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Registration number: 10676499

Churchgate Developments (Mid-Cornwall Housing) Limited

Unaudited Filleted Financial Statements

31 August 2024

 

Churchgate Developments (Mid-Cornwall Housing) Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Churchgate Developments (Mid-Cornwall Housing) Limited

(Registration number: 10676499)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,064,000

1,064,000

Current assets

 

Cash at bank and in hand

 

62,454

87,077

Creditors: Amounts falling due within one year

5

(1,070,889)

(1,067,618)

Net current liabilities

 

(1,008,435)

(980,541)

Net assets

 

55,565

83,459

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

55,465

83,359

Shareholders' funds

 

55,565

83,459

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 13 February 2025 and signed on its behalf by:
 


Mr J W Crowther
Director


Mrs D G Crowther
Director

 

Churchgate Developments (Mid-Cornwall Housing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is the development of building projects.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Churchgate Developments (Mid-Cornwall Housing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Investment property

Investment property is measured initially 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Churchgate Developments (Mid-Cornwall Housing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 September 2023

1,064,000

1,064,000

At 31 August 2024

1,064,000

1,064,000

Depreciation

Carrying amount

At 31 August 2024

1,064,000

1,064,000

At 31 August 2023

1,064,000

1,064,000

Investment property
Included within the above is investment property measured at fair value as follows:

At 1 September 2023 and 31 August 2024 - £1,064,000

The investment properties were acquired at market value on 1 April 2021 and the directors believe there has been no material changes in the market value of these properties as at 31 August 2024.

 

Churchgate Developments (Mid-Cornwall Housing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

4,859

-

Amounts owed to group undertakings

1,062,172

1,060,336

Taxation and social security

-

4,157

Accruals and deferred income

2,270

1,806

Other creditors

1,588

1,319

1,070,889

1,067,618

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:
 

2024

At 1 September 2023
£

Repayments by directors
£

At 31 August 2024
£

Directors

(1,319)

(270)

(1,589)

       
     

 

2023

At 1 September 2022
£

Repayments by directors
£

At 31 August 2023
£

Directors

(1,037)

(282)

(1,319)

       
     

 

Summary of transactions with parent

Churchgate Developments (Mid-Cornwall Housing) Limited is a wholly owned subsidiary of Churchgate Developments Limited