Company registration number 12783834 (England and Wales)
CONWAY LAND & PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
CONWAY LAND & PROPERTY LTD
COMPANY INFORMATION
Director
Mr C A Conway
Company number
12783834
Registered office
Rosetta Cliff View Gardens
Leysdown-On-Sea
Sheerness
Kent
England
ME12 4AF
Accountants
Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
United Kingdom
ME10 5BH
CONWAY LAND & PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CONWAY LAND & PROPERTY LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
90,000
90,000
Current assets
Debtors
4
5,323
822
Cash at bank and in hand
992
1,789
6,315
2,611
Creditors: amounts falling due within one year
5
(28,412)
(26,516)
Net current liabilities
(22,097)
(23,905)
Total assets less current liabilities
67,903
66,095
Creditors: amounts falling due after more than one year
6
(51,375)
(51,375)
Provisions for liabilities
(4,570)
(4,570)
Net assets
11,958
10,150
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
8
13,710
13,710
Distributable profit and loss reserves
(1,852)
(3,660)
Total equity
11,958
10,150
CONWAY LAND & PROPERTY LTD
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 16 December 2024
Mr C A Conway
Director
Company registration number 12783834 (England and Wales)
CONWAY LAND & PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Conway Land & Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rosetta Cliff View Gardens, Leysdown-On-Sea, Sheerness, Kent, England, ME12 4AF.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.
Turnover represents income from UK residential lettings; this income is exempt from VAT.
1.3
Investment property
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
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
CONWAY LAND & PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
90,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
71,720
71,720
Accumulated depreciation
-
-
Carrying amount
71,720
71,720
CONWAY LAND & PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,500
Other debtors
823
822
5,323
822
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
11,500
10,000
Other creditors
16,912
16,516
28,412
26,516
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
51,375
51,375
7
Loans and overdrafts
2024
2023
£
£
Bank loans
51,375
51,375
Payable after one year
51,375
51,375
Together Commercial Finance Limited hold a floating charge that covers all the property and undertaking of the company, dated 23 May 2023.
Together Commercial Finance Limited also hold a charge containing a negative pledge, over the property. This is also dated 23 May 2023.
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
13,710
13,710