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REGISTERED NUMBER: 03284455 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

THE STRAIGHT & NARROW COMPANY LIMITED

THE STRAIGHT & NARROW COMPANY LIMITED (REGISTERED NUMBER: 03284455)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


THE STRAIGHT & NARROW COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr V Scannapieco





SECRETARY: Mrs M L Scannapieco





REGISTERED OFFICE: Hartfield Place
40-44 High Street
Northwood
Middlesex
HA6 1BN





REGISTERED NUMBER: 03284455 (England and Wales)





ACCOUNTANTS: Robert Clow & Co
Chartered Accountants
Hartfield Place
40 - 44 High Street
Northwood
Middlesex
HA6 1BN

THE STRAIGHT & NARROW COMPANY LIMITED (REGISTERED NUMBER: 03284455)

ABRIDGED BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 5,500,000 5,500,000

CURRENT ASSETS
Debtors 487,899 488,939
Cash at bank 225,256 81,920
713,155 570,859
CREDITORS
Amounts falling due within one year 252,916 253,386
NET CURRENT ASSETS 460,239 317,473
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,960,239

5,817,473

PROVISIONS FOR LIABILITIES 949,896 721,921
NET ASSETS 5,010,343 5,095,552

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 5 4,143,764 4,371,739
Retained earnings 866,577 723,811
SHAREHOLDERS' FUNDS 5,010,343 5,095,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE STRAIGHT & NARROW COMPANY LIMITED (REGISTERED NUMBER: 03284455)

ABRIDGED BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2023 and were signed by:





Mr V Scannapieco - Director


THE STRAIGHT & NARROW COMPANY LIMITED (REGISTERED NUMBER: 03284455)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

The Straight & Narrow Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover comprises the invoiced value of rents receivable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

THE STRAIGHT & NARROW COMPANY LIMITED (REGISTERED NUMBER: 03284455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 5,500,000
NET BOOK VALUE
At 31 March 2023 5,500,000
At 31 March 2022 5,500,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2004 744,694
Valuation in 2006 110,000
Valuation in 2009 (210,000 )
Valuation in 2012 830,917
Valuation in 2014 1,230,000
Valuation in 2016 600,000
Valuation in 2020 1,066,128
Cost 1,128,261
5,500,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 1,128,261 1,128,261

Investment properties were valued on an open market basis on 31 March 2023 by the director .

5. RESERVES
Revaluation
reserve
£   
At 1 April 2022 4,371,739
Revaluation (227,975 )

At 31 March 2023 4,143,764

THE STRAIGHT & NARROW COMPANY LIMITED (REGISTERED NUMBER: 03284455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. RELATED PARTY DISCLOSURES

Included within other creditors is £150,761 owed to Aspect Construction Ltd, a company in which Mr V Scannapieco is a director and a material shareholder.

Included within other creditors is 5,495 due to Lightbox Investments Ltd, a company in which Mr V Scannapieco is a director and a material shareholder.

Included within other creditors is £51,610 due to Lightbox Four Ltd , a company in which Mr V Scannapieco is a director and a material shareholder.

Included within other debtors is £85,357 due from VPSG Ltd, a company in which Mr V Scannapieco is a director and a material shareholder.

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr V Scannapieco.