Registered number
08038247
MONTECRISTO BAY LTD
Accounts for the year ended
30 June 2024
MONTECRISTO BAY LTD
Registered number: 08038247
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 743,000 743,000
743,000 743,000
Current assets
Debtors 4 1,205 723
Cash at bank and in hand 16,402 11,732
17,607 12,455
Creditors: amounts falling due within one year 5 (10,454) (11,713)
Net current assets 7,153 742
Total assets less current liabilities 750,153 743,742
Creditors: amounts falling due after more than one year 6 (307,621) (313,086)
Provisions for liabilities (74,098) (74,098)
Net assets 368,434 356,558
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 251,272 251,272
Profit and loss account 117,160 105,284
Shareholders' funds 368,434 356,558
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Bowra
Director
Approved by the board on 20 March 2025
MONTECRISTO BAY LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Investments
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit & loss account. Depreciation is not provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Investments
Investment
property
£
Valuation
At 1 July 2023 743,000
Revaluation -
At 30 June 2024 743,000
Historical cost
At 1 July 2023 417,630
At 30 June 2024 417,630
Freehold and long leasehold investment property was revalued by the directors as at 30 June 2024. Tax of approximately £ 74,098 would be payable if the properties were disposed of at these values.
4 Debtors 2024 2023
£ £
Other debtors 1,205 723
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,341 3,585
Trade creditors 2,775 2,781
Taxation and social security costs 2,786 2,795
Other creditors 2,552 2,552
10,454 11,713
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 286,621 291,086
Other creditors 21,000 22,000
307,621 313,086
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 243,120 243,086
instalments falling due for payment after more than five years 31,500 34,000
274,620 277,086
Secured bank loans 288,960 290,795
Loans are secured by charges over the company properties.
8 Profit and Loss account non distributable 2024 2023
£ £
At 1 July 2023 251,272 263,385
Gain on revaluation of investment property - 7,000
Deferred taxation arising on the revaluation of investment property - (19,113)
At 30 June 2024 251,272 251,272
9 Controlling party
The ultimate controlling parties by virtue of their shareholdings are G Bowra & F Antoine
10 Other information
MONTECRISTO BAY LTD is a private company limited by shares and incorporated in England. Its registered office is:
Cliff House
Rose Hill
Ramsgate
Kent
CT11 9HX
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