Registration number:
Churchgate Developments (Mid-Cornwall Housing) Limited
31 August 2024
Churchgate Developments (Mid-Cornwall Housing) Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Churchgate Developments (Mid-Cornwall Housing) Limited
(Registration number: 10676499)
Statement of Financial Position as at 31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
1,064,000 |
1,064,000 |
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Current assets |
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Cash at bank and in hand |
62,454 |
87,077 |
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Creditors: Amounts falling due within one year |
(1,070,889) |
(1,067,618) |
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Net current liabilities |
(1,008,435) |
(980,541) |
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Net assets |
55,565 |
83,459 |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
55,465 |
83,359 |
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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:
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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
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Churchgate Developments (Mid-Cornwall Housing) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is the development of building projects.
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 September 2023 |
1,064,000 |
1,064,000 |
At 31 August 2024 |
1,064,000 |
1,064,000 |
Depreciation |
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Carrying amount |
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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)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
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- |
Amounts owed to group undertakings |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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 |
( |
( |
( |
2023 |
At 1 September 2022 |
Repayments by directors |
At 31 August 2023 |
Directors |
( |
( |
( |
Summary of transactions with parent