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Registration number: 01462431

Cave & Kilmartin Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Cave & Kilmartin Group Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Cave & Kilmartin Group Limited

(Registration number: 01462431)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

269

402

Investment property

5

1,615,000

1,615,000

 

1,615,269

1,615,402

Current assets

 

Debtors

6

11,762

21,783

Cash at bank and in hand

 

42,789

63,335

 

54,551

85,118

Creditors: Amounts falling due within one year

7

(63,694)

(134,051)

Net current liabilities

 

(9,143)

(48,933)

Total assets less current liabilities

 

1,606,126

1,566,469

Provisions for liabilities

(117,828)

(117,870)

Net assets

 

1,488,298

1,448,599

Capital and reserves

 

Called up share capital

10,000

10,000

Other reserves

996,260

996,260

Profit and loss account

482,038

442,339

Shareholders' funds

 

1,488,298

1,448,599

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

 

Cave & Kilmartin Group Limited

(Registration number: 01462431)
Statement of Financial Position as at 30 April 2024 (continued)

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 


Mrs S J Cave-Merrin
Company secretary and director

 

Cave & Kilmartin Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD

Principal activity

The principal activity of the company is the letting and operating of own or leased real estate.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Cave & Kilmartin Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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

Fixtures & fittings

20% straight line

Computer equipment

25% straight line

 

Cave & Kilmartin Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 1).

 

Cave & Kilmartin Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

4,954

536

5,490

At 30 April 2024

4,954

536

5,490

Depreciation

At 1 May 2023

4,954

134

5,088

Charge for the year

-

133

133

At 30 April 2024

4,954

267

5,221

Carrying amount

At 30 April 2024

-

269

269

At 30 April 2023

-

402

402

5

Investment properties

2024
£

At 1 May

1,615,000

At 30 April

1,615,000


 

The company's investment property portfolio was valued on an open market basis on 30 April 2023 by David Cave MRICS.

6

Debtors

2024
£

2023
£

Trade debtors

8,478

1,242

Other debtors

-

340

Prepayments

3,284

20,201

11,762

21,783

 

Cave & Kilmartin Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,705

3,516

Taxation and social security

150

100

Accruals and deferred income

45,011

117,274

Other creditors

14,828

13,161

63,694

134,051

8

Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

Non-distributable reserve:
This reserve records fair value movement on investment properties.

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Director

4,750

(411)

4,339

       
     

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Director

5,130

(31,882)

31,502

4,750