Cardiff Bay Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10167225 (England and Wales)

CARDIFF BAY ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Chegounchei

M P Grindell

REGISTERED OFFICE:

89 Woodville Road

Cardiff

CF24 4DX

REGISTERED NUMBER:

10167225 (England and Wales)

CURRENT ASSETS

Stocks

984,817

348,838

Debtors

4

106,555

51,500

Cash at bank and in hand

6,493

11,144

1,097,865

411,482

CREDITORS

Amounts falling due within one year

5

563,523

426,145

NET CURRENT ASSETS/(LIABILITIES)

534,342

(14,663

)

TOTAL ASSETS LESS CURRENT LIABILITIES

534,342

(14,663

)

CREDITORS

Amounts falling due after more than one year

6

565,116

-

NET LIABILITIES

(30,774

)

(14,663

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

9

(30,775

)

(14,664

)

SHAREHOLDERS' FUNDS

(30,774

)

(14,663

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 February 2020 and were signed on its behalf by:

M P Grindell - Director

1.	STATUTORY INFORMATION

Cardiff Bay Estates Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the

company will continue in operational existence for the foreseeable future.The validity of the

assumption depends upon the continuing support of its' directors and bankers with whom the company

has loans of £1,052,670. In the opinion of the directors it is appropriate for the financial statements to

be prepared on a going concern basis. If the company were unable to continue in operational existence

for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of

assets to their recoverable amounts and to provide for further liabilities that might arise, and to

reclassify fixed assets and long term liabilities as current assets and liabilities. The Directors believe

that it is appropriate for the financial statements to be prepared on a going concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 1, management is

required to make judgements, estimates and assumptions about the carrying values of assets and

liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Debtors/creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administration expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets

cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount

exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is

carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

10,355

-

Amounts owed from related business

96,200

51,500

106,555

51,500

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

75,969

3,350

Directors' current accounts

487,554

422,055

Accrued expenses

-

740

563,523

426,145

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

565,116

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

565,116

-

The bank loans with the Principality Building Society have been secured by way of a fixed and

floating charge over the property and land at Marine house, 23 Mount Stuart Square, Cardiff. The

loan has been provided as a rolled up interest account.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£0.50

1

1

9.

RESERVES

Retained

earnings

£

At 1 June 2018

(14,664

)

Deficit for the year

(16,111

)

At 31 May 2019

(30,775

)

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Directors operate interest free loan accounts with the Company. The movements on the accounts

during the year are as follows:

Mr M Chegounchei

2019

2018

£

£

Balance b/f

211,028

194,028

Amounts introduced

70,499

17,000

Amounts withdrawn

-

-

Balance c/f

281,527

211,028

The maximum balance during the year was £281,527 (2018 - 211,028).

Mr M P Grindell

2019

2018

£

£

Balance b/f

211,028

194,028

Amounts introduced

-

17,000

Amounts withdrawn

5,001

-

Balance c/f

206,027

211,028

The maximum balance during the year was £211,028 (2018 - 211,028).

11.	RELATED PARTY DISCLOSURES

Included in current assets are the following amounts due from related business:

£13,000 (2018 - £5,000) Cardiff Cathedral Investments Limited

£28,200 (2018 - £46,500) Cardiff Bay Estates Construction Limited

£55,000 (2018 - NIL) JNR Property Development Limited

All loans are interest free and are at their carrying values.

Both directors have controlling interests in the above businesses.

12.	ULTIMATE CONTROLLING PARTY