Company No:
Contents
DIRECTORS | Mr Iain Mark Withers |
Mrs Joanne Olivia Withers |
REGISTERED OFFICE | Gascoyne House Moseleys Farm Business Centre |
Fornham All Saints | |
Bury St Edmunds | |
IP28 6JY | |
United Kingdom |
COMPANY NUMBER | 12883514 (England and Wales) |
CHARTERED ACCOUNTANTS | Gascoynes |
Gascoyne House | |
Moseleys Farm Business Centre | |
Fornham All Saints | |
Bury St Edmunds | |
Suffolk | |
IP28 6JY |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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410,000 | 410,000 | |||
Current assets | ||||
Cash at bank and in hand |
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2,780 | 2,540 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (367,034) | (371,589) | ||
Total assets less current liabilities | 42,966 | 38,411 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 5 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Culford Limited (registered number:
Mrs Joanne Olivia Withers
Director |
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.
Culford 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 Gascoyne House Moseleys Farm Business Centre, Fornham All Saints, Bury St Edmunds, IP28 6JY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
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As at 31 March 2024 |
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Valuation
A full market valuation of investment property was completed by [insert date] at the Balance Sheet date. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the Group’s residential investment property at 31 March 2024 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.
For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
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Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Allotted, called-up and fully-paid | |||
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