Coolglas Developments Limited 06315156 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true true 06315156 2023-08-01 2024-07-31 06315156 2024-07-31 06315156 core:CurrentFinancialInstruments 2024-07-31 06315156 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 06315156 bus:SmallEntities 2023-08-01 2024-07-31 06315156 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 06315156 bus:FilletedAccounts 2023-08-01 2024-07-31 06315156 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 06315156 bus:RegisteredOffice 2023-08-01 2024-07-31 06315156 bus:Director2 2023-08-01 2024-07-31 06315156 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 06315156 countries:EnglandWales 2023-08-01 2024-07-31 06315156 2022-08-01 2023-07-31 06315156 2023-07-31 06315156 core:CurrentFinancialInstruments 2023-07-31 06315156 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 06315156

Prepared for the registrar

Coolglas Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Coolglas Developments Limited

(Registration number: 06315156)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

304,287

304,287

Debtors

5

354

247

 

304,641

304,534

Creditors: Amounts falling due within one year

6

(359,379)

(341,931)

Net liabilities

 

(54,738)

(37,397)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(54,740)

(37,399)

Shareholders' deficit

 

(54,738)

(37,397)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 


D M Giblin
Director

 

Coolglas Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hailes House
Hailes
Nr Winchcombe
GL54 5PB

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made or identified by management in preparing these financial statements.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Coolglas Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
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 profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

4

Stocks

2024
£

2023
£

Work in progress

304,287

304,287

 

5

Debtors

2024
£

2023
£

Prepayments

354

247

354

247

 

Coolglas Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

326,185

325,089

Accruals and deferred income

 

33,194

16,842

 

359,379

341,931

 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

326,185

325,089

 

8

Related party transactions

Transactions with directors

At the year end, the company owed the directors £326,185 (2023: £325,089) in the form of a directors' loan account. Interest is charged at 5% on the loan and it is repayable on demand.