Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr H Bancroft 15/05/2015 16 January 2025 The principal activity of the company continued to be that of rental and management services of villas in Portugal. 09594190 2024-05-31 09594190 bus:Director1 2024-05-31 09594190 2023-05-31 09594190 core:CurrentFinancialInstruments 2024-05-31 09594190 core:CurrentFinancialInstruments 2023-05-31 09594190 core:Non-currentFinancialInstruments 2024-05-31 09594190 core:Non-currentFinancialInstruments 2023-05-31 09594190 core:ShareCapital 2024-05-31 09594190 core:ShareCapital 2023-05-31 09594190 core:RetainedEarningsAccumulatedLosses 2024-05-31 09594190 core:RetainedEarningsAccumulatedLosses 2023-05-31 09594190 core:OtherPropertyPlantEquipment 2023-05-31 09594190 core:OtherPropertyPlantEquipment 2024-05-31 09594190 2023-06-01 2024-05-31 09594190 bus:FilletedAccounts 2023-06-01 2024-05-31 09594190 bus:SmallEntities 2023-06-01 2024-05-31 09594190 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09594190 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09594190 bus:Director1 2023-06-01 2024-05-31 09594190 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 09594190 2022-06-01 2023-05-31 09594190 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 09594190 (England and Wales)

ALGARVE COAST VILLAS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

ALGARVE COAST VILLAS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

ALGARVE COAST VILLAS LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
ALGARVE COAST VILLAS LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
DIRECTOR Mr H Bancroft
REGISTERED OFFICE Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
United Kingdom
BUSINESS ADDRESS Estrada Nacional 125 Carmo Algarve Portugal 8400-405 LAGOA
COMPANY NUMBER 09594190 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
ALGARVE COAST VILLAS LTD

BALANCE SHEET

AS AT 31 MAY 2024
ALGARVE COAST VILLAS LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,050 4,066
3,050 4,066
Current assets
Debtors 4 100,556 99,509
Cash at bank and in hand 21,567 14,368
122,123 113,877
Creditors: amounts falling due within one year 5 ( 79,729) ( 77,805)
Net current assets 42,394 36,072
Total assets less current liabilities 45,444 40,138
Creditors: amounts falling due after more than one year 6 ( 5,022) ( 8,680)
Provision for liabilities ( 763) ( 1,016)
Net assets 39,659 30,442
Capital and reserves
Called-up share capital 30,000 30,000
Profit and loss account 9,659 442
Total shareholder's funds 39,659 30,442

For the financial year ending 31 May 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 financial statements of Algarve Coast Villas Ltd (registered number: 09594190) were approved and authorised for issue by the Director on 16 January 2025. They were signed on its behalf by:

Mr H Bancroft
Director
ALGARVE COAST VILLAS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
ALGARVE COAST VILLAS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Algarve Coast Villas Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Greenbank Technology Park, Challenge Way, Blackburn, BB1 5QB, United Kingdom. The principal place of business is Estrada Nacional 125 Carmo Algarve Portugal 8400-405 LAGOA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 7,185 7,185
At 31 May 2024 7,185 7,185
Accumulated depreciation
At 01 June 2023 3,119 3,119
Charge for the financial year 1,016 1,016
At 31 May 2024 4,135 4,135
Net book value
At 31 May 2024 3,050 3,050
At 31 May 2023 4,066 4,066

4. Debtors

2024 2023
£ £
Other debtors 100,556 99,509

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 3,658 3,568
Trade creditors 189 13
Taxation and social security 20,746 23,651
Other creditors 55,136 50,573
79,729 77,805

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,022 8,680

There are no amounts included above in respect of which any security has been given by the small entity.