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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Colvase Estate Ltd |
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Colvase Estate Ltd |
Colvase Estate Ltd (Registered number: 07471129) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Colvase Estate Ltd |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
The Parade |
Liskeard |
Cornwall |
PL14 6AF |
Colvase Estate Ltd (Registered number: 07471129) |
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Balance Sheet |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non-distributable Profit & |
Loss |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Colvase Estate Ltd (Registered number: 07471129) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Colvase Estate Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have assessed going concern and consider that there are no material uncertainties which may cast significant doubt about the company's ability to continue. The directors have also assessed the impact of the recent outbreak of COVID-19 on the businesses ability to continue trading in the foreseeable future and has concluded the company may continue to operate whilst adhering to government guidelines. For this reason the accounts have been prepared on the going concern basis. |
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Turnover |
Turnover represents amounts receivable in respect of the sale of property and rents, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Colvase Estate Ltd (Registered number: 07471129) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Fair value at 31 March 2020 is represented by: |
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Valuation in 2013 | 456,204 |
Valuation in 2014 | 105,000 |
Valuation in 2015 | 287,000 |
Valuation in 2018 | 625,059 |
Cost | 2,867,114 |
4,340,377 |
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If the investment property had not been revalued it would have been included at the following historical cost: |
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31.3.20 | 31.3.19 |
£ | £ |
Cost | 2,867,114 | 2,867,114 |
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The investment properties were valued on an open market basis on 31 March 2020 by M Coles, a director of the company . |
Colvase Estate Ltd (Registered number: 07471129) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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Amounts owed by associates |
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Other debtors |
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7. | CURRENT ASSET INVESTMENTS |
31.3.20 | 31.3.19 |
£ | £ |
Loans |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | OTHER FINANCIAL COMMITMENTS |
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The company has an ongoing commitment of £13,125 per annum in connection ground rent for one of the investment properties held. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included within creditors is a directors' loan account of £803,684 (2019 : £859,097). The loan is repayable on demand and interest has been charged at a rate of 8.5%. |
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11. | RELATED PARTY DISCLOSURES |
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During the year, the company paid management charges of £180,000 to Willake Limited, a company in which the directors of Colvase Estate Limited are also directors. |
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The company also operates a loan account with Willake Limited and at the balance sheet date balance owed by Willake Limited was £140,275. This balance bears no interest and has no fixed terms of repayment. |