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REGISTERED NUMBER: 00594595 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

60 POLAND STREET LIMITED

60 POLAND STREET LIMITED (REGISTERED NUMBER: 00594595)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


60 POLAND STREET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: Ms A J Sinclair





SECRETARY: P Bamborough





REGISTERED OFFICE: 32 The Square
Gillingham
Dorset
SP8 4AR





REGISTERED NUMBER: 00594595 (England and Wales)





ACCOUNTANTS: Andrews and Palmer
Chartered Accountants
32 The Square
Gillingham
Dorset
SP8 4AR

60 POLAND STREET LIMITED (REGISTERED NUMBER: 00594595)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,096 -
Investment property 5 5,930,148 4,000,000
5,939,244 4,000,000

CURRENT ASSETS
Debtors 6 63,131 32,929
Cash at bank 20,562 639,690
83,693 672,619
CREDITORS
Amounts falling due within one year 7 355,374 191,015
NET CURRENT (LIABILITIES)/ASSETS (271,681 ) 481,604
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,667,563

4,481,604

CREDITORS
Amounts falling due after more than one
year

8

(20,000

)

(20,000

)

PROVISIONS FOR LIABILITIES (1,226,159 ) (356,501 )
NET ASSETS 4,421,404 4,105,103

CAPITAL AND RESERVES
Called up share capital 9 600 600
Undistributable reserves 10 3,671,655 3,539,039
Retained earnings 10 749,149 565,464
SHAREHOLDERS' FUNDS 4,421,404 4,105,103

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

60 POLAND STREET LIMITED (REGISTERED NUMBER: 00594595)

BALANCE SHEET - continued
30 JUNE 2023


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

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 1 March 2024 and were signed by:





Ms A J Sinclair - Director


60 POLAND STREET LIMITED (REGISTERED NUMBER: 00594595)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

60 Poland Street 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents the fair value of rental income receivable during the year, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance

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.

Financial instruments
Basic financial instruments are measured at amortised cost. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes 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.

Finance costs
Finance costs relating to the interest on the preference shares are charged to the profit and loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

60 POLAND STREET LIMITED (REGISTERED NUMBER: 00594595)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 28,913 258,122 - 287,035
Additions - 1,000 10,995 11,995
At 30 June 2023 28,913 259,122 10,995 299,030
DEPRECIATION
At 1 July 2022 28,913 258,122 - 287,035
Charge for year - 150 2,749 2,899
At 30 June 2023 28,913 258,272 2,749 289,934
NET BOOK VALUE
At 30 June 2023 - 850 8,246 9,096
At 30 June 2022 - - - -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 4,000,000
Additions 930,148
Revaluations 1,000,000
At 30 June 2023 5,930,148
NET BOOK VALUE
At 30 June 2023 5,930,148
At 30 June 2022 4,000,000

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2016 3,895,540
Valuation in 2023 1,000,000
Cost 1,034,608
5,930,148

60 POLAND STREET LIMITED (REGISTERED NUMBER: 00594595)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

30.6.23 30.6.22
£    £   
Cost 1,034,608 104,460
Aggregate depreciation (68,733 ) (48,041 )

Investment property was valued on an open market basis on 30 June 2023 by the Director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 25,384 22,595
Other debtors 33,500 10,334
Prepayments 4,247 -
63,131 32,929

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 1,009 2,461
Tax 45,890 33,706
VAT 12,452 10,956
Other creditors 28,294 33,993
Directors' current accounts 265,479 105,299
Accrued expenses 2,250 4,600
355,374 191,015

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Preference shares 20,000 20,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 20,000 20,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
600 Ordinary £1 600 600

Non-equity shares:
The company has allotted 20,000 (2022 - 20,000) 8% preference shares of £1 each.

60 POLAND STREET LIMITED (REGISTERED NUMBER: 00594595)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

10. RESERVES
Retained Undistributable
earnings reserves Totals
£    £    £   

At 1 July 2022 565,464 3,539,039 4,104,503
Profit for the year 316,301 316,301
Revaluation (1,000,000 ) 1,000,000 -
Deferred tax 867,384 (867,384 ) -
At 30 June 2023 749,149 3,671,655 4,420,804

The Company's reserves are as follows:

Retained earnings
Retained earnings represents cumulative distributable profits or losses, net of dividends paid and other adjustments.

Undistributable reserves
Undistributable reserves represents the cumulative difference between the fair value of fixed assets carried at a valuation and their historic cost, net of relevant deferred taxation adjustments.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included with other debtors Note 7 is a loan of Nil (2022 - £10,193) made to Gottenham Farm Partnership, a partnership in which the director is a member. This loan is interest free, unsecured and repayable on demand.