COMPANY REGISTRATION NUMBER:
13969147
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
PERIOD FROM 10 MARCH 2022 TO 31 MARCH 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 6 |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2023
FIXED ASSETS
Tangible assets |
5 |
|
11,000,000 |
|
|
|
|
CURRENT ASSETS
Debtors |
6 |
218,072 |
|
Cash at bank and in hand |
36,053 |
|
|
---------- |
|
|
254,125 |
|
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
(
7,792,956) |
|
|
------------- |
|
NET CURRENT LIABILITIES |
|
(
7,538,831) |
|
|
--------------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
3,461,169 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
8 |
|
(
2,495,330) |
|
|
|
|
PROVISIONS
Deferred tax |
9 |
|
(
338,000) |
|
|
------------- |
NET ASSETS |
|
627,839 |
|
|
------------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
100 |
Profit and loss account |
|
627,739 |
|
|
---------- |
SHAREHOLDER FUNDS |
|
627,839 |
|
|
---------- |
|
|
|
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 profit and loss account has not been delivered.
For the period ending 31 March 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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
7 March 2024
, and are signed on behalf of the board by:
Company registration number:
13969147
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 10 MARCH 2022 TO 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 New Burlington House, 1075 Finchley Road, London, NW11 0PU.
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
Notwithstanding the deficiency in net current assets of the company, the accounts have been prepared on a going concern basis having regard to support being provided from the parent undertaking and anticipated ongoing availability of finance.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The director does not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Taxation
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.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and Investment property fair value is determined by the director based on recent professional valuations and his understanding of property market conditions and the specific properties concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition.
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. Debt instruments are subsequently measured at amortised cost. 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. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to nil.
5.
TANGIBLE ASSETS
|
Investment property |
|
£ |
Fair value |
|
At 10 March 2022 |
– |
Additions |
9,647,904 |
Revaluations |
1,352,096 |
|
--------------- |
At 31 March 2023 |
11,000,000 |
|
--------------- |
Carrying amount |
|
At 31 March 2023 |
11,000,000 |
|
--------------- |
|
|
The company's investment property was valued by the director at 31 March 2023 based on his understanding of property market conditions and the specific property concerned, with reference to the valuations prepared by professional valuers from time to time. The historical cost of the property is £9,647,904.
6.
DEBTORS
|
31 Mar 23 |
|
£ |
Other debtors |
218,072 |
|
---------- |
|
|
Other debtors include £7,902 due from companies with a common director.
7.
CREDITORS:
amounts falling due within one year
|
31 Mar 23 |
|
£ |
Bank loans and overdrafts |
7,683,401 |
Trade creditors |
60,611 |
Other creditors |
48,944 |
|
------------- |
|
7,792,956 |
|
------------- |
|
|
Bank loans and overdrafts are secured over the investment property of the company and a debenture over all the assets of the company.
Other creditors include £33,965 due to a company with a common director.
8.
CREDITORS:
amounts falling due after more than one year
|
31 Mar 23 |
|
£ |
Amounts due to group undertakings |
1,683,750 |
Other creditors |
811,580 |
|
------------- |
|
2,495,330 |
|
------------- |
|
|
Other creditors comprise an amount due to a company with a common director.
9.
PROVISIONS
|
Deferred tax |
|
£ |
At 10 March 2022 |
– |
Additions |
338,000 |
|
---------- |
At 31 March 2023 |
338,000 |
|
---------- |
|
|
The provision for deferred tax is in relation to the revaluation of the investment properties.
10.
PARENT COMPANY AND CONTROLLING PARTY
The parent company is Malton Investments Limited. The Company has no controlling party.