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Company No: 04694800 (England and Wales)

CATHEDRAL VIEW LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

CATHEDRAL VIEW LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CATHEDRAL VIEW LIMITED

BALANCE SHEET

As at 31 March 2024
CATHEDRAL VIEW LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 287,786 158,996
Investments 4 1,227,504 1,180,224
1,515,290 1,339,220
Current assets
Stocks 2,700 2,700
Debtors 5 139,202 183,096
Cash at bank and in hand 3,119,490 2,481,980
3,261,392 2,667,776
Creditors: amounts falling due within one year 6 ( 565,705) ( 371,852)
Net current assets 2,695,687 2,295,924
Total assets less current liabilities 4,210,977 3,635,144
Provision for liabilities ( 62,828) ( 28,920)
Net assets 4,148,149 3,606,224
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 4,148,049 3,606,124
Total shareholder's funds 4,148,149 3,606,224

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cathedral View Limited (registered number: 04694800) were approved and authorised for issue by the Board of Directors on 23 September 2024. They were signed on its behalf by:

Mrs E Sharp
Director
CATHEDRAL VIEW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CATHEDRAL VIEW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cathedral View Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Trethowa, Probus, Truro, TR2 4JE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Fixtures and fittings 10 - 15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 95 87

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 136,275 828,262 964,537
Additions 139,060 30,682 169,742
At 31 March 2024 275,335 858,944 1,134,279
Accumulated depreciation
At 01 April 2023 101,706 703,835 805,541
Charge for the financial year 13,947 27,005 40,952
At 31 March 2024 115,653 730,840 846,493
Net book value
At 31 March 2024 159,682 128,104 287,786
At 31 March 2023 34,569 124,427 158,996

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 1,180,224 1,180,224
Additions 375,510 375,510
Disposals ( 360,665) ( 360,665)
Movement in fair value 32,435 32,435
At 31 March 2024 1,227,504 1,227,504
Carrying value at 31 March 2024 1,227,504 1,227,504
Carrying value at 31 March 2023 1,180,224 1,180,224

5. Debtors

2024 2023
£ £
Trade debtors 126,867 169,536
Other debtors 12,335 13,560
139,202 183,096

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 36,319 26,179
Amounts owed to Parent undertakings 302,221 244,608
Taxation and social security 192,487 82,735
Other creditors 34,678 18,330
565,705 371,852

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
80 Ordinary A shares of £ 1.00 each 80 80
10 Ordinary B shares of £ 1.00 each 10 10
10 Ordinary C shares of £ 1.00 each 10 10
100 100

8. Related party transactions

Other related party transactions

Cathedral View Holdings Limited

The Company is 100% owned by Cathedral View Holdings Limited.

Cathedral View Limited was charged £28,000 (2023: £28,000) in respect of management fees by Cathedral View Holdings Limited. Cathedral View Limited repaid £139,867 (2023: £155,445) to Cathedral View Holdings Limited and received sums aggregating £95,671 (2023: £289,309) in the year. Cathedral View Limited paid a dividend of £nil (2023: £151,309) during the year. Interest was charged on the loan between the companies at 5%, per annum. There is no fixed date of repayment.

9. Ultimate controlling party

Parent Company:

Cathedral View Holdings Limited

The ultimate controlling party is Dr G Sharp and Mrs E Sharp