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COMPANY REGISTRATION NUMBER: 11441476
Kent Cottage Holidays Ltd
Filleted Unaudited Financial Statements
31 December 2023
Kent Cottage Holidays Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Kent Cottage Holidays Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
179,497
158,890
Current assets
Debtors
6
42,665
48,950
Cash at bank and in hand
361,674
372,088
---------
---------
404,339
421,038
Creditors: amounts falling due within one year
7
90,137
105,349
---------
---------
Net current assets
314,202
315,689
---------
---------
Total assets less current liabilities
493,699
474,579
Creditors: amounts falling due after more than one year
8
7,893
24,093
Provisions
15,741
4,526
---------
---------
Net assets
470,065
445,960
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
469,965
445,860
---------
---------
Shareholders funds
470,065
445,960
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 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:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kent Cottage Holidays Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr C L Whalley
Mrs M Whalley
Director
Director
Company registration number: 11441476
Kent Cottage Holidays Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Bridewell Park, Whitsable, Kent, CT5 1TP, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for when the stay occurred, stated net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
5% reducing balance
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
130,091
61,845
26,410
8,194
226,540
Additions
243
7,508
68,060
723
76,534
Disposals
( 35,310)
( 35,310)
---------
--------
--------
--------
-------
---------
At 31 Dec 2023
130,091
62,088
33,918
32,750
8,917
267,764
---------
--------
--------
--------
-------
---------
Depreciation
At 1 Jan 2023
19,126
37,592
8,085
2,847
67,650
Charge for the year
5,548
6,108
5,352
5,250
1,426
23,684
Disposals
( 3,067)
( 3,067)
---------
--------
--------
--------
-------
---------
At 31 Dec 2023
24,674
43,700
13,437
2,183
4,273
88,267
---------
--------
--------
--------
-------
---------
Carrying amount
At 31 Dec 2023
105,417
18,388
20,481
30,567
4,644
179,497
---------
--------
--------
--------
-------
---------
At 31 Dec 2022
110,965
24,253
18,325
5,347
158,890
---------
--------
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Other debtors
42,665
48,950
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,150
10,706
Trade creditors
4,762
6,887
Corporation tax
10,501
26,512
Social security and other taxes
7,528
7,612
Other creditors
56,196
53,632
--------
---------
90,137
105,349
--------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,893
24,093
-------
--------
9. Directors' advances, credits and guarantees
At the year end the Directors owed the company £37,756 (2022: £44,621). During the year advances of £37,756 were made to the Directors and repayments of £44,621 were made by the Directors. Interest of £522 (2022: £468) was charged at a rate of 2% until March 2023, then 2.25% for the remainder of the year.