Coretek Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10246424 (England and Wales)

Unaudited Financial Statements

for the Year Ended

30 June 2022

for

Coretek Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Y Din

Mrs V C Din

REGISTERED OFFICE:

17 Appleton Court

Calder Park

Wakefield

West Yorkshire

WF2 7AR

REGISTERED NUMBER:

10246424 (England and Wales)

ACCOUNTANTS:

Equate Limited

Chartered Certified Accountants

17 Appleton Court

Calder Park

Wakefield

West Yorkshire

WF2 7AR

FIXED ASSETS

Tangible assets

4

6,681

5,029

Investment property

5

2,770,000

2,185,000

2,776,681

2,190,029

CURRENT ASSETS

Debtors

6

58,584

45,318

Cash at bank

51,840

25,493

110,424

70,811

CREDITORS

Amounts falling due within one year

7

248,529

159,421

NET CURRENT LIABILITIES

(138,105

)

(88,610

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,638,576

2,101,419

CREDITORS

Amounts falling due after more than one year

8

(1,550,270

)

(1,333,431

)

PROVISIONS FOR LIABILITIES

(154,846

)

(91,701

)

NET ASSETS

933,460

676,287

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

933,360

676,187

933,460

676,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 and authorised for issue on 19 July 2022 and were signed on its behalf by:

M Y Din - Director

1.	STATUTORY INFORMATION

Coretek Properties 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2021

3,600

-

2,142

5,742

Additions

-

186

3,339

3,525

At 30 June 2022

3,600

186

5,481

9,267

DEPRECIATION

At 1 July 2021

-

-

713

713

Charge for year

-

47

1,826

1,873

At 30 June 2022

-

47

2,539

2,586

NET BOOK VALUE

At 30 June 2022

3,600

139

2,942

6,681

At 30 June 2021

3,600

-

1,429

5,029

5.	INVESTMENT PROPERTY

At the year end date the director's using their experience of the local property market revalued the properties held by the company.

Fair value at 30 June 2022 is represented by:

£

Valuation in 2018

590,000

Valuation in 2019

320,000

Valuation in 2020

930,500

Valuation in 2021

344,500

Valuation in 2022

585,000

2,770,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

770

-

Other debtors

54,618

43,000

Prepayments and accrued income

3,196

2,318

58,584

45,318

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

2,385

2,078

Trade creditors

46

119

Taxation and social security

48

-

Other creditors

246,050

157,224

248,529

159,421

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans

1,550,270

1,333,431

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,544,440

1,320,203

9.	RELATED PARTY DISCLOSURES

During the year the company was repaid £20,000 from E&D Properties Limited a company a director has a financial interest in leaving a balance owing of £23,000 (2021:£43,000). This loan is non interest bearing and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of it's directors.