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Coquet Limited

Annual Report and Unaudited Financial Statements

for the Period from 16 March 2023 to 31 March 2024

 

Coquet Limited

Contents

Director's Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Coquet Limited

Director's Report for the Period from 16 March 2023 to 31 March 2024

The director presents his report and the financial statements for the period from 16 March 2023 to 31 March 2024.

Incorporation

The company was incorporated on 16 March 2023.

Director of the company

The director who held office during the period was as follows:

Mr G H Chambers (appointed 16 March 2023)

Principal activity

The principal activity of the company is rental of investment property

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr G H Chambers
Director

 

Coquet Limited

(Registration number: 14734744)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

32,017

Investment property

6

96,726

 

128,743

Current assets

 

Debtors

7

128

Cash at bank and in hand

 

600

 

728

Creditors: Amounts falling due within one year

8

(169,994)

Net current liabilities

 

(169,266)

Net liabilities

 

(40,523)

Capital and reserves

 

Called up share capital

9

1

Retained earnings

(40,524)

Shareholders' deficit

 

(40,523)

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr G H Chambers
Director

 

Coquet Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dissington Old Hall
Medburn
Ponteland
Newcastle upon Tyne
NE18 0BW

These financial statements were authorised for issue by the director on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that
a change attributable to an item of income or expense recognised as other comprehensive income is also
recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable
income.

 

Coquet Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2023 to 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the
financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing Balance

Improvements to Property

5% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Coquet Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2023 to 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

562

5

Tangible assets

Improvements to Property
£

Plant & Machinery
£

Total
£

Cost or valuation

Additions

32,045

534

32,579

At 31 March 2024

32,045

534

32,579

Depreciation

Charge for the period

529

33

562

At 31 March 2024

529

33

562

Carrying amount

At 31 March 2024

31,516

501

32,017

6

Investment properties

2024
£

Additions

96,726

At 31 March

96,726

The director has determined the fair value of the investment property at balance sheet date. The historical cost of the properties is £96,726.

There has been no valuation of investment property by an independent valuer.

 

Coquet Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2023 to 31 March 2024

7

Debtors

Current

2024
£

Prepayments

128

8

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Accruals and deferred income

1,458

Other creditors

168,536

169,994

9

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary share capital of £1 each

1

1

     

10

Related party transactions

Summary of transactions with other related parties

During the period, part of costs were paid by Pavilion North East Limited, whose directors are close family
members of the director of Coquet Limited, at no profit or loss. The balance owed to Pavilion North
East Limited at the year end was £82,539 from Coquet Limited.