Company registration number 02776216 (England and Wales)
COTTESLOE PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COTTESLOE PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COTTESLOE PROPERTIES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
901,402
660,862
Cash at bank and in hand
1,941
127,801
903,343
788,663
Creditors: amounts falling due within one year
5
(581,291)
(419,936)
Net current assets
322,052
368,727
Creditors: amounts falling due after more than one year
6
(13,710)
(16,281)
Net assets
308,342
352,446
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
308,242
352,346
Total equity
308,342
352,446
The notes on pages 2 to 4 form part of these financial statements.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 18 March 2025
Mr W.V.P. Bullingham
Director
Company registration number 02776216 (England and Wales)
COTTESLOE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Cottesloe Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Tebbit Mews, Winchcombe Street, Cheltenham, Gloucestershire, GL52 2NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
COTTESLOE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2023 and 31 March 2024
90,091
Depreciation and impairment
At 1 April 2023 and 31 March 2024
90,091
Carrying amount
At 31 March 2024
At 31 March 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
901,402
660,862
COTTESLOE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,571
2,571
Trade creditors
68,345
64,129
Amounts owed to group undertakings
217,665
217,665
Taxation and social security
350
288
Other creditors
269,810
116,883
Accruals and deferred income
22,550
18,400
581,291
419,936
The bank loans includes £2,571 (2023 - £2,571) in respect of a CBILS loan provided as a result of the COVID-19 outbreak.
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13,710
16,281
The bank loans and overdrafts includes £13,710 (2023 - £16,281) in respect of a CBILS loan provided as a result of the COVID-19 outbreak.
Included within creditors: amounts falling due after more than one year is an amount of £3,428 (2023 - £5,998) in respect of liabilities payable or repayable by instalments which fall due for payment after more than 5 years from the reporting date.
The CBILS loan has been subject to one or more "Pay As You Grow" options since its inception and is currently for a term of 7.5 years with payments commencing 31 months after the date of the loan being advanced, at an interest rate of 2.5% per annum and is due for repayment in July 2030.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr W.V.P. Bullingham - Loan
-
45,910
(56,243)
(10,333)
45,910
(56,243)
(10,333)