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Registration number: 03566854

Cottage Developments (SW) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

Cottage Developments (SW) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Cottage Developments (SW) 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 (SW) Limited

(Registration number: 03566854)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48,035

12,847

Investment property

5

1,220,000

1,220,000

 

1,268,035

1,232,847

Current assets

 

Stocks

6

1,394,267

1,324,675

Debtors

7

544,101

702,675

Cash at bank and in hand

 

59,945

35,036

 

1,998,313

2,062,386

Creditors: Amounts falling due within one year

8

(52,257)

(66,017)

Net current assets

 

1,946,056

1,996,369

Total assets less current liabilities

 

3,214,091

3,229,216

Creditors: Amounts falling due after more than one year

8

(1,300,000)

(1,300,000)

Provisions for liabilities

(73,934)

(67,248)

Net assets

 

1,840,157

1,861,968

Capital and reserves

 

Called up share capital

9

176

176

Retained earnings

1,839,981

1,861,792

Shareholders' funds

 

1,840,157

1,861,968

For the financial year ending 5 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:

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.

 

Cottage Developments (SW) Limited

(Registration number: 03566854)
Balance Sheet as at 5 April 2024

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 16 January 2025
 

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

 

Cottage Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

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

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 16 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.

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Cottage Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not provided

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Boat

20% reducing balance

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from tenants for services provided in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

Cottage Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

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 (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

4

Tangible assets

Boat and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 6 April 2023

679

30,995

27,655

59,329

Additions

48,000

-

-

48,000

At 5 April 2024

48,679

30,995

27,655

107,329

Depreciation

At 6 April 2023

679

21,189

24,614

46,482

Charge for the year

9,600

2,452

760

12,812

At 5 April 2024

10,279

23,641

25,374

59,294

Carrying amount

At 5 April 2024

38,400

7,354

2,281

48,035

At 5 April 2023

-

9,806

3,041

12,847

5

Investment properties

2024
£

At 6 April

1,220,000

At 5 April

1,220,000

The valuation was provided by Miller Commercial Valuers Ltd (RICS) in 2020. The valuation was based upon market value.

 

Cottage Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

6

Stocks

2024
£

2023
£

Work in progress

430,612

361,020

Other inventories

963,655

963,655

1,394,267

1,324,675

7

Debtors

Current

2024
£

2023
£

Trade debtors

101

2,547

Prepayments

361

682

Other debtors

543,639

699,446

 

544,101

702,675

 

Cottage Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,216

9,949

Taxation and social security

4,140

25,939

Accruals and deferred income

25,571

19,179

Other creditors

11,330

10,950

52,257

66,017

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,300,000

1,300,000

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

176

176

176

176

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,300,000

1,300,000

 

Cottage Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

11

Related party transactions

Transactions with the director

2024

At 6 April 2023
£

Advances to director
£

Repayments by director
£

At 5 April 2024
£

Mr Phillip Patrick O'Neill

Interest-free loan, from the Director, repayable on demand

245,496

161,159

(352,533)

54,122

         

2023

At 6 April 2022
£

Advances to director
£

Repayments by director
£

At 5 April 2023
£

Mr Phillip Patrick O'Neill

Interest-free loan, from the Director, repayable on demand

110,068

272,691

(137,263)

245,496

         
       

 

Summary of transactions with other related parties

Cottage Developments (South West) Limited
 ( A company under common control and ownership)
At the balance sheet date the amount due from Cottage Developments (South West) Limited was £166,977 (2023 - £166,800).

 Sullivan's (SW) Limited
(A company under common control and ownership.)
At the balance sheet date the amount due from Sullivan's (SW) Limited was £321,955 (2023 - £243,142).