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REGISTERED NUMBER: 09866889 (England and Wales)



















Financial Statements

for the Year Ended 30 September 2021

for

PLUTUS (CONNAUGHT SQUARE) LTD

PLUTUS (CONNAUGHT SQUARE) LTD (REGISTERED NUMBER: 09866889)






Contents of the Financial Statements
for the Year Ended 30 September 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PLUTUS (CONNAUGHT SQUARE) LTD

Company Information
for the Year Ended 30 September 2021







DIRECTORS: Richard Taylor
Craig Brian Rooney
Abdulla Mohammad Khalifa Bin Habtoor





REGISTERED OFFICE: Maltings 2
Anderson Road Bearwood
Birmingham
West Midlands
B66 4AR





REGISTERED NUMBER: 09866889 (England and Wales)





AUDITORS: Brindleys Limited
Statutory Auditors
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

PLUTUS (CONNAUGHT SQUARE) LTD (REGISTERED NUMBER: 09866889)

Statement of Financial Position
30 September 2021

2021 2020
Notes £    £   
CURRENT ASSETS
Stocks 5 11,359,727 11,349,219
Debtors 6 17,462 19,283
Cash at bank 1,116 7,929
11,378,305 11,376,431
CREDITORS
Amounts falling due within one year 7 11,379,493 11,368,876
NET CURRENT (LIABILITIES)/ASSETS (1,188 ) 7,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,188

)

7,555

CAPITAL AND RESERVES
Called up share capital 10 1,100 1,100
Retained earnings 11 (2,288 ) 6,455
SHAREHOLDERS' FUNDS (1,188 ) 7,555

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account and Other Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2022 and were signed on its behalf by:





Abdulla Mohammad Khalifa Bin Habtoor - Director


PLUTUS (CONNAUGHT SQUARE) LTD (REGISTERED NUMBER: 09866889)

Notes to the Financial Statements
for the Year Ended 30 September 2021

1. STATUTORY INFORMATION

PLUTUS (CONNAUGHT SQUARE) LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Inventory
Costs incurred by the company for the project including overheads directly attributable to the project are carried forward as stock until all have been disposed of. The profit/loss will be realised in the accounting period in which the flats are sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

PLUTUS (CONNAUGHT SQUARE) LTD (REGISTERED NUMBER: 09866889)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

2. ACCOUNTING POLICIES - continued

Basic financial instruments
Trade and Other Debtors/Creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Interest bearing borrowings classified as basic financial instruments

Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Going concern
The financial statements show losses for the year ended 30 September 2021 of £8,743 along with current liabilities exceeding current assets by £1,188.

In order to assess the going concern assumption the directors have given careful consideration to trading. The shareholder has undertaken to provide his continuing financial support for the foreseeable future.
Accordingly, the directors have concluded that it remains appropriate to prepare the financial statements on a going concern basis.

The going concern basis assumes that the company will continue in operation for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4. AUDITORS' REMUNERATION
2021 2020
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

8,000

3,400

5. STOCKS
2021 2020
£    £   
Stock - WIP 11,359,727 11,349,219

PLUTUS (CONNAUGHT SQUARE) LTD (REGISTERED NUMBER: 09866889)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 12,683 12,683
VAT 76 82
Deferred tax asset 4,703 2,652
Prepayments - 3,866
17,462 19,283

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other loans (see note 8) 11,184,116 11,174,516
Trade creditors 32,208 32,418
Other creditors 492 492
Accrued expenses 162,677 161,450
11,379,493 11,368,876

8. LOANS

An analysis of the maturity of loans is given below:

2021 2020
£    £   
Amounts falling due within one year or on demand:
Other loans 11,184,116 11,174,516

9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Other loans 11,184,116 11,174,516

The loans are interest free and charges were removed after the year end.

PLUTUS (CONNAUGHT SQUARE) LTD (REGISTERED NUMBER: 09866889)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

10. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary A 1 100 100
1,000 Ordinary B 1 1,000 1,000
1,100 1,100

Each Ordinary A share has one thousand voting rights and Each Ordinary B share has one voting right.

11. RESERVES
Retained
earnings
£   

At 1 October 2020 6,455
Deficit for the year (8,743 )
At 30 September 2021 (2,288 )

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sajjad Sumar (Senior Statutory Auditor)
for and on behalf of Brindleys Limited

13. RELATED PARTY DISCLOSURES

Loan amount of £9,067,210 (2020: £9,062,610) is outstanding to Plutus Capital Ltd (registered in the British Virgin Islands) which holds the majority voting shares in the company.

Loan amount of £2,116,906 (2020: £2,111,906) is outstanding to Seven Capital Plc (registered in the UK) which holds the minority voting shares in the company. The loan was repaid after the year end.

14. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

15. POST BALANCE SHEET EVENTS

On 28th March 2022, all the shares held by the minority shareholders were sold to majority shareholder, Plutus Capital Ltd and Plutus Capital Ltd is now the 100% shareholder.

PLUTUS (CONNAUGHT SQUARE) LTD (REGISTERED NUMBER: 09866889)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

16. ULTIMATE CONTROLLING PARTY

The controlling party is Plutus Capital Ltd whose registered office is at Morgan & Morgan Building, Pasea Estate, P O Box 958, Road Town, Tortola, British Virgin Islands.