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REGISTERED NUMBER: 00803059 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

Salcombe Chandlers Limited

Salcombe Chandlers Limited (Registered number: 00803059)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


Salcombe Chandlers Limited

COMPANY INFORMATION
for the year ended 31 December 2023







Directors: S Parker-Swift
Mrs D Parker-Swift





Registered office: Abacus House
129 North Hill
Plymouth
Devon
PL4 8JY





Business address: Lower Kerse
Thurlestone
Kingsbridge
Devon
TQ7 3LU





Registered number: 00803059 (England and Wales)





Accountants: Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY

Salcombe Chandlers Limited (Registered number: 00803059)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Investment property 4 450,000 450,000

Current assets
Cash at bank 31,150 27,262

Creditors
Amounts falling due within one year 5 11,976 13,004
Net current assets 19,174 14,258
Total assets less current liabilities 469,174 464,258

Provisions for liabilities 6 58,710 58,710
Net assets 410,464 405,548

Capital and reserves
Called up share capital 7 100 100
Revaluation reserve 195,276 195,276
Retained earnings 215,088 210,172
Shareholders' funds 410,464 405,548

Salcombe Chandlers Limited (Registered number: 00803059)

BALANCE SHEET - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





S Parker-Swift - Director


Salcombe Chandlers Limited (Registered number: 00803059)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Salcombe Chandlers Ltd is a private company limited by shares, registered in England and Wales. The company's registered number, registered office and principal place of business can be found on the company information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rent receivable for the period.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 tax
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.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Salcombe Chandlers Limited (Registered number: 00803059)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 January 2023
and 31 December 2023 450,000
Net book value
At 31 December 2023 450,000
At 31 December 2022 450,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2002 173,500
Valuation in 2016 50,000
Valuation in 2020 150,000
Cost 76,500
450,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 76,500 76,500

The investment property was valued on an open market basis on 31 December 2020 by the directors .

Salcombe Chandlers Limited (Registered number: 00803059)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 4,400 910
Other creditors 7,576 12,094
11,976 13,004

6. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Other timing differences 58,710 58,710

Deferred
tax
£   
Balance at 1 January 2023 58,710
Balance at 31 December 2023 58,710

Other timing differences represent the taxation cost if the company's freehold property was sold at the open market valuation.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

8. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £569 to it's directors, Mr and Mrs S Parker-Swift.

9. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by it's directors.

10. NON DISTRIBUTABLE RESERVES

The profit and loss reserve includes £121,500 in respect of a non distributable reserve relating to the net of tax impact of revaluation of the investment property.