Devon Coastal Ltd 13798636 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a furnished holiday rental property. Digita Accounts Production Advanced 6.30.9574.0 true true 13798636 2023-01-01 2023-12-31 13798636 2023-12-31 13798636 core:RetainedEarningsAccumulatedLosses 2023-12-31 13798636 core:ShareCapital 2023-12-31 13798636 core:CurrentFinancialInstruments 2023-12-31 13798636 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13798636 core:FurnitureFittingsToolsEquipment 2023-12-31 13798636 bus:SmallEntities 2023-01-01 2023-12-31 13798636 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13798636 bus:FullAccounts 2023-01-01 2023-12-31 13798636 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13798636 bus:RegisteredOffice 2023-01-01 2023-12-31 13798636 bus:Director1 2023-01-01 2023-12-31 13798636 bus:Director2 2023-01-01 2023-12-31 13798636 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13798636 core:FurnitureFittings 2023-01-01 2023-12-31 13798636 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 13798636 countries:AllCountries 2023-01-01 2023-12-31 13798636 2022-12-31 13798636 core:FurnitureFittingsToolsEquipment 2022-12-31 13798636 2021-12-13 2022-12-31 13798636 2022-12-31 13798636 core:RetainedEarningsAccumulatedLosses 2022-12-31 13798636 core:ShareCapital 2022-12-31 13798636 core:CurrentFinancialInstruments 2022-12-31 13798636 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13798636 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13798636

Devon Coastal Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Devon Coastal Ltd
(Registration number: 13798636)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Devon Coastal Ltd
(Registration number: 13798636)

Company Information

Directors

Mark McGlade

Vanessa Jayne McGlade

Registered office

40 Honey Park Road
Budleigh Salterton
Devon
EX9 6EG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Devon Coastal Ltd
(Registration number: 13798636)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,027

1,421

Investment property

5

490,554

490,554

 

491,581

491,975

Current assets

 

Debtors

6

309

259

Cash at bank and in hand

 

18,929

7,730

 

19,238

7,989

Creditors: Amounts falling due within one year

7

(504,925)

(503,558)

Net current liabilities

 

(485,687)

(495,569)

Total assets less current liabilities

 

5,894

(3,594)

Provisions for liabilities

75

-

Net assets/(liabilities)

 

5,969

(3,594)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

5,967

(3,596)

Total equity

 

5,969

(3,594)

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

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.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

 

Devon Coastal Ltd
(Registration number: 13798636)

Balance Sheet as at 31 December 2023

.........................................
Mark McGlade
Director

 

Devon Coastal Ltd
(Registration number: 13798636)

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 & Wales .

The address of its registered office is:
40 Honey Park Road
Budleigh Salterton
Devon
EX9 6EG
England & Wales

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 in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company currently has negative reserves however the directors will continue to support the company financially in order to meet its liabilities as they fall due. As such, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

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.

 

Devon Coastal Ltd
(Registration number: 13798636)

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

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and Fittings

25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade 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.

 

Devon Coastal Ltd
(Registration number: 13798636)

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

 

Devon Coastal Ltd
(Registration number: 13798636)

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,576

1,576

At 31 December 2023

1,576

1,576

Depreciation

At 1 January 2023

155

155

Charge for the year

394

394

At 31 December 2023

549

549

Carrying amount

At 31 December 2023

1,027

1,027

At 31 December 2022

1,421

1,421

5

Investment properties

2023
£

At 1 January

490,554

At 31 December

490,554

The directors have assessed the fair value of the property based on their knowledge of the local property market and determined that the property's fair value is not materially different to its cost.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Prepayments and accrued income

309

259

Total current trade and other debtors

309

259

 

Devon Coastal Ltd
(Registration number: 13798636)

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

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

102

-

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

228,330

228,330

Taxation and social security

 

1,030

-

Other creditors

 

273,659

273,659

Accrued expenses

 

1,804

1,569

 

504,925

503,558