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COMPANY REGISTRATION NUMBER: 10518152
Coralstone Investments Limited
Filleted Unaudited Financial Statements
30 April 2024
Coralstone Investments Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,515,256
1,445,080
Current assets
Debtors
6
800
800
Cash at bank and in hand
235,401
380,455
---------
---------
236,201
381,255
Creditors: amounts falling due within one year
7
573,069
572,302
---------
---------
Net current liabilities
336,868
191,047
------------
------------
Total assets less current liabilities
1,178,388
1,254,033
Creditors: amounts falling due after more than one year
8
780,898
966,956
Provisions
Taxation including deferred tax
76,444
63,144
------------
------------
Net assets
321,046
223,933
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
325,894
269,194
Profit and loss account
( 4,948)
( 45,361)
---------
---------
Shareholders funds
321,046
223,933
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Coralstone Investments Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
N Atkinson Esq
Director
Company registration number: 10518152
Coralstone Investments Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by the director in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tax on profit/(loss)
Major components of tax expense/(income)
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
13,300
( 16,456)
--------
--------
Tax on profit/(loss)
13,300
( 16,456)
--------
--------
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 May 2023
1,445,000
304
1,445,304
Additions
240
240
Revaluations
70,000
70,000
------------
----
------------
At 30 April 2024
1,515,000
544
1,515,544
------------
----
------------
Depreciation
At 1 May 2023
224
224
Charge for the year
64
64
------------
----
------------
At 30 April 2024
288
288
------------
----
------------
Carrying amount
At 30 April 2024
1,515,000
256
1,515,256
------------
----
------------
At 30 April 2023
1,445,000
80
1,445,080
------------
----
------------
The company holds investment properties with a cost price of £1,112,662 (2022: £1,316,049). The properties are reflected in the accounts at their fair value at the balance sheet date. The valuation is carried out annually by N Atkinson Esq , the director with reference to the open market.
6. Debtors
2024
2023
£
£
Other debtors
800
800
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,204
2,206
Corporation tax
3,000
Other creditors
567,865
570,096
---------
---------
573,069
572,302
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
780,898
966,956
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
N Atkinson Esq
( 252,904)
( 8,352)
( 261,256)
Mrs M Atkinson
( 252,905)
( 8,352)
( 261,257)
---------
--------
---------
( 505,809)
( 16,704)
( 522,513)
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
N Atkinson Esq
( 1,412)
( 251,492)
( 252,904)
Mrs M Atkinson
( 1,412)
( 251,493)
( 252,905)
-------
---------
---------
( 2,824)
( 502,985)
( 505,809)
-------
---------
---------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Atkinson Pearson Electrical Ltd
348,478
( 42,514)
( 42,514)
Mr and Mrs B Atkinson
146,100
( 19,200)
( 19,200)
----
---------
--------
--------
Atkinson Pearson Electrical Ltd is a company under the control of N Atkinson Esq Mr and Mrs B Atkinson are the parents of the director.