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Registration number: 10976159

North Challacombe Farm Holidays Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

North Challacombe Farm Holidays Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

North Challacombe Farm Holidays Ltd

(Registration number: 10976159)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,004

11,465

Current assets

 

Debtors

5

13,641

3,838

Cash at bank and in hand

 

51,014

50,999

 

64,655

54,837

Creditors: Amounts falling due within one year

6

(5,093)

(5,477)

Net current assets

 

59,562

49,360

Total assets less current liabilities

 

71,566

60,825

Provisions for liabilities

(3,001)

(2,783)

Net assets

 

68,565

58,042

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

68,465

57,942

Shareholders' funds

 

68,565

58,042

For the financial year ending 30 September 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 


Jeremy Edwards
Director

 

North Challacombe Farm Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is the running of a holiday let.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

North Challacombe Farm Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

16.67% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

North Challacombe Farm Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 October 2023

37,571

37,571

Additions

5,119

5,119

Disposals

(2,508)

(2,508)

At 30 September 2024

40,182

40,182

Depreciation

At 1 October 2023

26,106

26,106

Charge for the year

4,536

4,536

Eliminated on disposal

(2,464)

(2,464)

At 30 September 2024

28,178

28,178

Carrying amount

At 30 September 2024

12,004

12,004

At 30 September 2023

11,465

11,465

 

North Challacombe Farm Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Debtors

2024
£

2023
£

Other debtors

13,498

3,838

Prepayments

143

-

13,641

3,838

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

3,532

4,183

Accruals and deferred income

1,561

1,294

5,093

5,477

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

The directors

3,838

13,660

(4,000)

13,498

         
       

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

The directors

(7,142)

14,980

(4,000)

3,838

 

 

North Challacombe Farm Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

8

Related party transactions (continued)

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.