1 November 2023 v2025.15.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP049227722023-11-012024-10-31049227722024-10-31049227722023-10-3104922772core:WithinOneYear2024-10-3104922772core:WithinOneYear2023-10-3104922772core:AfterOneYear2024-10-3104922772core:AfterOneYear2023-10-3104922772core:ShareCapital2024-10-3104922772core:ShareCapital2023-10-3104922772core:RevaluationReserve2024-10-3104922772core:RevaluationReserve2023-10-3104922772core:RetainedEarningsAccumulatedLosses2024-10-3104922772core:RetainedEarningsAccumulatedLosses2023-10-3104922772bus:Director12023-11-012024-10-3104922772bus:RegisteredOffice2023-11-012024-10-31049227722022-11-012023-10-3104922772core:CostValuation2023-11-0104922772core:CostValuation2024-10-310492277212023-11-012024-10-3104922772countries:EnglandWales2023-11-012024-10-3104922772bus:AuditExemptWithAccountantsReport2023-11-012024-10-3104922772bus:PrivateLimitedCompanyLtd2023-11-012024-10-3104922772bus:SmallEntities2023-11-012024-10-3104922772bus:FullAccounts2023-11-012024-10-31
Company registration number:
04922772
Countybay Limited
Unaudited Filleted Financial Statements for the year ended
31 October 2024
Countybay Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Countybay Limited
Year ended
31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Countybay Limited
for the year ended
31 October 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Countybay Limited
, as a body, in accordance with the terms of our engagement letter dated 18 February 2025. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Countybay Limited
and state those matters that we have agreed to state to the Board of Directors of
Countybay Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Countybay Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Countybay Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Countybay Limited
. You consider that
Countybay Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Countybay Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Gluck & Co Limited
Chartered Certified Accountants
Suite 131
80 Churchill Square
West Malling
Kent
ME19 4YU
United Kingdom
Date:
13 March 2025
Countybay Limited
Statement of Financial Position
31 October 2024
20242023
Note££
Fixed assets    
Investments 5
185,000
 
185,000
 
Current assets    
Debtors 6
6,956
 
3,750
 
Cash at bank and in hand
111,905
 
171,749
 
118,861
 
175,499
 
Creditors: amounts falling due within one year 7
(41,970
)
(57,506
)
Net current assets
76,891
 
117,993
 
Total assets less current liabilities 261,891   302,993  
Creditors: amounts falling due after more than one year 8
(113,277
)
(119,788
)
Net assets
148,614
 
183,205
 
Capital and reserves    
Called up share capital
100
 
100
 
Revaluation reserve
56,650
 
56,650
 
Profit and loss account
91,864
 
126,455
 
Shareholders funds
148,614
 
183,205
 
For the year ending
31 October 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
13 March 2025
, and are signed on behalf of the board by:
Mr Ian Martin
Director
Company registration number:
04922772
Countybay Limited
Notes to the Financial Statements
Year ended
31 October 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
101 High Street
,
Rochester
,
Kent
,
ME3 7QB
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2
).

5 Investments

Other investments other than loans
£
Cost  
At
1 November 2023
185,000
 
At
31 October 2024
185,000
 
Impairment  
At
1 November 2023
and
31 October 2024
-  
Carrying amount  
At
31 October 2024
185,000
 
At 31 October 2023
185,000
 

6 Debtors

20242023
££
Trade debtors
6,956
 
3,750
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
6,569
 
5,735
 
Taxation and social security
1,053
 
5,877
 
Other creditors
34,348
 
45,894
 
41,970
 
57,506
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
113,277
 
119,788
 
The company has a commercial loan secured by a fixed legal charge on the freehold property, with an outstanding balance of £118,460 at the year end (2023: £123,337).

9 Share capital

During the period, the company had ordinary share capital (£1 per share) of £100 Allotted, called up and fully paid (2023: £100).