQUE CENTRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE CARDIFF BAY ANTIQUE CENTRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE CARDIFF BAY ANTIQUE CENTRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,350
1,800
Investment properties
4
725,000
725,000
726,350
726,800
Current assets
Debtors
5
10,000
10,719
Cash at bank and in hand
131,926
135,450
141,926
146,169
Creditors: amounts falling due within one year
6
(322,279)
(327,469)
Net current liabilities
(180,353)
(181,300)
Total assets less current liabilities
545,997
545,500
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
545,995
545,498
Total equity
545,997
545,500

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial 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.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
Mrs P Brownhill
Director
Company Registration No. 03083992
THE CARDIFF BAY ANTIQUE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

The Cardiff Bay Antique Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pumping Station, Penarth Road, Cardiff, South Glamorgan, Wales, CF11 8TT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents property rental income excluding value added tax.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

THE CARDIFF BAY ANTIQUE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
7
THE CARDIFF BAY ANTIQUE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
5,700
679
6,379
Depreciation and impairment
At 1 January 2023
4,409
170
4,579
Depreciation charged in the year
323
127
450
At 31 December 2023
4,732
297
5,029
Carrying amount
At 31 December 2023
968
382
1,350
At 31 December 2022
1,291
509
1,800
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
725,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
10,000
10,719
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
286,559
286,559
Corporation tax
286
4,892
Other taxation and social security
1,300
1,426
Other creditors
34,134
34,592
322,279
327,469
THE CARDIFF BAY ANTIQUE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Other information

The company has an existing loan of £111,563 (2022 - £111,563) due to Mergeform Limited, a company within the same group. This amount is included in creditors amounts falling due within one year.

 

The company has an existing loan of £174,996 (2022 - £174,996) due to Primemerit Limited, a company within the same group. This amount is included in creditors amounts falling due within one year.

 

The company has existing loans of £10,000 (2022 - £10,000) due from UK Traders Limited, a company with common director. This amount is included in debtors amounts falling due within one year respectively.

 

The company has an existing loan of £26,300 (2022 - £28,800) due to Mrs S Ashill, a daughter of the director. This amount is included in creditors amounts falling due within one year.

9
Parent company

The company's ultimate parent company is Pacific Trade Ventures (UK) Limited, whose registered office is The Pumping Station, Penarth Road, Cardif, CF11 8TT.

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