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Registration number: 09921204

The Black Cube Property Company Ltd

Unaudited Filleted Financial Statements

for the Period from 31 March 2022 to 31 March 2023

 

The Black Cube Property Company Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Black Cube Property Company Ltd

Company Information

Directors

Ms CM Kane

Mr A B Cobley

Registered office

49-51 Dale Street
Manchester
Lancashire
M1 2HF

Accountants

The Moffatts Partnership LLP
Suite 1.1, First Floor
Jackson House
Sibson Road
Sale
M33 7RR

 

The Black Cube Property Company Ltd

(Registration number: 09921204)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

2,984,068

2,984,068

Current assets

 

Debtors

6

10,929

10,571

Cash at bank and in hand

 

255,470

220,051

 

266,399

230,622

Creditors: Amounts falling due within one year

7

(34,883)

(23,967)

Net current assets

 

231,516

206,655

Total assets less current liabilities

 

3,215,584

3,190,723

Creditors: Amounts falling due after more than one year

7

(3,100,000)

(3,100,000)

Net assets

 

115,584

90,723

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

115,582

90,721

Shareholders' funds

 

115,584

90,723

For the financial period 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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.

 

The Black Cube Property Company Ltd

(Registration number: 09921204)
Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

.........................................
Mr A B Cobley
Director

   
     
 

The Black Cube Property Company Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
49-51 Dale Street
Manchester
Lancashire
M1 2HF
United Kingdom

These financial statements were authorised for issue by the Board on 18 October 2023.

2

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

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis on preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rents receivable and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

The Black Cube Property Company Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 31 March 2023

Government grants

Government grants are recognised under the accrual model. Income is recognised in the same period that the related expenditure the grant is intended to compensate is incurred.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Straight Line Basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Black Cube Property Company Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 31 March 2023

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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2022 - 0).

 

The Black Cube Property Company Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 March 2022

17,760

17,760

At 31 March 2023

17,760

17,760

Depreciation

At 31 March 2022

17,760

17,760

At 31 March 2023

17,760

17,760

Carrying amount

At 31 March 2023

-

-

5

Investment properties

2023
£

At 31 March

2,984,068

At 31 March

2,984,068

The fair value of the property is based on an independent valuation provided by the directors and there has been no significant changes to the value.

6

Debtors

2023
£

2022
£

Other debtors

2

2

Prepayments

10,927

10,569

10,929

10,571

 

The Black Cube Property Company Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 31 March 2023

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

9,055

990

Taxation and social security

6,120

4,477

Accruals and deferred income

1,040

1,000

Other creditors

18,668

17,500

34,883

23,967

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

3,100,000

3,100,000

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

3,100,000

3,100,000