Company registration number 06463545 (England and Wales)
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 10
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,543,507
2,779,700
Investment property
5
40,180
41,370
2,583,687
2,821,070
Current assets
Debtors
6
5,098
11,886
Investments
7
1,100,648
1,061,350
Cash at bank and in hand
7,101
57,294
1,112,847
1,130,530
Creditors: amounts falling due within one year
8
(42,972)
(26,705)
Net current assets
1,069,875
1,103,825
Total assets less current liabilities
3,653,562
3,924,895
Creditors: amounts falling due after more than one year
9
(254,249)
(489,493)
Provisions for liabilities
(71,776)
(138,912)
Net assets
3,327,537
3,296,490
Capital and reserves
Called up share capital
11
200
200
Revaluation reserve
12
613,024
754,693
Profit and loss reserves
2,714,313
2,541,597
Total equity
3,327,537
3,296,490
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mr M D Willcox
Director
Company registration number 06463545 (England and Wales)
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
200
603,679
2,548,493
3,152,372
Year ended 31 March 2024:
Profit
-
-
144,118
144,118
Other comprehensive income:
Revaluation of tangible fixed assets
-
151,014
-
151,014
Total comprehensive income
-
151,014
144,118
295,132
Transfers
-
(151,014)
(151,014)
Balance at 31 March 2024
200
754,693
2,541,597
3,296,490
Year ended 31 March 2025:
Profit
-
-
31,047
31,047
Other comprehensive income:
Revaluation of tangible fixed assets
-
(141,669)
-
(141,669)
Total comprehensive income
-
(141,669)
31,047
(110,622)
Transfers
-
141,669
141,669
Balance at 31 March 2025
200
613,024
2,714,313
3,327,537
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information
Country Holiday Cottages Norfolk Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Coach House, Bergh Apton, Norfolk, England, NR15 1DD.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 are recoverable.
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:
Freehold land and buildings
No depreciation
Plant and equipment
25% on cost
Fixtures and fittings
15% on cost
Computers
25% on cost
Motor vehicles
20% on reducing balance
Freehold land is not depreciated.
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
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
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. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
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.
Classification of financial liabilities
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.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
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.
2
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.
3
Employees
The average monthly number of persons employed by the company during the year was:
2025
2024
Number
Number
Total
1
2
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
2,750,000
2,579
101,034
489
30,658
2,884,760
Additions
93,000
8,091
101,091
Disposals
(173)
(173)
Revaluation
(330,000)
(330,000)
At 31 March 2025
2,513,000
10,497
101,034
489
30,658
2,655,678
Depreciation and impairment
At 1 April 2024
2,089
92,595
148
10,228
105,060
Depreciation charged in the year
1,175
1,862
161
4,086
7,284
Eliminated in respect of disposals
(173)
(173)
At 31 March 2025
3,091
94,457
309
14,314
112,171
Carrying amount
At 31 March 2025
2,513,000
7,406
6,577
180
16,344
2,543,507
At 31 March 2024
2,750,000
490
8,439
341
20,430
2,779,700
5
Investment property
2025
£
Fair value
At 1 April 2024
41,370
Revaluations
(1,190)
At 31 March 2025
40,180
Investment property comprises £40,180. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Mr M D Willcox who is a director of the company.
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
1,042
Prepayments and accrued income
5,098
10,844
5,098
11,886
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
7
Current asset investments
2025
2024
£
£
Shares in group undertakings
203
203
Other investments
1,100,445
1,061,147
1,100,648
1,061,350
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
5,556
Obligations under finance leases
5,159
4,907
Trade creditors
2,793
5,186
Taxation and social security
2,053
1,594
Other creditors
31,385
7,108
Accruals and deferred income
1,582
2,354
42,972
26,705
9
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
28,714
Obligations under finance leases
5,887
11,046
Other borrowings
248,362
449,733
254,249
489,493
10
Related party disclosure
At the balance sheet date, Country Holiday Cottages Norfolk Limited owed £25,070 (2024: £5,216) to Family Wealth Services Limited.
At the balance sheet date, Country Holiday Cottages Norfolk Limited owed £248,362 (2024: £449,733) to The Bonskeid Trust.
Country Holiday Cottages Norfolk Limited received dividends amounting to £361,267 (2024: £70,000) from Family Wealth Services Limited.
11
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
COUNTRY HOLIDAY COTTAGES NORFOLK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
12
Revaluation reserve
2025
2024
£
£
At the beginning of the year
754,693
603,679
Revaluation surplus arising in the year
(141,669)
151,014
At the end of the year
613,024
754,693
13
Ultimate controlling party
The ultimate controlling party is The Bonskeid Trust.
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