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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
03103131
2022-04-01
2023-03-31
03103131
2023-03-31
03103131
2022-03-31
03103131
2021-04-01
2022-03-31
03103131
2022-03-31
03103131
core:FurnitureFittings
2022-04-01
2023-03-31
03103131
bus:Director1
2022-04-01
2023-03-31
03103131
bus:Director2
2022-04-01
2023-03-31
03103131
core:LandBuildings
2022-03-31
03103131
core:FurnitureFittings
2022-03-31
03103131
core:LandBuildings
2023-03-31
03103131
core:FurnitureFittings
2023-03-31
03103131
core:WithinOneYear
2023-03-31
03103131
core:WithinOneYear
2022-03-31
03103131
core:AfterOneYear
2023-03-31
03103131
core:AfterOneYear
2022-03-31
03103131
core:ShareCapital
2023-03-31
03103131
core:ShareCapital
2022-03-31
03103131
core:RetainedEarningsAccumulatedLosses
2023-03-31
03103131
core:RetainedEarningsAccumulatedLosses
2022-03-31
03103131
core:LandBuildings
2022-03-31
03103131
core:FurnitureFittings
2022-03-31
03103131
bus:SmallEntities
2022-04-01
2023-03-31
03103131
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
03103131
bus:FullAccounts
2022-04-01
2023-03-31
03103131
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
03103131
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
03103131
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
4 |
|
2,805,890 |
2,804,930 |
|
|
|
|
|
Current assets
Debtors |
5 |
2,456 |
|
6,238 |
Cash at bank and in hand |
224,545 |
|
163,135 |
|
--------- |
|
--------- |
|
227,001 |
|
169,373 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
861,463) |
|
(
911,974) |
|
--------- |
|
--------- |
Net current liabilities |
|
(
634,462) |
(
742,601) |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,171,428 |
2,062,329 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
(
65,237) |
(
79,495) |
|
|
------------ |
------------ |
Net assets |
|
2,106,191 |
1,982,834 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
150 |
150 |
Profit and loss account |
|
2,106,041 |
1,982,684 |
|
|
------------ |
------------ |
Shareholders funds |
|
2,106,191 |
1,982,834 |
|
|
------------ |
------------ |
|
|
|
|
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 March 2023 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 August 2023
, and are signed on behalf of the board by:
Mr H. R. Bhundia |
Mr S. M. Mistry |
Director |
Director |
|
|
Company registration number:
03103131
Notes to the Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
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 directors and shareholders have guaranteed to provide financial support to the company so that it will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover represents rents receivable during the year.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures & Fittings |
- |
15% reducing balance |
|
|
|
|
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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2022 |
2,803,367 |
20,414 |
2,823,781 |
Additions |
– |
1,404 |
1,404 |
|
------------ |
-------- |
------------ |
At 31 March 2023 |
2,803,367 |
21,818 |
2,825,185 |
|
------------ |
-------- |
------------ |
Depreciation |
|
|
|
At 1 April 2022 |
– |
18,851 |
18,851 |
Charge for the year |
– |
444 |
444 |
|
------------ |
-------- |
------------ |
At 31 March 2023 |
– |
19,295 |
19,295 |
|
------------ |
-------- |
------------ |
Carrying amount |
|
|
|
At 31 March 2023 |
2,803,367 |
2,523 |
2,805,890 |
|
------------ |
-------- |
------------ |
At 31 March 2022 |
2,803,367 |
1,563 |
2,804,930 |
|
------------ |
-------- |
------------ |
|
|
|
|
The freehold properties are held as investment properties and were revalued by the directors at open market value. The historical cost of the properties was £2,555,744.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
2,456 |
6,238 |
|
------- |
------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
13,000 |
13,000 |
Corporation tax |
28,680 |
28,758 |
Shareholders' loans |
788,962 |
838,962 |
Other creditors |
30,821 |
31,254 |
|
--------- |
--------- |
|
861,463 |
911,974 |
|
--------- |
--------- |
|
|
|
Loans from shareholders are interest-free and have no fixed repayment terms attached to them. Under FRS 102 such loans are regarded as being repayable on demand and accordingly these have been included in Creditors due within one year.
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
65,237 |
79,495 |
|
-------- |
-------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £27,495) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8.
Events after the end of the reporting period
One of the investment properties was sold at a gain after the year end. The estimated corporation tax arising on the gain was £101K.