(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 59 Rookery Way, London, England, NW9 6GB. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Rental income
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Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | | Equipment | 25% straight line | Motor Cars | |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Investment Properties
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Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognized in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an ongoing basis. |
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(4) Employees
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During the year, the average number of employees including director was 0 (2022 : 0). |
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(5) Investment Properties
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These financial statements for the year ended 31 January 2023 are the financial statements of the company prepared in accordance with FRS 102 1a "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The property is being measured at a fair value under FRS 102 1a and there are fair value loss of £20,000 accounted during the year, and deferred tax of £3,800 accounted upon it. |
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(6) Fixed assets
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| Tangible £ | Investments Property £ | Totals £ | Cost | | | | As at 01 February 2022 | 1,243 | 320,000 | 321,243 | Revaluation | - | (20,000) | (20,000) | As at 31 January 2023 | 1,243 | 300,000 | 301,243 | Depreciation/Amortisation | | | | As at 01 February 2022 | 311 | - | 311 | For the year | 311 | - | 311 | As at 31 January 2023 | 622 | - | 622 | Net book value | | | | As at 31 January 2023 | 621 | 300,000 | 300,621 | As at 31 January 2022 | 932 | 320,000 | 320,932 |
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(7) Creditors > 1 year (Mortgage Loans)
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The mortgage loan is secured on the property under this loan (Hampshire Trust Bank Mortgage > 1 Yrs : £195,000) |
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(8) Other Creditors
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Other creditors includes the shareholder's available balance at the end of the current reporting period amounting to £237,950, which represent deposited fund brought forward from last year against purchase of Investment property. |
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