Cobleigh Properties Limited Filleted accounts for Companies House (small and micro)

COBLEIGH PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4446134

Cobleigh Properties Limited

Filleted Unaudited Financial Statements

31 July 2021

Cobleigh Properties Limited

Statement of Financial Position

31 July 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		–	112,417

Current assets

Debtors	6	–	457
Cash at bank and in hand		86,103	7,844
		--------	-------
		86,103	8,301

Creditors: amounts falling due within one year	7	10,222		7,875
		--------		-------
Net current assets			75,881	426
			--------	---------
Total assets less current liabilities			75,881	112,843

Creditors: amounts falling due after more than one year	8		–	42,500

Provisions

Taxation including deferred tax	–	6,000
	--------	---------
Net assets	75,881	64,343
	--------	---------

Capital and reserves

Called up share capital	9	500	500
Revaluation reserve		–	49,302
Other reserves		69,945	–
Profit and loss account		5,436	14,541
		--------	--------
Shareholders funds		75,881	64,343
		--------	--------

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the financial year ended 31 July 2021, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

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

Cobleigh Properties Limited

Statement of Financial Position (continued)

31 July 2021

These financial statements were approved by the board of directors and authorised for issue on 21 February 2022 , and are signed on behalf of the board by:

Mrs HA Butt
Director

Company registration number: 4446134

Cobleigh Properties Limited

Notes to the Financial Statements

Year ended 31 July 2021

1. General information

The address of the registered office is Cobleigh, 3 Church Path, Crewkerne, Somerset, TA18 7HX. The principal place of business is Cobleigh, 3 Church Path, Crewkerne, Somerset, TA18 7HX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises rents receivable from students.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: Nil).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 August 2020	110,000	8,316	118,316
Disposals	( 110,000)	–	( 110,000)
	---------	-------	---------
At 31 July 2021	–	8,316	8,316
	---------	-------	---------
Depreciation
At 1 August 2020	–	5,899	5,899
Charge for the year	–	2,417	2,417
	---------	-------	---------
At 31 July 2021	–	8,316	8,316
	---------	-------	---------
Carrying amount
At 31 July 2021	–	–	–
	---------	-------	---------
At 31 July 2020	110,000	2,417	112,417
	---------	-------	---------

The Investment Freehold Property, the historic cost of which is £54,698, was revalued by the Director at 31st July 2020 on the basis of net realisable value.

6. Debtors

	2021	2020
	£	£
Trade debtors	–	300
Other debtors	–	157
	----	----
	–	457
	----	----

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	–	3,058
Corporation tax	9,894	2
Other creditors	328	4,815
	--------	-------
	10,222	7,875
	--------	-------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Director's Current Account	–	25,500
Other Loans	–	17,000
	----	--------
	–	42,500
	----	--------

9. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
A Ordinary shares of £ 1 each	150	150	150	150
B Ordinary shares of £ 1 each	150	150	150	150
C Ordinary shares of £ 1 each	200	200	200	200
	----	----	----	----
	500	500	500	500
	----	----	----	----

10. Related party transactions

The company was under the control of the Director and her family throughout the period.