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Company No: 02905848 (England and Wales)

THE BLAKENEY COTTAGE COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

THE BLAKENEY COTTAGE COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

THE BLAKENEY COTTAGE COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
THE BLAKENEY COTTAGE COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 24,331 26,049
Investment property 4 625,000 625,000
649,331 651,049
Current assets
Stocks 16,000 17,000
Debtors
- due within one year 5 737,688 1,156,416
- due after more than one year 5 0 8,385
Cash at bank and in hand 664,417 534,928
1,418,105 1,716,729
Creditors: amounts falling due within one year 6 ( 569,160) ( 956,806)
Net current assets 848,945 759,923
Total assets less current liabilities 1,498,276 1,410,972
Provision for liabilities ( 5,148) ( 6,157)
Net assets 1,493,128 1,404,815
Capital and reserves
Called-up share capital 110 110
Profit and loss account 1,493,018 1,404,705
Total shareholders' funds 1,493,128 1,404,815

For the financial year ending 29 February 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 The Blakeney Cottage Company Limited (registered number: 02905848) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J P R Player
Director

28 November 2024

THE BLAKENEY COTTAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
THE BLAKENEY COTTAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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

The Blakeney Cottage Company 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 19 Rutland Terrace, Stamford, PE9 2QD, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 4 years straight line
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

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.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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 Income Statement 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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 Statement of Financial Position 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 March 2023 13,178 69,678 14,238 16,049 113,143
Additions 2,469 2,500 0 0 4,969
At 29 February 2024 15,647 72,178 14,238 16,049 118,112
Accumulated depreciation
At 01 March 2023 10,592 57,145 11,236 8,121 87,094
Charge for the financial year 885 3,616 600 1,586 6,687
At 29 February 2024 11,477 60,761 11,836 9,707 93,781
Net book value
At 29 February 2024 4,170 11,417 2,402 6,342 24,331
At 28 February 2023 2,586 12,533 3,002 7,928 26,049

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 625,000
As at 29 February 2024 625,000

Valuation

The 2024 valuation was made by the directors of the company on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 573,682 573,682

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Amounts owed by directors 510,504 876,239
Prepayments 4,231 2,188
Other debtors 222,953 277,989
737,688 1,156,416
Debtors: amounts falling due after more than one year
Other debtors 0 8,385

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 101,750
Trade creditors 31,706 23,503
Amounts owed to directors 20,000 20,000
Accruals 32,916 23,518
Taxation and social security 107,163 332,006
Other creditors 377,375 456,029
569,160 956,806

The bank loans are secured by a fixed and floating charge over the freehold land and buildings and all other assets of the Company. Handelsbanken hold an amount in an interest cover account for the duration of the loan. At the year end the amount held was £8,385 (2023 - £8,385 due over one year), this is shown within debtors due within one year.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 20,366 7,332
between one and five years 7,541 0
27,907 7,332

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,720 (2023 - £5,099). Contributions totalling £1,244 (2023 - £798) were payable to the fund at the reporting date.

8. Related party transactions

Transactions with owners holding a participating interest in the entity

The Company occupies a property which is owned by a corporate shareholder of the Company on which no rent is charged. In return, the Company rents out properties on this companies behalf charging a reduced rate of commission. The commission that has not been charged for 2024 is estimated to be £13,000 (2023 - £17,000).

Transactions with the entity's directors

2024 2023
£ £
Balance at the beginning of period 876,239 301,820
Advances made 120,884 803,333
Credits received (486,619) (228,914)
Balance at the end of the period 510,504 876,239

At the year end, the above balance was owed to the Company from a Director in respect of an interest free unsecured loan. This amount is deemed repayable on demand.

At the year end, a balance of £20,000 (2023 - £20,000) was owed to a Director of the company. This amount is repayable on demand with no interest being charged.