COMPANY REGISTRATION NUMBER:
12121263
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Debtors |
5 |
331,886 |
310,389 |
Cash at bank and in hand |
1,171 |
4,130 |
|
--------- |
--------- |
|
333,057 |
314,519 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
365,500) |
(
342,843) |
|
--------- |
--------- |
Net current liabilities |
(
32,443) |
(
28,324) |
|
-------- |
-------- |
Total assets less current liabilities |
(
32,443) |
(
28,324) |
|
-------- |
-------- |
Net liabilities |
(
32,443) |
(
28,324) |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
2 |
2 |
Profit and loss account |
(
32,445) |
(
28,326) |
|
-------- |
-------- |
Shareholders deficit |
(
32,443) |
(
28,324) |
|
-------- |
-------- |
|
|
|
|
These accounts 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 accounts 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 accounts
.
These accounts were approved by the
board of directors
and authorised for issue on
27 September 2024
, and are signed on behalf of the board by:
Company registration number:
12121263
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 2 Rowles Way, Buckingway Business Park, Swavesey, Cambridge, CB24 4UG, United Kingdom.
2.
Statement of compliance
These accounts 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 accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
The company operates as a joint venture between its two shareholders who are committed to supporting the company though its development phase. The company's principal liability is funds owed to its shareholders totalling £362,050 (2022; £329,050) and its shareholders have no intention to call these monies in for a period of at least 12 months from the date of approval of the financial statements. Consequently, at the time of the approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employees
There were no employees of the company during the year (2022: nil).
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
2 |
2 |
Other debtors |
331,884 |
310,387 |
|
--------- |
--------- |
|
331,886 |
310,389 |
|
--------- |
--------- |
|
|
|
Included within other debtors is prepayments totalling £123,274 (2022: £105,809). These costs have been prepaid in anticipation for contracts with a right to future income
.
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
450 |
3,000 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
362,050 |
329,050 |
Other creditors |
3,000 |
10,793 |
|
--------- |
--------- |
|
365,500 |
342,843 |
|
--------- |
--------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
8.
Related party transactions
At the year-end amounts were owed to the following related parties by virtue of their shareholdings:
Yoo Development Limited
£187,550 (2022: £158,000) and Ascendal Group Limited
£174,500 (2022: £171,050). The amounts are unsecured, interest free and repayable on demand. At the year end the following amount was due by the following parties: Westbourne Village Limited £204,078 (2022: £204,078).