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Colard Developments Ltd

Registered Number
04571594
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

Colard Developments Ltd
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

C T Deans MBE
K L Deans
M R Oakes
R A Oakes

Company Secretary

M R Oakes

Registered Address

Woodview House Southwick Road
Bulwick
Corby
NN17 3DY

Registered Number

04571594 (England and Wales)
Colard Developments Ltd
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets313,77828,961
Investment property41,483,0211,483,021
1,496,7991,511,982
Current assets
Cash at bank and on hand62,09085,140
62,09085,140
Creditors amounts falling due within one year5(156,272)(266,934)
Net current assets (liabilities)(94,182)(181,794)
Total assets less current liabilities1,402,6171,330,188
Creditors amounts falling due after one year6(724,206)(724,206)
Provisions for liabilities7(1,535)(3,684)
Net assets676,876602,298
Capital and reserves
Called up share capital22
Profit and loss account676,874602,296
Shareholders' funds676,876602,298
The financial statements were approved and authorised for issue by the Board of Directors on 16 March 2025, and are signed on its behalf by:
C T Deans MBE
Director
Registered Company No. 04571594
Colard Developments Ltd
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
Colard Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Woodview House Southwick Road, Bulwick, Corby, Northants, England, NN17 3DY.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The key estimate in these financial statements is the fair value of investment property.
Turnover policy
Turnover represents the rents receivable on properties let under short term assured tenancies.
Current taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible fixed assets and depreciation
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 Between 5% and 25% straight line Vehicles 15% straight line
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date, at a value determined by the directors. The surplus or deficit on revaluation is recognised in the profit and loss account.
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 current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year42
3.Tangible fixed assets

Vehicles

Fixtures & fittings

Total

£££
Cost or valuation
At 01 November 2312,95842,20055,158
Disposals(12,958)-(12,958)
At 31 October 24-42,20042,200
Depreciation and impairment
At 01 November 234,42821,76926,197
Charge for year1,9446,6538,597
Revaluation surplus(6,372)-(6,372)
At 31 October 24-28,42228,422
Net book value
At 31 October 24-13,77813,778
At 31 October 238,53020,43128,961
4.Investment property
Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 October 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The original historic cost of the investments is £1,269,788. The below revaluation, together with the related deferred tax, totals £209,549 (2023 - £209,549) which is non-distributable and is currently held in retained earnings.

£
Fair value at 01 November 231,483,021
At 31 October 241,483,021
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables319319
Taxation and social security31,99113,434
Other creditors122,799252,175
Accrued liabilities and deferred income1,1631,006
Total156,272266,934
6.Creditors: amounts due after one year

2024

2023

££
Other creditors724,206724,206
Total724,206724,206
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,5353,684
Total1,5353,684