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Company Registration No. 12145125 (England and Wales)
105 Park Road Ltd Unaudited accounts for the year ended 31 August 2023
105 Park Road Ltd Unaudited accounts Contents
Page
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105 Park Road Ltd Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investment property
2,000,000 
2,000,000 
Current assets
Cash at bank and in hand
4,066 
6,263 
Creditors: amounts falling due within one year
(68,619)
(64,341)
Net current liabilities
(64,553)
(58,078)
Total assets less current liabilities
1,935,447 
1,941,922 
Creditors: amounts falling due after more than one year
(1,286,716)
(1,290,419)
Provisions for liabilities
Deferred tax
(165,583)
(165,583)
Net assets
483,148 
485,920 
Capital and reserves
Called up share capital
100 
100 
Revaluation reserve
705,904 
705,904 
Profit and loss account
(222,856)
(220,084)
Shareholders' funds
483,148 
485,920 
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 March 2024 and were signed on its behalf by
Karan Singh Gulati Director Company Registration No. 12145125
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105 Park Road Ltd Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
105 Park Road Ltd is a private company, limited by shares, registered in England and Wales, registration number 12145125. The registered office is 71-75 SHELTON STREET, LONDON, GREATER LONDON, WC2H 9JQ, UNITED KINGDOM.
2
Compliance with accounting standards
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
Taxation
Tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Going concern
In accordance with their responsibilities as director, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. With the continuing financial support from the shareholders, the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgement, estimates and assumptions that affect the amounts reported. These estimates and judgement 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. The items in the financial statements where these judgement and estimates include assessing the carrying value of investments, recoverability of debtors, current and deferred taxation, depreciation of tangible fixed assets.
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105 Park Road Ltd Notes to the Accounts for the year ended 31 August 2023
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental Income The Rent receivable from the letting of its own properties is recognised on a receivable basis.
Investment property
Investment property is initially recorded at cost, which includes purchase price and directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
4
Investment property
2023 
£ 
Fair value at 1 September 2022
2,000,000 
At 31 August 2023
2,000,000 
Investment property consists of freehold property and is measured at cost, comprising the original purchase price, any directly attributable expenditure and development cost.
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
650 
- 
Other creditors
67,512 
63,134 
Loans from directors
457 
557 
Accruals
- 
650 
68,619 
64,341 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
1,286,716 
1,290,419 
The company's borrowings are secured by a legal charge on the company's fixed assets.
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105 Park Road Ltd Notes to the Accounts for the year ended 31 August 2023
7
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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