0 false false false false false false false false false true false false false false false true No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 228,173 228,173 228,173 xbrli:pure xbrli:shares iso4217:GBP 13198359 2022-03-01 2023-02-28 13198359 2023-02-28 13198359 2022-02-28 13198359 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 13198359 bus:Director1 2022-03-01 2023-02-28 13198359 core:WithinOneYear 2023-02-28 13198359 core:WithinOneYear 2022-02-28 13198359 core:AfterOneYear 2023-02-28 13198359 core:AfterOneYear 2022-02-28 13198359 core:ShareCapital 2023-02-28 13198359 core:ShareCapital 2022-02-28 13198359 core:RetainedEarningsAccumulatedLosses 2023-02-28 13198359 core:RetainedEarningsAccumulatedLosses 2022-02-28 13198359 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 13198359 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 13198359 bus:SmallEntities 2022-03-01 2023-02-28 13198359 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 13198359 bus:FullAccounts 2022-03-01 2023-02-28 13198359 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 13198359 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 13198359 bus:OrdinaryShareClass1 2023-02-28 13198359 bus:OrdinaryShareClass1 2022-02-28
COMPANY REGISTRATION NUMBER: 13198359
Twenty Seven Property Limited
Filleted Unaudited Financial Statements
28 February 2023
Twenty Seven Property Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
228,173
228,173
Current assets
Debtors
6
30,074
26,474
Cash at bank and in hand
633
904
--------
--------
30,707
27,378
Creditors: amounts falling due within one year
7
86,242
84,003
--------
--------
Net current liabilities
55,535
56,625
---------
---------
Total assets less current liabilities
172,638
171,548
Creditors: amounts falling due after more than one year
8
171,447
172,517
---------
---------
Net assets/(liabilities)
1,191
( 969)
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
1,091
( 1,069)
-------
-------
Shareholders funds/(deficit)
1,191
( 969)
-------
-------
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 comprehensive income has not been delivered.
For the year ending 28 February 2023 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 year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Twenty Seven Property Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
R Lindo
Director
Company registration number: 13198359
Twenty Seven Property Limited
Notes to the Financial Statements
Year ended 28 February 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 82-84 Moseley Street, Birmingham, United Kingdom, B12 0RT, 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 are prepared in pound sterling which is the financial currency of the company and rounded to the nearest £.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under FRS102.
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.
Income tax
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.
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.
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
A financial asset or a financial liability is recognised only when the entity 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. 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 (see hedge accounting policy). 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.
4. Average number of employees
The average number of employees during the financial statements was nil (2022: nil).
5. Tangible assets
Investment Properties
£
Cost
At 1 March 2022 and 28 February 2023
228,173
---------
Depreciation
At 1 March 2022 and 28 February 2023
---------
Carrying amount
At 28 February 2023
228,173
---------
At 28 February 2022
228,173
---------
6. Debtors
2023
2022
£
£
Other debtors
30,074
26,474
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,731
10,033
Accruals and deferred income
1,200
1,000
Corporation tax
741
Director loan accounts
78,570
72,970
--------
--------
86,242
84,003
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
171,447
172,517
---------
---------
The loans are secured over the properties of the company by way of fixed charge.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Related party transactions
Included within other debtors is a balance of £30,074 (2022: £26,474) owed from OOR Limited, a company is which R Lindo is also a director.