Corsegreat Developments Limited Filleted accounts for Companies House (small and micro)

CORSEGREAT DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00700240

Corsegreat Developments Limited

Unaudited financial statements

31 March 2023

Corsegreat Developments Limited

Statement of financial position

31 March 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	5		1,886,879		2,245,038

Current assets

Debtors	6	155,121	4,641
Cash at bank and in hand		81,263	26,910
		---------	-------
		236,384	31,551

Creditors: Amounts falling due within one year	7	( 64,429)		( 49,412)
		---------		-------
Net current assets/(liabilities)			171,955		( 17,861)
			-----------		-----------
Total assets less current liabilities			2,058,834		2,227,177

Provisions

Taxation including deferred tax	( 63,210)	( 75,398)
	-----------	-----------
Net assets	1,995,624	2,151,779
	-----------	-----------

Capital and reserves

Called up share capital	38	38
Revaluation reserve	1,185,195	1,511,228
Profit and loss account	810,391	640,513
	-----------	-----------
Shareholders funds	1,995,624	2,151,779
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Corsegreat Developments Limited

Statement of financial position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 14 December 2023 , and are signed on behalf of the board by:

S G D C Smith-Bosanquet

Director

Company registration number: 00700240

Corsegreat Developments Limited

Notes to the financial statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stanchils, Hengrave, Bury St Edmunds, Suffolk, IP28 6NB.

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.

Investments

Investments are measured at fair value with changes in fair value being recognised in profit or loss.

Revenue recognition

Turnover represents property income from rents and outgoings receivable under operating leases and premiums for long leases received in the period.

Taxation

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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	25% reducing balance

4. Employee numbers

The average number of employees during the year was 3 (2022: 3 ).

5. Tangible assets

	Investment property freehold	Office equipment	Total
	£	£	£
Cost
At 1 April 2022	2,244,404	780	2,245,184
Disposals	( 358,000)	–	( 358,000)
	-----------	----	-----------
At 31 March 2023	1,886,404	780	1,887,184
	-----------	----	-----------
Depreciation
At 1 April 2022	–	146	146
Charge for the year	–	159	159
	-----------	----	-----------
At 31 March 2023	–	305	305
	-----------	----	-----------
Carrying amount
At 31 March 2023	1,886,404	475	1,886,879
	-----------	----	-----------
At 31 March 2022	2,244,404	634	2,245,038
	-----------	----	-----------

Tangible assets held at valuation

Investment properties were valued on an open market basis on 31 March 2023 by the directors.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Investment property freehold
	£
At 31 March 2023
Aggregate cost	638,118
Aggregate depreciation	–
	---------
Carrying value	638,118
	---------

At 31 March 2022
Aggregate cost	657,898
Aggregate depreciation	–
	---------
Carrying value	657,898
	---------

6. Debtors

	2023	2022
	£	£
Other debtors	155,121	4,641
	---------	------

7. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Trade creditors	5,341	–
Social security and other taxes	45,543	11,074
Other creditors	13,545	38,338
	-------	-------
	64,429	49,412
	-------	-------

8. Directors' advances, credits and guarantees

Included within debtors at the year end are directors loan accounts totalling £150,044 (2022: £Nil). The maximum total overdrawn balance during the year was £150,044. Interest of £1,932 was charged at the official rate.