Cape Associates Limited
Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 04319254 (England and Wales)
Cape Associates Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Cape Associates Limited
Balance Sheet
As at 30 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
615,000
615,000
Current assets
Debtors
4
14,027
1,938
Cash at bank and in hand
252,325
272,108
266,352
274,046
Creditors: amounts falling due within one year
5
(28,417)
(65,099)
Net current assets
237,935
208,947
Total assets less current liabilities
852,935
823,947
Creditors: amounts falling due after more than one year
6
(156,522)
(163,222)
Provisions for liabilities
(75,476)
(75,476)
Net assets
620,937
585,249
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
620,837
585,149
Total equity
620,937
585,249
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
Cape Associates Limited
Balance Sheet (Continued)
As at 30 November 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 November 2024 and are signed on its behalf by:
A.J. Kent
Director
Company Registration No. 04319254
Cape Associates Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 3
1
Accounting policies
Company information
Cape Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 section 1A “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 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 rental income from investment properties.
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
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 current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
Cape Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
615,000
Investment property at the year end comprise two properties; Lutener road and Highview. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director at the reporting dates by reference to market evidence of transaction prices for similar properties.
The historic cost of the investment properties at the balance sheet date is £313,099 (2022: £313,099).
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
13,780
1,011
Prepayments and accrued income
247
927
14,027
1,938
Cape Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 5
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
12,707
11,664
Trade creditors
2,460
706
Corporation tax
9,438
25,162
Other creditors
480
24,402
Accruals and deferred income
3,332
3,165
28,417
65,099
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
156,522
163,222
The bank loan is secured by way of a legal charge over the investment properties.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
8
Related party transactions
The company paid a dividend of £nil (2022: £21,250) to the directors.
Included in other creditors is a loan provided by the director of £480 (2022: £480). This amount is interest free and unsecured.
Included in other creditors is a balance of £13,780 (2022: £23,922 owed to) due from Madams Farm Limited, a company controlled by Mr A.J. Kent and Mrs F. Kent. The balance has no set repayment date, and interest of £6,236 (2022: £6,206) was charged on the loans in the year.