REGISTERED NUMBER: |
Lower Penpethy Farm Cottages Limited |
Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
Lower Penpethy Farm Cottages Limited |
Financial Statements |
for the Year Ended 30 April 2024 |
Lower Penpethy Farm Cottages Limited (Registered number: 10724719) |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Lower Penpethy Farm Cottages Limited |
Company Information |
for the year ended 30 April 2024 |
Directors: |
Registered office: |
Registered number: |
Lower Penpethy Farm Cottages Limited (Registered number: 10724719) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
6 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lower Penpethy Farm Cottages Limited (Registered number: 10724719) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | Statutory information |
Lower Penpethy Farm Cottages Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. |
The financial statements are presented in Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
2. | Accounting policies |
Basis of preparing the financial statements |
Set out below is a summary of principal accounting policies, all of which have been consistently applied throughout the year and the preceding year (except as otherwise stated). |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is initially shown at acquisition cost and subsequently revalued at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the directors considered that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
The directors have reviewed and considered relevant information, including the annual budget and future cashflows in making their assessment. The directors have tested their cash flows to take into account the impact on their business of possible scenarios brought on by the impact of pandemic, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions,and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
3. | Employees and directors |
The average number of employees during the year was |
Lower Penpethy Farm Cottages Limited (Registered number: 10724719) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 May 2023 |
and 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
The investment property fair value has been assessed by the directors at open market value. |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
Directors' current accounts | 169,383 | 169,383 |
Accruals and deferred income |
6. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
Bank loans outstanding at the year end include instalments due after more than five years of £155,216 (2023: £160,000) |
The bank loan is secured against property owned by the company. |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | Related party disclosures |
At the balance sheet date the company owed the directors, S White £84,692 (2023: £84,692) and P White £84,691 (2023: £84,691). This loan is interest free. |