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Company No: 02014724 (England and Wales)

BUDE TIME ENTERPRISES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

BUDE TIME ENTERPRISES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

BUDE TIME ENTERPRISES LIMITED

BALANCE SHEET

As at 30 April 2024
BUDE TIME ENTERPRISES LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 6,231 8,389
Investment property 4 4,730,000 4,880,000
4,736,231 4,888,389
Current assets
Debtors 5 5,010 5,619
Cash at bank and in hand 15,310 100
20,320 5,719
Creditors: amounts falling due within one year 6 ( 476,944) ( 489,816)
Net current liabilities (456,624) (484,097)
Total assets less current liabilities 4,279,607 4,404,292
Creditors: amounts falling due after more than one year 7 0 ( 50,000)
Provision for liabilities ( 289,853) ( 326,640)
Net assets 3,989,754 4,027,652
Capital and reserves
Called-up share capital 8 20,000 20,000
Revaluation reserve 14,269 14,269
Other reserves 1,710,633 1,824,386
Profit and loss account 2,244,852 2,168,997
Total shareholders' funds 3,989,754 4,027,652

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Bude Time Enterprises Limited (registered number: 02014724) were approved and authorised for issue by the Director on 23 January 2025. They were signed on its behalf by:

Mr S R Cox
Director
BUDE TIME ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
BUDE TIME ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Bude Time Enterprises Limited (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 5 Langfield Gardens, Bude, EX23 8GU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

Turnover represents rent receivable from the letting of investment property and is recognised in accordance with the terms of the underlying leases.

Other operating income comprises fair value movement on investment properties.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

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.

Plant and machinery etc. 15 % 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

The company hold the following financial instruments:

1. Short term trade and other debtors and creditors;
2. Loans; and
3. Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks an rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjusments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Defined contribution and pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 53,506 53,506
At 30 April 2024 53,506 53,506
Accumulated depreciation
At 01 May 2023 45,117 45,117
Charge for the financial year 2,158 2,158
At 30 April 2024 47,275 47,275
Net book value
At 30 April 2024 6,231 6,231
At 30 April 2023 8,389 8,389

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 4,880,000
Fair value movement (150,000)
As at 30 April 2024 4,730,000

Investment property is included at director's estimate of fair value at the year end.

5. Debtors

2024 2023
£ £
Other debtors 5,010 5,619

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 0 21,314
Trade creditors 10,961 111,159
Taxation and social security 24,830 25,646
Other creditors 441,153 331,697
476,944 489,816

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

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

2024 2023
£ £
Other creditors 0 50,000

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

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each 20,000 20,000

Other reserves represent accumulated fair value movement on investment property, net of associated deferred tax, and are unrealised and non-distributable.

9. Related party transactions

Other related party transactions

2024 2023
£ £
Other transactions with directors 281,422 186,007

At the balance sheet date the company owed the director and his spouse £281,422 (2023 - £186,007) on a director loan account. This loan is repayable on demand. Interest of £10,000 has been charged on this loan (2023 - £6,500).