REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2021 |
for |
PLUTUS (CONNAUGHT SQUARE) LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
VAT |
Deferred tax asset |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other loans (see note 8) |
Trade creditors |
Other creditors |
Accrued expenses |
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 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Other loans |
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: | £ | £ |
Ordinary A | 1 | 100 | 100 |
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 |
Deficit for the year | ( |
) |
At 30 September 2021 | ( |
) |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |