Registration number:
Cottage Developments (South West) Limited
for the Year Ended 31 March 2022
Cottage Developments (South West) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Cottage Developments (South West) Limited
Company Information
Director |
Mr Philip Patrick O'Neill |
Registered office |
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Accountants |
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Cottage Developments (South West) Limited
(Registration number: 04768273)
Balance Sheet as at 31 March 2022
Note |
2022 |
2021 |
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Fixed assets |
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Investment property |
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Current assets |
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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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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's'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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr Philip Patrick O'Neill
Director
Cottage Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
On the basis that the director and other related-party companies will continue to provide financial support, these financial statements have been prepared on a going concern basis.
Depreciation
Asset class |
Depreciation method and rate |
Land and buildings |
None provided |
Investment property
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 merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cottage Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2022 |
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At 1 April |
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The valuation has been provided by external valuers, Miller Commercial Valuers Ltd (RICS). The value is based on the market value of the property as an investment.
Debtors |
2022 |
2021 |
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Trade debtors |
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Other debtors |
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Cottage Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans which are secured of £224,500 (2020 - £106,500).
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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80 |
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80 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Cottage Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Related party transactions |
Transactions with director |
2022 |
At 1 April 2021 |
Advances to director |
Repayments by director |
At 31 March 2022 |
Mr Philip Patrick O'Neill |
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Loan from Director |
( |
( |
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( |
2021 |
At 1 April 2020 |
Advances to director |
Repayments by director |
At 31 March 2021 |
Mr Philip Patrick O'Neill |
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Loan from Director |
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( |
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( |
Summary of transactions with other related parties
At the balance sheet date the amount due to Cottage Developments (SW) Limited was £62,086 (2021 - £75,077).
At the balance sheet date the amount due to Sullivan's (SW) Limited was £7,000 (2021 - £20,000).