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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
349,970
349,970
349,970
744,693
392,288
92,558
1,044,423
1,044,423
744,693
xbrli:pure
xbrli:shares
iso4217:GBP
11178923
2022-04-01
2023-03-31
11178923
2023-03-31
11178923
2021-04-01
2022-03-31
11178923
2022-03-31
11178923
bus:Director3
2022-04-01
2023-03-31
11178923
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-04-01
2023-03-31
11178923
core:AfterOneYear
2023-03-31
11178923
core:WithinOneYear
2023-03-31
11178923
core:WithinOneYear
2022-03-31
11178923
core:ShareCapital
2023-03-31
11178923
core:ShareCapital
2022-03-31
11178923
core:RetainedEarningsAccumulatedLosses
2023-03-31
11178923
core:RetainedEarningsAccumulatedLosses
2022-03-31
11178923
core:CostValuation
core:Non-currentFinancialInstruments
2022-03-31
11178923
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2023-03-31
11178923
core:Non-currentFinancialInstruments
core:OtherIncreaseDecreaseInInvestments
2023-03-31
11178923
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
11178923
core:Non-currentFinancialInstruments
2023-03-31
11178923
core:Non-currentFinancialInstruments
2022-03-31
11178923
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
11178923
bus:SmallEntities
2022-04-01
2023-03-31
11178923
bus:AuditExempt-NoAccountantsReport
2022-04-01
2023-03-31
11178923
bus:FullAccounts
2022-04-01
2023-03-31
11178923
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
11178923
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
11178923
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2023
FIXED ASSETS
Tangible assets |
5 |
|
349,970 |
|
– |
Investments |
6 |
|
1,044,423 |
|
744,693 |
|
|
------------- |
|
---------- |
|
|
1,394,393 |
|
744,693 |
|
|
|
|
|
|
CURRENT ASSETS
Debtors |
7 |
2,211 |
|
930 |
|
Cash at bank and in hand |
120,536 |
|
435,434 |
|
|
---------- |
|
---------- |
|
|
122,747 |
|
436,364 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
(
986,715) |
|
(
900,639) |
|
|
---------- |
|
---------- |
|
NET CURRENT LIABILITIES |
|
(
863,968) |
|
(
464,275) |
|
|
------------- |
|
---------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
530,425 |
|
280,418 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
|
(
239,763) |
|
– |
|
|
---------- |
|
---------- |
NET ASSETS |
|
290,662 |
|
280,418 |
|
|
---------- |
|
---------- |
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
5,040 |
|
5,040 |
Profit and loss account |
|
285,622 |
|
275,378 |
|
|
---------- |
|
---------- |
SHAREHOLDERS FUNDS |
|
290,662 |
|
280,418 |
|
|
---------- |
|
---------- |
|
|
|
|
|
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 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 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) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
28 March 2024
, and are signed on behalf of the board by:
Company registration number:
11178923
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 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
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern notwithstanding the uncertainty relating to Covid-19 and Brexit. The directors considers this to be appropriate having regard to the continued provision of financial support by the directors.
Disclosure exemptions
In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under Section 1A of FRS102 in respect of the following disclosures: - Reconciliation of the number of shares outstanding from the beginning to the end of the period; - Cash Flow Statement and related notes; - Key Management Personnel compensation; and - Basic and Other Financial Instruments.
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with the provisions of FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies.
Turnover
The turnover of the company is represented by rents receivable in respect of its investment in various property syndicates.
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.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in joint ventures
Investments in joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entry after deducting all of its financial liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
3
).
5.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 April 2022 |
– |
Additions |
349,970 |
|
---------- |
At 31 March 2023 |
349,970 |
|
---------- |
Carrying amount |
|
At 31 March 2023 |
349,970 |
|
---------- |
At 31 March 2022 |
– |
|
---------- |
|
|
6.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 April 2022 |
744,693 |
Movements in the year |
392,288 |
Distributions |
(
92,558) |
|
------------- |
At 31 March 2023 |
1,044,423 |
|
------------- |
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
|
------------- |
|
|
Carrying amount |
|
At 31 March 2023 |
1,044,423 |
|
------------- |
At 31 March 2022 |
744,693 |
|
------------- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
2,211 |
930 |
|
------- |
---- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Corporation tax |
20,198 |
45,172 |
Other creditors |
966,517 |
855,467 |
|
---------- |
---------- |
|
986,715 |
900,639 |
|
---------- |
---------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
239,763 |
– |
|
---------- |
---- |
|
|
|