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East Peak Cottages Ltd
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of East Peak Cottages Ltd For The Year Ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of East Peak Cottages Ltd For The Year Ended 31 July 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of East Peak Cottages Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of East Peak Cottages Ltd and state those matters that we have agreed to state to the directors of East Peak Cottages Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than East Peak Cottages Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that East Peak Cottages Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of East Peak Cottages Ltd . You consider that East Peak Cottages Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of East Peak Cottages Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
6 December 2024
Cooper Adams Ltd
Chartered Accountants
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA
Page 1
Page 2
Statement of Financial Position
Registered number: 13510479
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 191,508 172,686
191,508 172,686
CURRENT ASSETS
Cash at bank and in hand 1,569 638
1,569 638
Creditors: Amounts Falling Due Within One Year (224,208 ) (224,247 )
NET CURRENT ASSETS (LIABILITIES) (222,639 ) (223,609 )
TOTAL ASSETS LESS CURRENT LIABILITIES (31,131 ) (50,923 )
PROVISIONS FOR LIABILITIES
Deferred taxation (7,232 ) -
NET LIABILITIES (38,363 ) (50,923 )
CAPITAL AND RESERVES
Called up share capital 5 100 100
Income Statement (38,463 ) (51,023 )
SHAREHOLDERS' FUNDS (38,363) (50,923)
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For the year ending 31 July 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 Income Statement.
On behalf of the board
Mr David Tate
Director
6 December 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
East Peak Cottages Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13510479 . The registered office is 12 Payton Street, Stratford upon Avon, Warwickshire, CV37 6UA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The company is showing net liabilities as at 31 July 2024. The directors have confirmed that they will continue to support the company financially, to allow it to continue its operations. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.
2.3. 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:
Plant & machinery 25% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 33% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. 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 income statement because of items of income or expense that are taxable or deductible in other years 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.
...CONTINUED
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2.5. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible assets
Investment properties Plant & machinery Motor vehicles Computer equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 August 2023 161,071 2,555 16,950 1,447 182,023
Disposals - - (16,950 ) - (16,950 )
Revaluation 28,929 - - - 28,929
As at 31 July 2024 190,000 2,555 - 1,447 194,002
Depreciation
As at 1 August 2023 - 1,118 7,416 803 9,337
Provided during the period - 359 - 214 573
Disposals - - (7,416 ) - (7,416 )
As at 31 July 2024 - 1,477 - 1,017 2,494
Net Book Value
As at 31 July 2024 190,000 1,078 - 430 191,508
As at 1 August 2023 161,071 1,437 9,534 644 172,686
The fair value of investment properties has been determined by the directors at year end.
Cost or valuation as at 31 July 2024 represented by:
Investment properties Plant & machinery Motor vehicles Computer equipment Total
£ £ £ £ £
At cost 161,071 2,555 - 1,447 165,073
At valuation 28,929 - - - 28,929
190,000 2,555 - 1,447 194,002
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5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6