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No description of principal activity
2021-11-02
Sage Accounts Production Advanced 2021 - FRS102_2021
1,808,161
1,808,161
1,808,161
xbrli:pure
xbrli:shares
iso4217:GBP
13719964
2021-11-02
2022-12-31
13719964
2022-12-31
13719964
bus:Director1
2021-11-02
2022-12-31
13719964
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-11-02
2022-12-31
13719964
core:WithinOneYear
2022-12-31
13719964
core:AfterOneYear
2022-12-31
13719964
core:ShareCapital
2022-12-31
13719964
core:RetainedEarningsAccumulatedLosses
2022-12-31
13719964
core:BetweenOneFiveYears
2022-12-31
13719964
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
13719964
bus:SmallEntities
2021-11-02
2022-12-31
13719964
bus:AuditExemptWithAccountantsReport
2021-11-02
2022-12-31
13719964
bus:FullAccounts
2021-11-02
2022-12-31
13719964
bus:SmallCompaniesRegimeForAccounts
2021-11-02
2022-12-31
13719964
bus:PrivateLimitedCompanyLtd
2021-11-02
2022-12-31
COMPANY REGISTRATION NUMBER:
13719964
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
Period from 2 November 2021 to 31 December 2022
Notes to the financial statements |
2 |
|
|
31 December 2022
FIXED ASSETS
Tangible assets |
4 |
1,808,161 |
|
|
|
CURRENT ASSETS
Debtors |
5 |
217,069 |
Cash at bank and in hand |
2 |
|
--------- |
|
217,071 |
|
|
|
CREDITORS: amounts falling due within one year |
6 |
(
1,126,339) |
|
------------ |
NET CURRENT LIABILITIES |
(
909,268) |
|
------------ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
898,893 |
|
|
|
CREDITORS: amounts falling due after more than one year |
7 |
(
982,735) |
|
--------- |
NET LIABILITIES |
(
83,842) |
|
--------- |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
2 |
Profit and loss account |
(
83,844) |
|
-------- |
SHAREHOLDERS FUNDS |
(
83,842) |
|
-------- |
|
|
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 profit and loss account has not been delivered.
For the period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
31 October 2023
, and are signed on behalf of the board by:
Company registration number:
13719964
NOTES TO THE FINANCIAL STATEMENTS |
|
Period from 2 November 2021 to 31 December 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 833 Romford Road, London, E12 6EA, England.
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.
Going concern
The accounts have been prepared on a going concern basis which assumes that the company will continue to trade for the foreseeable future. The company has net liabilities of £83,842. The director has prepared forecasts and is confident that these forecasts are realistic and are achievable. The company is currently able to trade due to support from the director and a related party. Were this support not available then the company would not be able to meet its financial obligations. The director and related party have confirmed that they will continue to support the company for the foreseeable future. On this basis the director believes it is appropriate for the financial statement to be produced on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. Turnover represents the value of fees due for rent in the financial period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
TANGIBLE ASSETS
|
Investment property |
|
£ |
Cost |
|
At 2 November 2021 |
– |
Additions |
1,808,161 |
|
------------ |
At 31 December 2022 |
1,808,161 |
|
------------ |
Depreciation |
|
At 2 November 2021 and 31 December 2022 |
– |
|
------------ |
Carrying amount |
|
At 31 December 2022 |
1,808,161 |
|
------------ |
|
|
Investment property is revalued to its fair value at each reporting date by the directors and any changes in fair value are recognised in profit or loss.
5.
DEBTORS
|
31 Dec 22 |
|
£ |
Other debtors |
217,069 |
|
--------- |
|
|
6.
CREDITORS:
amounts falling due within one year
|
31 Dec 22 |
|
£ |
Bank loans and overdrafts |
12,265 |
Other creditors |
1,114,074 |
|
------------ |
|
1,126,339 |
|
------------ |
|
|
Included within creditors is an amount of £12,265 in respect of liabilities payable or repayable by instalments which fall due for payment within one year from the reporting date. The bank loans are secured against the assets of the company.
7.
CREDITORS:
amounts falling due after more than one year
|
31 Dec 22 |
|
£ |
Bank loans and overdrafts |
982,735 |
|
--------- |
|
|
Included within creditors: amounts falling due after more than one year is an amount of £923,768 in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured by a first legal charge on the property, as well as a fixed and floating charge. There is also a guarantee provided by EFG Food and Tech Holdings Limited.
8.
OPERATING LEASES
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
|
31 Dec 22 |
|
£ |
Not later than 1 year |
125,000 |
Later than 1 year and not later than 5 years |
332,089 |
|
--------- |
|
457,089 |
|
--------- |
|
|
9.
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included within creditors due within one year is a balance of £555,537 due to the director. This balance is interest free and repayable on demand. The director has provided a personal guarantee on the bank loan.