COMPANY REGISTRATION NUMBER:
11320811
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 OCTOBER 2022
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 October 2022
FIXED ASSETS
CURRENT ASSETS
Debtors |
5 |
591 |
|
25,809 |
|
Cash at bank and in hand |
114,725 |
|
86,208 |
|
|
--------- |
|
--------- |
|
|
115,316 |
|
112,017 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
6 |
(
91,000) |
|
(
92,500) |
|
|
--------- |
|
--------- |
|
NET CURRENT ASSETS |
|
24,316 |
|
19,517 |
|
|
-------- |
|
-------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
24,416 |
|
19,617 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
7 |
|
(
349,593) |
|
(
349,593) |
|
|
--------- |
|
--------- |
NET LIABILITIES |
|
(
325,177) |
|
(
329,976) |
|
|
--------- |
|
--------- |
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
100 |
|
100 |
Profit and loss account |
|
(
325,277) |
|
(
330,076) |
|
|
--------- |
|
--------- |
SHAREHOLDERS DEFICIT |
|
(
325,177) |
|
(
329,976) |
|
|
--------- |
|
--------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2022 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 October 2022
These financial statements were approved by the
board of directors
and authorised for issue on
25 October 2023
, and are signed on behalf of the board by:
Company registration number:
11320811
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 OCTOBER 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 November 2021 and 31 October 2022 |
100 |
|
---- |
Impairment |
|
At 1 November 2021 and 31 October 2022 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 October 2022 |
100 |
|
---- |
At 31 October 2021 |
100 |
|
---- |
|
|
5.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Other debtors |
591 |
25,809 |
|
---- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Other creditors |
91,000 |
92,500 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Other creditors |
349,593 |
349,593 |
|
--------- |
--------- |
|
|
|
Other creditors of £349,593 comprises fund received from investors which will be repaid to them conditional on sales taking place in the future, out of which investors funds will be recouped. The timeline of this income is uncertain. Included in other creditors is £63,562 due to Manilla Productions Limited, a company under common ownership.
8.
Related party transactions
The company has taken advantage of the exemption allowed under the Financial Reporting Standard 102 not to disclose related party transactions between wholly owned members of the same group of companies.