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Registered number: 12512723
Cofa Properties Limited
Unaudited Financial Statements
For the Period 1 April 2023 to 30 April 2024
Optimise Accountants Ltd
Office 15 Bramley House 2a
Bramley Road
Long Eaton
Nottinghamshire
NG10 3SX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12512723
30 April 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,231,744 939,012
1,231,744 939,012
CURRENT ASSETS
Debtors 5 1,655 -
Cash at bank and in hand 353,610 48,158
355,265 48,158
Creditors: Amounts Falling Due Within One Year 6 (844,784 ) (782,825 )
NET CURRENT ASSETS (LIABILITIES) (489,519 ) (734,667 )
TOTAL ASSETS LESS CURRENT LIABILITIES 742,225 204,345
Creditors: Amounts Falling Due After More Than One Year 7 (780,500 ) (242,156 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,279 ) (11,279 )
NET LIABILITIES (49,554 ) (49,090 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Fair value reserve 10 48,085 48,085
Profit and Loss Account (97,641 ) (97,177 )
SHAREHOLDERS' FUNDS (49,554) (49,090)
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Page 2
For the period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nanik Jassi
Director
24/12/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cofa Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12512723 . The registered office is Office 15 Bramley House 2a Bramley Road, Long Eaton, Nottingham, NG10 3SX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% on RBB
2.5. Investment Properties
All Investment properties are measured at fair value determined annually and adjusted if necessary for any difference in the nature, location or condition of the specific asset. The fair value of property was obtained from an online property resource company and has not been based on a valuation by an independent valuer with a professional qualification.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2023: 2)
2 2
4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 928,343 13,453 941,796
Additions 275,284 22,674 297,958
As at 30 April 2024 1,203,627 36,127 1,239,754
Depreciation
As at 1 April 2023 - 2,784 2,784
Provided during the period - 5,226 5,226
As at 30 April 2024 - 8,010 8,010
Net Book Value
As at 30 April 2024 1,203,627 28,117 1,231,744
As at 1 April 2023 928,343 10,669 939,012
5. Debtors
30 April 2024 31 March 2023
£ £
Due within one year
Prepayments and accrued income 1,655 -
6. Creditors: Amounts Falling Due Within One Year
30 April 2024 31 March 2023
£ £
Directors' loan accounts 844,784 782,825
7. Creditors: Amounts Falling Due After More Than One Year
30 April 2024 31 March 2023
£ £
Bank loans 780,500 242,156
8. Secured Creditors
Of the creditors the following amounts are secured.
The below bank loans are secured on the investment properties. They are interest only with a term of 25 years.
30 April 2024 31 March 2023
£ £
Bank loans and overdrafts 780,500 242,156
9. Share Capital
30 April 2024 31 March 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.000 each 2 2
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Page 5
10. Reserves
Fair Value Reserve
£
As at 1 April 2023 48,085
As at 30 April 2024 48,085
11. Ultimate Controlling Party
There is no ultimate controlling party due to structure of the company.
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