Registered number
00542051
CULVER PROPERTY LIMITED
Filleted Accounts
16 December 2024
CULVER PROPERTY LIMITED
Registered number: 00542051
Balance Sheet
as at 16 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 116,236 233,047
Current assets
Debtors 4 500 500
Cash at bank and in hand 134,057 7,810
134,557 8,310
Creditors: amounts falling due within one year 5 (20,550) (14,378)
Net current assets/(liabilities) 114,007 (6,068)
Net assets 230,243 226,979
Capital and reserves
Called up share capital 2,000 2,000
Revaluation reserve 6 290,399 290,399
Profit and loss account 6 (62,156) (65,420)
Shareholders' funds 230,243 226,979
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Z J Siegal
Director
Approved by the board on 28 January 2025
CULVER PROPERTY LIMITED
Notes to the Accounts
for the year ended 16 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 15% reducing balance basis
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 17 December 2023 285,000 14,038 299,038
Disposals (140,000) - (140,000)
At 16 December 2024 145,000 14,038 159,038
Depreciation
At 17 December 2023 52,300 13,691 65,991
Charge for the year 2,900 61 2,961
On disposals (26,150) - (26,150)
At 16 December 2024 29,050 13,752 42,802
Net book value
At 16 December 2024 115,950 286 116,236
At 16 December 2023 232,700 347 233,047
Freehold land and buildings: 2024 2023
£ £
Historical cost 29,099 29,099
Cumulative depreciation based on historical cost 8,148 6,402
20,951 22,697
4 Debtors 2024 2023
£ £
Trade debtors 500 500
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 14,378
Taxation and social security costs 20,550 -
20,550 14,378
6 Revaluation reserve 2024 2023
£ £
At 17 December 2023 290,399 290,399
At 16 December 2024 290,399 290,399
7 Other information
CULVER PROPERTY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
16 Quay Street
Newport
Isle of Wight
PO30 5BG
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