Company registration number 04708867 (England and Wales)
CARDENS ESTATE AGENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CARDENS ESTATE AGENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CARDENS ESTATE AGENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
125,173
151,526
Tangible assets
4
11,074
14,481
136,247
166,007
Current assets
Debtors
5
714,819
624,351
Cash at bank and in hand
100,250
133,967
815,069
758,318
Creditors: amounts falling due within one year
6
(297,510)
(258,159)
Net current assets
517,559
500,159
Total assets less current liabilities
653,806
666,166
Creditors: amounts falling due after more than one year
7
(63,991)
(85,163)
Provisions for liabilities
-
0
(11)
Net assets
589,815
580,992
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
589,695
580,872
Total equity
589,815
580,992

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 8 November 2024
Mr J Carden
Director
Company Registration No. 04708867
CARDENS ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Cardens Estate Agents Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT. Estate agent fees are invoiced and thereby recognised as turnover on exchange of contracts, however only becoming due on completion.  Letting agent fees are invoiced monthly for services rendered.
1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. The useful economic life of acquired goodwill has been estimated by the directors to be approximately 10 years for goodwill acquired in financial year 2019; 20 years for goodwill acquired before that date.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
10% per annum over the life of the lease
Fixtures, fittings & equipment
25% per annum on cost
Motor vehicles
25% per annum on cost

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.

1.5
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CARDENS ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including the director) employed by the company during the current and prior year were:

2024
2023
Number
Number
Total
20
20
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
350,526
Amortisation and impairment
At 1 May 2023
199,000
Amortisation charged for the year
26,353
At 30 April 2024
225,353
Carrying amount
At 30 April 2024
125,173
At 30 April 2023
151,526
CARDENS ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
50,767
103,031
153,798
Additions
-
0
2,058
2,058
Disposals
-
0
(35,791)
(35,791)
At 30 April 2024
50,767
69,298
120,065
Depreciation and impairment
At 1 May 2023
48,930
90,387
139,317
Depreciation charged in the year
526
4,939
5,465
Eliminated in respect of disposals
-
0
(35,791)
(35,791)
At 30 April 2024
49,456
59,535
108,991
Carrying amount
At 30 April 2024
1,311
9,763
11,074
At 30 April 2023
1,837
12,644
14,481
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
104,570
108,164
Other debtors
610,249
516,187
714,819
624,351
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
21,326
32,022
Trade creditors
27,437
25,119
Taxation and social security
239,650
189,005
Other creditors
9,097
12,013
297,510
258,159

Loans and overdrafts are secured by a charge over the assets of the company.

CARDENS ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
63,991
85,163

The long term loans are secured by a fixed charge over the assets of the company.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
13,502
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
24,336
25,375
24,336
25,375
9
Director's transactions

Advances or credits have been granted by the company to its director as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.25
503,362
594,683
10,082
(503,364)
604,763
503,362
594,683
10,082
(503,364)
604,763

The aforementioned advances are unsecured and repayable on demand.

 

The loan account is recognised as a joint account for the director and his spouse, who is also a shareholder.

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