Celtic Rose (Property) Limited - Period Ending 2022-07-31
Celtic Rose (Property) Limited - Period Ending 2022-07-31
Registrar
Registration number:
for the Year Ended
Celtic Rose (Property) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Celtic Rose (Property) Limited
Company Information
Directors |
P McGibbon |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Celtic Rose (Property) Limited
(Registration number: 07141165)
Balance Sheet as at 31 July 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Revaluation reserve |
8,721 |
8,721 |
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Retained earnings |
114,816 |
79,006 |
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Shareholders' funds |
123,539 |
87,729 |
For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Celtic Rose (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of vehicles and provision of vehicle maintenance and MOT services in the ordinary course of the company's activities. Turnover is shown net of 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.
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost or valuation, less any subsequent accumulated depreciation.
Celtic Rose (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
25% reducing balance |
Fixtures & Fittings |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Plant & Machinery |
25% reducing balance |
Land and Buildings |
2% Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods 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 it's selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Celtic Rose (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Tangible assets |
Land and buildings |
Office equipment |
Motor vehicles |
Plant and Machinery |
Total |
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Cost or valuation |
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At 1 August 2021 |
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Additions |
- |
- |
- |
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At 31 July 2022 |
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Depreciation |
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At 1 August 2021 |
- |
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Charge for the year |
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At 31 July 2022 |
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Carrying amount |
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At 31 July 2022 |
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At 31 July 2021 |
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Included within the net book value of land and buildings above is £367,500 (2021 - £375,000) in respect of freehold land and buildings.
Stocks |
2022 |
2021 |
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Stocks |
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Debtors |
2022 |
2021 |
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Other debtors |
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Celtic Rose (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowing |
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Trade creditors |
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Social security and other taxes |
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Directors loan |
337,114 |
362,904 |
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Other creditors |
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Corporation tax |
21,448 |
15,070 |
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Accruals and deferred income |
2,410 |
1,810 |
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Loans and borrowings, under creditors due within one year includes £8,327 (2021: £92,209) on which security has been given by the Company.
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings, under creditors due after one year includes £250,815 (2021: £Nil) on which security has been given by the Company.
Creditors include bank loans repayable by instalments of £334,157 (2021 - £Nil) due after more than five years.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Celtic Rose (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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