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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
11422621
2022-07-01
2023-06-30
11422621
2023-06-30
11422621
2022-06-30
11422621
2021-07-01
2022-06-30
11422621
2022-06-30
11422621
2021-06-30
11422621
core:FurnitureFittings
2022-07-01
2023-06-30
11422621
bus:Director1
2022-07-01
2023-06-30
11422621
core:WithinOneYear
2023-06-30
11422621
core:WithinOneYear
2022-06-30
11422621
core:FurnitureFittings
2022-06-30
11422621
core:LandBuildings
core:LongLeaseholdAssets
2023-06-30
11422621
core:FurnitureFittings
2023-06-30
11422621
core:AfterOneYear
2023-06-30
11422621
core:AfterOneYear
2022-06-30
11422621
core:ShareCapital
2023-06-30
11422621
core:ShareCapital
2022-06-30
11422621
core:RetainedEarningsAccumulatedLosses
2023-06-30
11422621
core:RetainedEarningsAccumulatedLosses
2022-06-30
11422621
core:LandBuildings
core:LongLeaseholdAssets
2022-06-30
11422621
core:FurnitureFittings
2022-06-30
11422621
bus:SmallEntities
2022-07-01
2023-06-30
11422621
bus:AuditExempt-NoAccountantsReport
2022-07-01
2023-06-30
11422621
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
11422621
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
11422621
bus:FullAccounts
2022-07-01
2023-06-30
11422621
core:AfterOneYear
2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
11422621
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Tangible assets |
4 |
749,678 |
751,113 |
|
|
|
|
Current assets
Debtors |
5 |
350 |
– |
Cash at bank and in hand |
15,367 |
10,348 |
|
-------- |
-------- |
|
15,717 |
10,348 |
|
|
|
|
Creditors: amounts falling due within one year |
|
|
Accruals and deferred income |
648 |
609 |
|
-------- |
-------- |
Net current assets |
15,069 |
9,739 |
|
--------- |
--------- |
Total assets less current liabilities |
764,747 |
760,852 |
|
|
|
Creditors: amounts falling due after more than one year |
6 |
764,338 |
764,405 |
|
--------- |
--------- |
Net assets/(liabilities) |
409 |
(
3,553) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
309 |
(
3,653) |
|
---- |
------- |
Shareholders funds/(deficit) |
409 |
(
3,553) |
|
---- |
------- |
|
|
|
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 30 June 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 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) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
10 March 2024
, and are signed on behalf of the board by:
Company registration number:
11422621
Notes to the Financial Statements |
|
Year ended 30 June 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 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
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.
Revenue recognition
Turnover is represented rental income received or receivable under the contractual terms of the tenancy agreements.
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 and fittings |
- |
10% straight line |
|
|
|
|
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. Debt instruments are subsequently measured at amortised cost. 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
Tangible assets
|
Long leasehold property |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 July 2022 and 30 June 2023 |
738,321 |
14,346 |
752,667 |
|
--------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 July 2022 |
– |
1,554 |
1,554 |
Charge for the year |
– |
1,435 |
1,435 |
|
--------- |
-------- |
--------- |
At 30 June 2023 |
– |
2,989 |
2,989 |
|
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 30 June 2023 |
738,321 |
11,357 |
749,678 |
|
--------- |
-------- |
--------- |
At 30 June 2022 |
738,321 |
12,792 |
751,113 |
|
--------- |
-------- |
--------- |
|
|
|
|
The costs of £738,321 shown under the "Long leasehold property" has included two leasehold apartments at no.613 and no.807 St Martins Place, 169 Broad Street, Birmingham, B15 1ED amounted to £706,269. These two leasehold apartments have been pledged to a financial institution, i.e Gatehouse Bank plc, for banking facilities under the "Diminishing Musharakah Agreement" whereby the legal ownership of the apartments are remained with Gatehouse Bank plc until the company fully repays its financial obligations of £425,617 to the bank.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
350 |
– |
|
---- |
---- |
|
|
|
6.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
425,617 |
425,684 |
Other creditors |
338,721 |
338,721 |
|
--------- |
--------- |
|
764,338 |
764,405 |
|
--------- |
--------- |
|
|
|
The total bank loans of £425,617 were secured by the company's leasehold properties at no.613 and no.807 St Martins Place, 169 Broad Street, Birmingham, B15 1ED. The amounts shown under the "Other Creditors" include amounts of £172,747 due to the company director, and the terms of director's loan are interest free, repayable on demand and unsecured.