Cathedral View (Exeter) Limited 09554458 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true true true 09554458 2023-01-01 2023-12-31 09554458 2023-12-31 09554458 core:CurrentFinancialInstruments 2023-12-31 09554458 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09554458 core:Non-currentFinancialInstruments 2023-12-31 09554458 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 09554458 bus:SmallEntities 2023-01-01 2023-12-31 09554458 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09554458 bus:FullAccounts 2023-01-01 2023-12-31 09554458 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09554458 bus:RegisteredOffice 2023-01-01 2023-12-31 09554458 bus:Director1 2023-01-01 2023-12-31 09554458 bus:Director2 2023-01-01 2023-12-31 09554458 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09554458 1 2023-01-01 2023-12-31 09554458 countries:England 2023-01-01 2023-12-31 09554458 2022-01-01 2022-12-31 09554458 2022-12-31 09554458 core:CurrentFinancialInstruments 2022-12-31 09554458 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09554458 core:Non-currentFinancialInstruments 2022-12-31 09554458 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09554458

Cathedral View (Exeter) Limited


Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Cathedral View (Exeter) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Cathedral View (Exeter) Limited

Company Information

Directors

Mr M D Edworthy

Mr P N Scantlebury

Registered office

Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Cathedral View (Exeter) Limited

(Registration number: 09554458)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

-

950,000

Debtors

5

4,537

5,513

Cash at bank and in hand

 

412

850

 

4,949

956,363

Creditors: Amounts falling due within one year

6

(318,080)

(335,520)

Total assets less current liabilities

 

(313,131)

620,843

Creditors: Amounts falling due after more than one year

6

(70,198)

(927,021)

Net liabilities

 

(383,329)

(306,178)

Capital and reserves

 

Called up share capital

200

200

Retained earnings

(383,529)

(306,378)

Shareholders' deficit

 

(383,329)

(306,178)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

 

Cathedral View (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention. These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and Companies Act 2006.

Going concern

The Company has incurred a loss during the year following the sale of the last apartment at its development property. As at the year end the company’s balance sheet shows net current liabilities and an overall balance sheet deficiency of £383,329 (2022: £306,178). Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern policy remains appropriate. The accounts have been prepared on a going concern basis as group and connected companies which have provided financial support to the company, will continue to do so, to enable the company to sell its remaining assets prior to closure. The directors have reviewed the position for 12 months from the date the accounts were approved.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the rental of the property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Cathedral View (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a
change attributable to an item of income or expense recognised as other comprehensive income is also recognised
directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable
income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the
financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Debtors

debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. They are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Cathedral View (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Stocks

2023
£

2022
£

Work in progress

-

950,000

5

Debtors

2023
£

2022
£

Prepayments

-

5,313

Other debtors

4,537

200

4,537

5,513

 

Cathedral View (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

5,758

10,648

Trade creditors

 

3,918

6,527

Amounts owed to group undertakings and undertakings in which the company has a participating interest

306,941

106,855

Taxation and social security

 

-

2,631

Accruals and deferred income

 

1,463

208,859

 

318,080

335,520

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

28,344

26,860

Other non-current financial liabilities

 

41,854

900,161

 

70,198

927,021

 

Cathedral View (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,344

26,860

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,758

10,648

8

Parent and ultimate parent undertaking

Burrington Estates Limited owns 50% of the issued share capital of the company.

 The company's immediate parent is Burrington Estates Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House