Custard Innovations Limited 07391092 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is residential property letting. Digita Accounts Production Advanced 6.30.9574.0 true true 07391092 2023-07-01 2024-06-30 07391092 2024-06-30 07391092 core:OtherReservesSubtotal 2024-06-30 07391092 core:RetainedEarningsAccumulatedLosses 2024-06-30 07391092 core:ShareCapital 2024-06-30 07391092 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 07391092 bus:SmallEntities 2023-07-01 2024-06-30 07391092 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07391092 bus:FullAccounts 2023-07-01 2024-06-30 07391092 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07391092 bus:RegisteredOffice 2023-07-01 2024-06-30 07391092 bus:Director1 2023-07-01 2024-06-30 07391092 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07391092 countries:England 2023-07-01 2024-06-30 07391092 2023-06-30 07391092 2022-07-01 2023-06-30 07391092 2023-06-30 07391092 core:OtherReservesSubtotal 2023-06-30 07391092 core:RetainedEarningsAccumulatedLosses 2023-06-30 07391092 core:ShareCapital 2023-06-30 07391092 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 07391092

Custard Innovations Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Custard Innovations Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Custard Innovations Limited

(Registration number: 07391092)
Abridged Balance Sheet as at 30 June 2024

2024
£

2023
£

Fixed assets

 

Investment property

1,755,493

1,813,494

Current assets

 

Debtors

23,841

83,029

Cash at bank and in hand

 

26,511

698

 

50,352

83,727

Creditors: Amounts falling due within one year

(1,447,382)

(1,477,754)

Net current liabilities

 

(1,397,030)

(1,394,027)

Total assets less current liabilities

 

358,463

419,467

Provisions for liabilities

15,257

(10,313)

Net assets

 

373,720

409,154

Capital and reserves

 

Called up share capital

100

100

Other reserves

293,668

344,976

Profit and loss account

79,952

64,078

Total equity

 

373,720

409,154

 

Custard Innovations Limited

(Registration number: 07391092)
Abridged Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 13 March 2025
 

Mr G Oliver

Director

 

Custard Innovations Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
222 Nottingham Road
Hucknall
Nottingham
Nottinghamshire
NG15 7QD

These financial statements were authorised for issue by the director on 13 March 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities at 30 June 2024, an amount is owed to the director, who has agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

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 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

 

Custard Innovations Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 July 2023

1,813,493

Additions

5,344

Fair value adjustments

(63,344)

At 30 June 2024

1,755,493

The fair value has been reached by using the current estimated market price of the property that has been calculated on a property valuation website and then adjusting that figure by the average property price change in that area since the reporting date.