COMPANY REGISTRATION NUMBER:
00562897
Coedargraig Estate Limited |
|
Filleted Unaudited Financial Statements |
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Coedargraig Estate Limited |
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Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
4 |
|
650,000 |
700,000 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
152,932 |
|
144,858 |
|
|
|
|
Creditors: amounts falling due within one year |
5 |
22,108 |
|
21,183 |
|
--------- |
|
--------- |
Net current assets |
|
130,824 |
123,675 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
780,824 |
823,675 |
|
|
--------- |
--------- |
Net assets |
|
780,824 |
823,675 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
780,724 |
823,575 |
|
|
--------- |
--------- |
Shareholders funds |
|
780,824 |
823,675 |
|
|
--------- |
--------- |
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|
|
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These financial statements 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 January 2024 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 financial statements 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 financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
18 October 2024
, and are signed on behalf of the board by:
Company registration number:
00562897
Coedargraig Estate Limited |
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Notes to the Financial Statements |
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Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Picton Lane, Swansea, SA1 4AF.
The principal activity of the company during the current and previous year was property management.
2.
Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable on rental income due in the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Tangible assets
|
Land and buildings |
|
£ |
Cost or valuation |
|
At 1 February 2023 |
700,000 |
Revaluations |
(
50,000) |
|
--------- |
At 31 January 2024 |
650,000 |
|
--------- |
Depreciation |
|
At 1 February 2023 and 31 January 2024 |
– |
|
--------- |
Carrying amount |
|
At 31 January 2024 |
650,000 |
|
--------- |
At 31 January 2023 |
700,000 |
|
--------- |
|
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The company's property has been fair valued by the directors, on 31 January 2024 based on a rental yield of 8% discounted for the remaining life of the tenants lease agreement. The historical cost of the property is £442,834.
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
11,762 |
10,837 |
Other creditors |
10,346 |
10,346 |
|
-------- |
-------- |
|
22,108 |
21,183 |
|
-------- |
-------- |
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