Company registration number 11230354 (England and Wales)
CWTCH PROPERTY DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CWTCH PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
CWTCH PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
27 FEBRUARY 2024
27 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
355,000
319,970
Current assets
Debtors
4
17,837
15,900
Cash at bank and in hand
1,578
920
19,415
16,820
Creditors: amounts falling due within one year
5
(91,439)
(89,375)
Net current liabilities
(72,024)
(72,555)
Total assets less current liabilities
282,976
247,415
Provisions for liabilities
(47,934)
(39,176)
Net assets
235,042
208,239
Capital and reserves
Called up share capital
6
10
10
Revaluation reserve
143,803
117,531
Profit and loss reserves
91,229
90,698
Total equity
235,042
208,239
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 27 February 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 26 November 2024
Mr R J K Johnston
Director
Company Registration No. 11230354
CWTCH PROPERTY DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 28 February 2022
10
105,755
80,941
186,706
Year ended 27 February 2023:
Profit
-
-
21,533
21,533
Other comprehensive income:
Tax relating to other comprehensive income
-
(3,925)
3,925
-
Total comprehensive income
-
(3,925)
25,458
21,533
Transfers
-
15,701
(15,701)
-
Balance at 27 February 2023
10
117,531
90,698
208,239
Year ended 27 February 2024:
Profit
-
-
26,803
26,803
Other comprehensive income:
Tax relating to other comprehensive income
-
(8,758)
8,758
-
Total comprehensive income
-
(8,758)
35,561
26,803
Transfers
-
35,030
(35,030)
-
Balance at 27 February 2024
10
143,803
91,229
235,042
CWTCH PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Cwtch Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.
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, Modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rents received in the normal course of business net of VAT and trade discount.
Revenue from the rents received is recognised over the rental period when, and to the extent that, the company obtains the rights to consideration in exchange for rental provided.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
CWTCH PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 28 February 2023
319,970
Revaluations
35,030
At 27 February 2024
355,000
Investment property comprises £355,000. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 27 February 2024 by the director.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
17,837
15,900
CWTCH PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
124
2,289
Other creditors
89,875
85,796
Accruals and deferred income
1,440
1,290
91,439
89,375
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10
10
10
10
7
Related party transactions
Included in other debtors is an amount of £15,000 (2023 - £15,000) for a loan to Front Row Properties Limited, a company with the same director. This amount is included in debtors: amounts falling due within one year.
Also included is an amount of £1,577 (2023 - £0) for a loan to S4F Outlet Ltd, a company with the same director. This amount is included in debtors: amounts falling due within one year.
8
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £87,642 (2023 - £83,563); this amount being included in creditors: amounts falling due within one year.