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Registration number: 05329025

Cornish Property Rentals Ltd
Unaudited Filleted Abridged Financial Statements
for the Year Ended 31 January 2025

Cornish Property Rentals Ltd

Contents

Company Information | 1
Abridged Balance Sheet | 2 to 3
Notes to the Unaudited Abridged Financial Statements | 4 to 7

Cornish Property Rentals Ltd

Company Information

Directors | Mr SD Craze Mr A D Craze

Registered office | Waterside Court Falmouth Road Penryn Cornwall TR10 8AW

Accountants | GW & Co. Limited Chartered Certified AccountantsWaterside Court Falmouth Road Penryn Cornwall TR10 8AW

Cornish Property Rentals Ltd

(Registration number: 05329025)
Abridged Balance Sheet as at 31 January 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 643 | 121
Investment property |  | 651,784 | 651,784
|  | 652,427 | 651,905
Current assets |  |  |
Debtors |  | 771 | 770
Cash at bank and in hand |  | - | 4,910
|  | 771 | 5,680
Prepayments and accrued income |  | 25 | -
Creditors: Amounts falling due within one year |  | (179,359) | (186,609)
Net current liabilities |  | (178,563) | (180,929)
Total assets less current liabilities |  | 473,864 | 470,976
Creditors: Amounts falling due after more than one year |  | (404,139) | (405,459)
Accruals and deferred income |  | (1,688) | (2,838)
Net assets |  | 68,037 | 62,679
Capital and reserves |  |  |
Called up share capital | 5 | 100 | 100
Retained earnings |  | 67,937 | 62,579
Shareholders' funds |  | 68,037 | 62,679

For the financial year ending 31 January 2025 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the Board on 2 October 2025 and signed on its behalf by:

Cornish Property Rentals Ltd

(Registration number: 05329025)
Abridged Balance Sheet as at 31 January 2025

......................................... Mr SD Craze Director
......................................... Mr A D Craze Director

Cornish Property Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

1 | General information

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

The address of its registered office is:
Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW
England

These financial statements were authorised for issue by the Board on 2 October 2025.

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 abridged 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 abridged 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.

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 sales/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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Cornish Property Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

Asset class | Depreciation method and rate
Fixtures and fittings | 20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Cornish Property Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2024 - 1).

4 | Tangible assets

| Fixtures and fittings £ | Total £
Cost or valuation
At 1 February 2024 | 13,623 | 13,623
Additions | 648 | 648
At 31 January 2025 | 14,271 | 14,271
Depreciation
At 1 February 2024 | 13,502 | 13,502
Charge for the year | 126 | 126
At 31 January 2025 | 13,628 | 13,628
Carrying amount
At 31 January 2025 | 643 | 643
At 31 January 2024 | 121 | 121

Investment properties

| 2025 £
At 1 February | 651,784

The Investment properties consist of seven properties as detailed below;
- Four properties developed by the Company and upon which the company receives rental income. The mortgage on these properties is included in creditors due more than one year.
- Three holiday lodges built on land owned by the 2 Directors and 3 other family members. All rental income received from these properties is included in the profit and loss account. A Declaration of Trust has been entered into in respect of the properties thereby transferring the equity and beneficial interest in them to Cornish Property Rentals Limited.
- Cornish Property Rentals Limited also receives the rental income from a property which is included on the balance sheet of Alverton Court Developments Limited which has Mr A Craze as the Director. A Declaration of Trust was signed on the 17 December 2015 referring all rights to Cornish Property Rentals Limited.

There has been no valuation of investment property by an independent valuer.

Cornish Property Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

5 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

6 | Related party transactions

Summary of transactions with other related parties

As stated in the investment note four properties are owned by the Directors a Declaration of Trust has been signed referring all benefits over to the Company.
As well as this the Company has built three holiday lodges on land owned by the Director's and three other family members a Declaration of Trust has also been drawn up to sign all benefits over to the Company.
Included on the balance sheet of Alverton Court Limited a company which has Mr A Craze as a director is a property for which Cornish Property Rentals Limited receives rental income. A Declaration of Trust has been signed referring all benefits over to Cornish Property Rentals Limited.,
Included in other creditors as at 31 January 2025 the Company owes £115,032 (2024:£122,448) to the Directors.
During the year the following transactions took place with Cornish Holiday Rentals Limited a company which has the same Directors and shareholders.
- 3 holiday lodges were rented to Cornish Holiday Rentals Limited at a cost of £27,000 for the year.
- the balance owing to Cornish Holiday Rentals Limited at 31 January 2025 was £57,393 (2024: £57,393). This consisted of commercial transactions to support the businesses.