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COMPANY REGISTRATION NUMBER: 10218198
Coughlan Properties Limited
Filleted Unaudited Financial Statements
30 June 2024
Coughlan Properties Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4 to 7
Coughlan Properties Limited
Officers and Professional Advisers
The board of directors
Mrs J L Boxwell
Mr K J Boxwell
Registered office
10 Bishops Road
Sutton Coldfield
Birmingham
United Kingdom
B73 6HX
Accountants
BSN Associates Limited
Chartered accountants
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Coughlan Properties Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Coughlan Properties Limited
Year ended 30 June 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 Coughlan Properties Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Coughlan Properties Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Coughlan Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coughlan Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Coughlan Properties 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 loss of Coughlan Properties Limited. You consider that Coughlan Properties 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 Coughlan Properties 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.
BSN Associates Limited Chartered accountants
3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG
10 March 2025
Coughlan Properties Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
278,408
278,408
Current assets
Debtors
6
2,067
2,067
Creditors: amounts falling due within one year
7
176,437
176,187
---------
---------
Net current liabilities
174,370
174,120
---------
---------
Total assets less current liabilities
104,038
104,288
---------
---------
Net assets
104,038
104,288
---------
---------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
9
104,036
104,286
---------
---------
Shareholders funds
104,038
104,288
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
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 were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr K J Boxwell
Director
Company registration number: 10218198
Coughlan Properties Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Bishops Road, Sutton Coldfield, Birmingham, B73 6HX, United Kingdom. The principle activity of the company is the development of building projects.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
Investment properties
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
1,800
278,408
280,208
-------
---------
---------
Depreciation
At 1 July 2023 and 30 June 2024
1,800
1,800
-------
---------
---------
Carrying amount
At 30 June 2024
278,408
278,408
-------
---------
---------
At 30 June 2023
278,408
278,408
-------
---------
---------
6. Debtors
2024
2023
£
£
Other debtors
2,067
2,067
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
250
250
Director loan accounts
29,896
29,646
Other creditors
146,291
146,291
---------
---------
176,437
176,187
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary Class A shares of £ 1 each
1
1
1
1
Ordinary Class B shares of £ 1 each
1
1
1
1
----
----
----
----
2
2
2
2
----
----
----
----
Both classes of shares rank equally in all respects except in relation to dividends where dividends can be voted to each class as the directors determine.
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K J Boxwell
( 29,646)
( 250)
( 29,896)
--------
----
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K J Boxwell
( 29,396)
( 250)
( 29,646)
--------
----
--------
11. Controlling party
The company is controlled by the two directors Mr K J Boxwell and Mrs J L Boxwell who each own 50% of the company.