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Registration number: 04768273

Cottage Developments (South West) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Cottage Developments (South West) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Cottage Developments (South West) Limited

Company Information

Director

Mr Phillip Patrick O'Neill

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Cottage Developments (South West) Limited

(Registration number: 04768273)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

400,000

400,000

Current assets

 

Debtors

5

95

1,641

Creditors: Amounts falling due within one year

6

(175,677)

(176,818)

Net current liabilities

 

(175,582)

(175,177)

Net assets

 

224,418

224,823

Capital and reserves

 

Called up share capital

7

80

80

Retained earnings

224,338

224,743

Shareholders' funds

 

224,418

224,823

For the financial year ending 31 March 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 January 2025
 

.........................................
Mr Phillip Patrick O'Neill
Director

 

Cottage Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

These financial statements were authorised for issue by the director on 13 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Although the company did not trade during the year, on the basis that the director and other related-party companies will continue to provide financial support, these financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Cottage Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cottage Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Asset class

Depreciation method and rate

Land and buildings

None provided

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Cottage Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

At 1 April

400,000

At 31 March

400,000

The valuation was provided by external valuers, Miller Commercial Valuers Ltd (RICS) in 2019. The value was based on the market value of the property as an investment.

5

Debtors

Current

2024
£

2023
£

Other debtors

95

1,641

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

445

Accruals and deferred income

500

1,373

Other creditors

175,177

175,000

175,677

176,818

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

80

80

80

80

         
 

Cottage Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr Phillip Patrick O'Neill

Interest-free Loan from Director, repayable on demand

(1,641)

1,641

-

       

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Phillip Patrick O'Neill

Interest-free Loan from Director, repayable on demand

(120,605)

(2,036)

121,000

(1,641)

         
       

 

Summary of transactions with other related parties

Cottage Developments (SW) Limited and Sullivan's (SW) Limited
 (Both companies under common ownership and control)
 At the balance sheet date the amount due to Cottage Developments (SW) Limited was £166,977 (2023 - £166,800).
At the balance sheet date the amount due to Sullivan's (SW) Limited was £7,000 (2023 - £7,000).