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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Suite 1, First floor |
1 Duchess Street |
London |
W1W 6AN |
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Statement of Income and Retained Earnings |
2023 |
2022 |
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Note |
£ |
£ |
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Revenue |
4 |
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--------- |
--------- |
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Gross profit |
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Operating expenses |
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--------- |
--------- |
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Operating profit |
5 |
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Other expenses |
6 |
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--------- |
--------- |
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(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
(43,437) |
354,876 |
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--------- |
--------- |
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Tangible assets |
8 |
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Debtors |
9 |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
10 |
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------------ |
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Net current liabilities |
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------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
11 |
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------------ |
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Net assets |
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Other amounts |
12 |
32,764 |
143,593 |
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Members' capital classified as equity |
1,347,814 |
1,347,814 |
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Other reserves, including the fair value reserve |
– |
– |
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------------ |
------------ |
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1,380,578 |
1,491,407 |
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Loans and other debts due to members |
12 |
32,764 |
143,593 |
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Members' other interests |
1,347,814 |
1,347,814 |
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------------ |
------------ |
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1,380,578 |
1,491,407 |
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Statement of Financial Position (continued) |
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Designated Member |
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Statement of Cash Flows |
2023 |
2022 |
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£ |
£ |
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(Loss)/profit for the financial year |
(
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354,876 |
Adjustments for: |
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Fair value adjustment of investment property |
150,000 |
(205,000) |
Other expenses |
|
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Accrued income |
(
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(
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Changes in: |
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Trade and other debtors |
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(
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Trade and other creditors |
(
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--------- |
--------- |
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Cash generated from operations |
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Interest paid |
(
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(
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--------- |
--------- |
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Net cash from operating activities |
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--------- |
--------- |
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Repayment of capital or debt to members |
(67,391) |
(61,391) |
Proceeds from borrowings |
(
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(
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--------- |
--------- |
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Net cash used in financing activities |
(
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(
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--------- |
--------- |
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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
53,589 |
99,030 |
-------- |
-------- |
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Cash and cash equivalents at end of year |
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-------- |
-------- |
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Notes to the Financial Statements |
1. |
General information |
2. |
Statement of compliance |
3. |
Accounting policies |
4. |
Revenue |
2023 |
2022 |
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£ |
£ |
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Rental income |
258,965 |
254,432 |
Fair value adjustment of investment properties |
(150,000) |
205,000 |
--------- |
--------- |
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--------- |
--------- |
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5. |
Operating profit |
2023 |
2022 |
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£ |
£ |
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Impairment of trade debtors |
600 |
– |
---- |
---- |
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6. |
Other expenses |
2023 |
2022 |
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£ |
£ |
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Bank interest |
109,082 |
65,898 |
Other interest payable and similar charges |
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– |
--------- |
-------- |
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--------- |
-------- |
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7. |
Information in relation to members |
2023 |
2022 |
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No. |
No. |
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Average number of members |
2 |
2 |
---- |
---- |
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8. |
Tangible assets |
Investment Property |
Total |
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£ |
£ |
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Cost or valuation |
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At 1 January 2023 |
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Revaluations |
(
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(
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------------ |
------------ |
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At 31 December 2023 |
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------------ |
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Depreciation |
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At 1 January 2023 and 31 December 2023 |
– |
– |
------------ |
------------ |
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Carrying amount |
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At 31 December 2023 |
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------------ |
------------ |
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At 31 December 2022 |
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------------ |
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9. |
Debtors |
2023 |
2022 |
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£ |
£ |
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Trade debtors |
|
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Prepayments and accrued income |
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Other debtors |
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-------- |
-------- |
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-------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
– |
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Accruals and deferred income |
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Social security and other taxes |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Security deposits payable |
14,225 |
18,275 |
-------- |
-------- |
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12. |
Loans and other debts due to members |
2023 |
2022 |
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£ |
£ |
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Amounts owed to members in respect of profits |
32,764 |
143,593 |
-------- |
--------- |
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13. |
Analysis of changes in net debt |
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
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£ |
£ |
£ |
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Cash at bank and in hand |
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28,324 |
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Debt due within one year |
(1,435,500) |
21,750 |
(1,413,750) |
------------ |
-------- |
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Net debt (before members' debt) |
(1,381,911) |
50,074 |
(1,331,837) |
------------ |
-------- |
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Loans and other debts due to members |
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Other amounts |
(143,593) |
110,829 |
(32,764) |
------------ |
--------- |
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Net debt |
(
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(
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------------ |
--------- |
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