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COMPANY REGISTRATION NUMBER: 04454466
INDIAN KINGS WALK 1 LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
INDIAN KINGS WALK 1 LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
2,961,330
2,915,648
Current assets
Debtors
5
110,893
68,292
Cash at bank and in hand
256,387
280,825
------------
------------
367,280
349,117
Creditors: amounts falling due within one year
6
( 1,119,359)
( 106,576)
------------
------------
Net current (liabilities)/assets
( 752,079)
242,541
------------
------------
Total assets less current liabilities
2,209,251
3,158,189
Creditors: amounts falling due after more than one year
7
( 1,040,170)
Provisions
Taxation including deferred tax
( 132,510)
( 132,117)
------------
------------
Net assets
2,076,741
1,985,902
------------
------------
Capital and reserves
Called up share capital
9
720,920
729,727
Share premium account
10
269,599
230,590
Un-distributable profit and loss reserve
10
237,646
237,646
Capital redemption reserve
10
570,488
535,675
Profit and loss account
10
278,088
252,264
------------
------------
Shareholders funds
2,076,741
1,985,902
------------
------------
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 comprehensive income 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
INDIAN KINGS WALK 1 LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
A T Hedworth KC
Director
Company registration number: 04454466
INDIAN KINGS WALK 1 LIMITED
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 C/O Armstrong Watson, First Floor, One Strawberry Lane, Newcastle upon Tyne, NE1 4BX.
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 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 represents rental income (licences to occupy) relating to the year, excluding value added tax.
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.
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:
Leasehold Property Improvements
-
Depreciated over lease period
Equipment, fixtures and fittings
-
15% straight line
Investment properties
Investment property is initially recorded at cost, which includes purchase price and any 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 or loss.
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.
4. Tangible assets
Freehold investment properties
Leasehold property improve- ments
Equipment, fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2022
2,915,000
98,878
3,013,878
Additions
46,632
46,632
------------
------------
------------
------------
At 30 June 2023
2,915,000
46,632
98,878
3,060,510
------------
------------
------------
------------
Depreciation
At 1 July 2022
98,230
98,230
Charge for the year
720
230
950
------------
------------
------------
------------
At 30 June 2023
720
98,460
99,180
------------
------------
------------
------------
Carrying amount
At 30 June 2023
2,915,000
45,912
418
2,961,330
------------
------------
------------
------------
At 30 June 2022
2,915,000
648
2,915,648
------------
------------
------------
------------
The investment property is included in the balance sheet on the basis of open market value for current use, based on the directors' valuation. The historic cost of the properties is £2,695,000 (2022: £2,695,000). The liability to corporation tax on chargeable gains that would arise, should the property be sold, is £nil (2022: £nil)
5. Debtors
2023
2022
£
£
Trade debtors
58,200
40,560
Other debtors
52,693
27,732
------------
------------
110,893
68,292
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,040,165
32,847
Corporation tax
30,762
36,748
Social security and other taxes
22,195
24,260
Other creditors
26,237
12,721
------------
------------
1,119,359
106,576
------------
------------
Included within creditors is a bank loan of £1,040,165 (2022: £1,073,017) secured on the assets of the company, including the freehold premises at 24 Ridley Place, Newcastle upon Tyne and The Custom House, Quayside, Newcastle upon Tyne.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,040,170
------------
------------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
132,510
132,117
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
720,920
720,920
729,727
729,727
------------
------------
------------
------------
During the year the company cancelled 34,813 of the company's own £1 ordinary share with a nominal value of £34,813 for a total consideration of £98,573. The company also allotted 26,006 £1 ordinary shares with a nominal value of £26,006 for a total consideration of £65,015.
10. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold. Un-distributable profit and loss reserve - This reserve records the fair value movements on the investment property valued above original cost. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Other financial commitments
As at 30 June 2023 Indian Kings Walk 1 Limited had future minimum lease payments under non-cancellable operating leases of £ 114,761 .
12. Related party transactions
Included within other debtors is an amount of £35,296 owed from Trinity Chambers (2022: £17,494). During the year the company continued to provide a guarantee over the overdraft facility of Trinity Chambers. The guarantee is secured on the freehold property of the company. As at 30 June 2023 the overdraft balance of Trinity Chambers was £nil (2022: £nil).