Registered number
12781987
Poppyfield Properties (South West) Limited
Unaudited Filleted Accounts
31 December 2023
Poppyfield Properties (South West) Limited
Registered number: 12781987
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 203,913 203,374
Current assets
Debtors 5 1,903 4,192
Cash at bank and in hand 8,906 11,390
10,809 15,582
Creditors: amounts falling due within one year 6 (222,388) (222,295)
Net current liabilities (211,579) (206,713)
Net liabilities (7,666) (3,339)
Capital and reserves
Called up share capital 2 2
Profit and loss account (7,668) (3,341)
Shareholders' funds (7,666) (3,339)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs C Carpenter
Director
Approved by the board on 17 September 2024
Poppyfield Properties (South West) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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).The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
The company has no turnover as such as its income is all rent from holiday let. Rent is recognised in the accounts in the year to which it relates.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Plant and machinery over 5 years
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Depreciation of Assets
Capitlaised assets within the company have not been depreciated in the year ending 2022 accounts, as the property was not available for renting out. Once the property is being let out, the assets will be depreciated on a straight line basis based off a useful economic life of 5 years.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 197,454 6,216 203,670
Additions 930 1,066 1,996
At 31 December 2023 198,384 7,282 205,666
Depreciation
At 1 January 2023 - 296 296
Charge for the year - 1,457 1,457
At 31 December 2023 - 1,753 1,753
Net book value
At 31 December 2023 198,384 5,529 203,913
At 31 December 2022 197,454 5,920 203,374
5 Debtors 2023 2022
£ £
Other debtors 1,903 4,192
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 234 197
Other creditors 222,154 222,098
222,388 222,295
7 Other information
Poppyfield Properties (South West) Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Southfield Drive
Crediton
Devon
United Kingdom
EX17 2ET
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