(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 Fraser House, 56 Kingston Road, Staines-Upon-Thames, England, TW18 4NL. |
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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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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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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 | 25% reducing balance | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | | Equipment | | Motor Cars | |
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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) Related party transactions
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Other debtors include loans due from Arnik Swan Court Ltd £274,224 (2022Â £Nil) as on 31 January 2023.
NDA Investment Ltd is a related party by virtue of having the same directors and shareholders. The balance owed by this related party was £16,600 (2022: £11,100) as on 31 January 2023.
PNS Investments and Holdings Ltd is a related party by virtue of having the same directors and shareholders. The balance owed by this related party was £837,000 (2022: £824,500) as on 31 January 2023.
PNS High Wycombe Ltd is a related party by virtue of having the same directors and shareholders. The balance owed by this related party was £1,414,008 (2022: £1,350,000) as on 31 January 2023.
Arnik Ltd is a related party by virtue of having the same directors and shareholders. The balance owed to this related party was £213,600 (2022: Â £236,600) as on 31 January 2023.
Scrumconnect Ltd is a related party by virtue of having the same directors and shareholders. The balance owed to this related party was £6,813,000 (2022 Â £6,488,000) as on 31 January 2023. |
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(6) Fixed assets
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| Tangible £ | Investments Property £ | Totals £ | Cost | | | | As at 01 February 2022 | 350,001 | 4,355,292 | 4,705,293 | Additions | - | 35,745 | 35,745 | As at 31 January 2023 | 350,001 | 4,391,037 | 4,741,038 | Depreciation/Amortisation | | | | As at 01 February 2022 | 87,500 | - | 87,500 | For the year | 65,625 | - | 65,625 | As at 31 January 2023 | 153,125 | - | 153,125 | Net book value | | | | As at 31 January 2023 | 196,876 | 4,391,037 | 4,587,913 | As at 31 January 2022 | 262,501 | 4,355,292 | 4,617,793 |
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(7) Investment Properties
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FRS 102 1a requires deferred tax to be accounted for assets that are subject to revaluation. Consequently, no deferred tax was recognized on 31 January 2023 as there is no revaluation found during the year-end. |
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(8) Creditors > 1 year (Mortgage Loans)
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Mortgage loan secured by the property. |
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