Filleted

Registration number: 03855973

Cardigan Quays Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Cardigan Quays Limited

Company Information

Director

Ms S Tucker

Company secretary

Mr J Lynch

Registered office

Bridge Warehouse Castle Street Cardigan SA43 3AA

Cardigan Quays Limited

(Registration number: 03855973)
Balance Sheet as at 31 October 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	509,964	521,906
Investment property	6	5,422,892	5,256,657
		5,932,856	5,778,563
Current assets
Stocks	7	5,788	5,788
Debtors	8	54,964	38,997
Cash at bank and in hand		27,458	31,961
		88,210	76,746
Creditors: Amounts falling due within one year	9	(3,946,752)	(3,816,241)
Net current liabilities		(3,858,542)	(3,739,495)
Total assets less current liabilities		2,074,314	2,039,068
Creditors: Amounts falling due after more than one year	9	(1,353,565)	(1,391,325)
Net assets		720,749	647,743
Capital and reserves
Called up share capital		1	1
Other reserves		539,119	539,119
Profit and loss account		181,629	108,623
Total equity		720,749	647,743

Cardigan Quays Limited

(Registration number: 03855973)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 October 2025
 

......................................... Ms S Tucker Director

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

These financial statements were authorised for issue by the director on 31 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 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.

Going concern

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

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.

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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
Plant and machinery	20% Reducing balance basis
Investment property	No depreciation
Motor vehicles	25% Reducing balance basis
Office equipment	20% Straight line basis
Leashold property	2% Straight line basis

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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.

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2023 - 21).

4	Profit/loss before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	31,593	33,568

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

5	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £
Cost or valuation
At 1 November 2023	489,078	15,618	257,919	12,375	26,715
Additions	-	-	19,650	-	-
At 31 October 2024	489,078	15,618	277,569	12,375	26,715
Depreciation
At 1 November 2023	57,433	5,129	178,730	11,961	26,546
Charge for the year	9,781	2,098	19,392	279	42
At 31 October 2024	67,214	7,227	198,122	12,240	26,588
Carrying amount
At 31 October 2024	421,864	8,391	79,447	135	127
At 31 October 2023	431,645	10,489	79,189	414	169

	Total £
Cost or valuation
At 1 November 2023	801,705
Additions	19,650
At 31 October 2024	821,355
Depreciation
At 1 November 2023	279,799
Charge for the year	31,592
At 31 October 2024	311,391
Carrying amount
At 31 October 2024	509,964
At 31 October 2023	521,906

Included within the net book value of land and buildings above is £421,864 (2023 - £431,646) in respect of long leasehold land and buildings.
 

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

6	Investment properties

	2024 £
At 1 November	5,256,657
Additions	166,235
At 31 October	5,422,892

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

7

Stocks

	2024 £	2023 £
Other inventories	5,788	5,788

8

Debtors

	Note	2024 £	2023 £
Trade debtors		7,275	-
Amounts owed by group undertakings and undertakings in which the company has a participating interest	12	27,949	22,808
Prepayments		19,740	12,081
Other debtors		-	4,108
		54,964	38,997

Cardigan Quays Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

9

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts	11	299,426	334,276
Trade creditors		59,052	19,032
Taxation and social security		24,060	46,553
Amounts owed to group undertakings and undertakings in which the company has a participating interest	12	1,329,200	1,260,753
Other related parties	12	291,353	79,415
Directors' loan accounts	12	1,936,858	2,070,999
Outstanding defined contribution pension costs		602	709
Other creditors		6,201	4,504
		3,946,752	3,816,241