Contents of the Financial Statements
for the Period Ended 31 July 2023
Balance sheet
As at 31 July 2023
| Notes | 13 months to 31 July 2023 |
| | £ |
Fixed assets |
Investments: | 3 | 167,446 |
Total fixed assets: | | 167,446 |
Current assets |
Debtors: | 4 | 1,266 |
Cash at bank and in hand: | | 495 |
Total current assets: | | 1,761 |
Creditors: amounts falling due within one year: | 5 | (60,471) |
Net current assets (liabilities): | | (58,710) |
Total assets less current liabilities: | | 108,736 |
Creditors: amounts falling due after more than one year: | 6 | (113,495) |
Total net assets (liabilities): | | (4,759) |
Capital and reserves |
Called up share capital: | | 4 |
Profit and loss account: | | (4,763) |
Shareholders funds: | | (4,759) |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 July 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 15 March 2024
and signed on behalf of the board by:
Name: Caroline Scott
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 July 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Other accounting policies
InvestmentsInvestment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. Changes in fair value are recognised in the profit and loss.Cash at bank and in handCash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments” and Section 12 ‘Other Financial Instruments’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally 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.Basic financial instrumentsBasic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial 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 company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised,Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.Deferred tax Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. Judgements and key sources of estimation uncertaintyIn the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Notes to the Financial Statements
for the Period Ended 31 July 2023
2. Employees
| 13 months to 31 July 2023 |
Average number of employees during the period | 0 |
Notes to the Financial Statements
for the Period Ended 31 July 2023
3. Fixed investments
The Company acquired an investment property during the year for £167,446 and the acquisition cost of the property acquired is considered to be a reasonable estimate of its market value at the balance sheet date.
Notes to the Financial Statements
for the Period Ended 31 July 2023
4. Debtors
| 13 months to 31 July 2023 |
| £ |
Debtors due after more than one year: | 0 |
Notes to the Financial Statements
for the Period Ended 31 July 2023
5. Creditors: amounts falling due within one year note
Included within creditors - amounts falling due within one year is a loan from one of the Company's directors. The loan is unsecured and repayable on demand.
Notes to the Financial Statements
for the Period Ended 31 July 2023
6. Creditors: amounts falling due after more than one year note
The loan is secured by a legal charge held over the Company’s investment property.
Notes to the Financial Statements
for the Period Ended 31 July 2023
7. Post balance sheet events
No events after the balance sheet date have occurred.