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Company No: 02984102 (England and Wales)

TOAD HALL COTTAGES LTD.

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

TOAD HALL COTTAGES LTD.

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

TOAD HALL COTTAGES LTD.

COMPANY INFORMATION

For the financial year ended 31 December 2024
TOAD HALL COTTAGES LTD.

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS Michelle Yvonne Allen-Ford
David Nicholas Frank Hanmer
Sarah Stapleton Hanmer
James Anthony Hayden Norton
SECRETARY Sarah Stapleton Hanmer
REGISTERED OFFICE Elliott House
Church Street
Kingsbridge
TQ7 1BY
United Kingdom
COMPANY NUMBER 02984102 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
TOAD HALL COTTAGES LTD.

BALANCE SHEET

As at 31 December 2024
TOAD HALL COTTAGES LTD.

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 210,000 245,000
Tangible assets 4 23,009 47,562
Investments 5 284,826 284,826
517,835 577,388
Current assets
Debtors 6 3,542,638 2,597,948
Cash at bank and in hand 7 98,963 118,380
3,641,601 2,716,328
Creditors: amounts falling due within one year 8 ( 3,763,755) ( 2,865,001)
Net current liabilities (122,154) (148,673)
Total assets less current liabilities 395,681 428,715
Creditors: amounts falling due after more than one year 9 ( 285,527) ( 306,755)
Provision for liabilities ( 68,600) ( 68,600)
Net assets 41,554 53,360
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 40,554 52,360
Total shareholders' funds 41,554 53,360

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Toad Hall Cottages Ltd. (registered number: 02984102) were approved and authorised for issue by the Board of Directors on 25 March 2025. They were signed on its behalf by:

James Anthony Hayden Norton
Director
TOAD HALL COTTAGES LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
TOAD HALL COTTAGES LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Toad Hall Cottages Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Elliott House, Church Street, Kingsbridge, TQ7 1BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company, and the group upon which this company sits, has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group qualifies as a small group.

Turnover

Turnover represents net invoiced short and long term lets for holiday cottages held in the company. Turnover is recognised in full on the first day of each holiday let, at the fair value of the consideration received or receivable, excluding discounts and value added tax.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 4 years straight line
Vehicles 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments, including investments in subsidiaries, are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 80 75

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2024 350,000 350,000
At 31 December 2024 350,000 350,000
Accumulated amortisation
At 01 January 2024 105,000 105,000
Charge for the financial year 35,000 35,000
At 31 December 2024 140,000 140,000
Net book value
At 31 December 2024 210,000 210,000
At 31 December 2023 245,000 245,000

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2024 33,632 150,520 189,278 373,430
Additions 0 345 4,600 4,945
At 31 December 2024 33,632 150,865 193,878 378,375
Accumulated depreciation
At 01 January 2024 33,632 150,520 141,716 325,868
Charge for the financial year 0 65 29,433 29,498
At 31 December 2024 33,632 150,585 171,149 355,366
Net book value
At 31 December 2024 0 280 22,729 23,009
At 31 December 2023 0 0 47,562 47,562

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 284,826
At 31 December 2024 284,826
Carrying value at 31 December 2024 284,826
Carrying value at 31 December 2023 284,826

6. Debtors

2024 2023
£ £
Trade debtors 242 0
Amounts owed by Group undertakings 2,453,401 2,172,972
Amounts owed by related parties 987,734 420,829
Prepayments and accrued income 100,304 0
Other debtors 957 4,147
3,542,638 2,597,948

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 98,963 118,380
Less: Bank overdrafts 0 ( 37,767)
98,963 80,613

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured £ 18,043) 151,320 54,697
Trade creditors 3,232,762 2,639,861
Amounts owed to directors 46,419 45,477
Accruals 21,039 50,683
Other taxation and social security 279,842 64,883
Other creditors 32,373 9,400
3,763,755 2,865,001

Bank loans of £18,043 (2023: £16,929) included in creditors falling due within one year are secured over assets of the company.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 285,527 306,755

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 203,639 239,034

Bank loans included in creditors falling due after more than one year are secured over assets of the company and repayable by instalments.

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 187,125 129,046
between one and five years 390,185 397,814
577,310 526,860

11. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts due from parent company, debtor 980,881 832,296

Transactions with the entity's directors

2024 2023
£ £
The directors, balance owed by the company to the directors at the year end (46,419) (33,758)