COMPANY REGISTRATION NUMBER:
12824183
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
Year ended 31 August 2023
Notes to the financial statements |
2 |
|
|
31 August 2023
FIXED ASSETS
Tangible assets |
4 |
585,225 |
462,225 |
|
|
|
|
CURRENT ASSETS
Debtors |
5 |
18,479 |
15,394 |
Cash at bank and in hand |
37,174 |
9,475 |
|
-------- |
-------- |
|
55,653 |
24,869 |
|
|
|
|
CREDITORS: amounts falling due within one year |
6 |
(
504,558) |
(
360,866) |
|
--------- |
--------- |
NET CURRENT LIABILITIES |
(
448,905) |
(
335,997) |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
136,320 |
126,228 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
7 |
(
192,245) |
(
192,245) |
|
--------- |
--------- |
NET LIABILITIES |
(
55,925) |
(
66,017) |
|
--------- |
--------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
100 |
100 |
Profit and loss account |
(
56,025) |
(
66,117) |
|
-------- |
-------- |
SHAREHOLDERS FUNDS |
(
55,925) |
(
66,017) |
|
-------- |
-------- |
|
|
|
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 profit and loss account has not been delivered.
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.
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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
16 April 2024
, and are signed on behalf of the board by:
Company registration number:
12824183
NOTES TO THE FINANCIAL STATEMENTS |
|
Year ended 31 August 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 Cedar House, Hazell Drive, Newport, NP10 8FY.
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 accounts show that the company had net liabilities of £55,925 at the balance sheet date. The director has therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of support from the director. Were this support not available, the company may not be able to continue trading. The director is confident that the company will be able to meet its obligations for at least the next twelve months with their continuing support. They therefore consider it appropriate to prepare the accounts on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Investment property
Investment properties are shown at their open market value. The surplus or deficit arising from the annual 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 on 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.
This is in accordance with FRS102 which unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
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.
4.
TANGIBLE ASSETS
|
Investment property |
|
£ |
Cost |
|
At 1 September 2022 |
|
Additions |
|
|
--------- |
At 31 August 2023 |
|
|
--------- |
Depreciation |
|
At 1 September 2022 and 31 August 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 August 2023 |
|
|
--------- |
At 31 August 2022 |
|
|
--------- |
|
|
The Company's investment property were valued at the year end by the directors. The valuation method used is that of open market value.
5.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
18,479 |
15,394 |
|
-------- |
-------- |
|
|
|
6.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Other loans |
165,000 |
|
Other creditors |
339,558 |
195,865 |
|
--------- |
--------- |
|
504,558 |
360,866 |
|
--------- |
--------- |
|
|
|
7.
CREDITORS:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
192,245 |
192,245 |
|
--------- |
--------- |
|
|
|
The liability with amounts falling due after more than five years is an interest only loan which ends in November 2055. The interest is currently fixed at 3.99% until November 2025 where it will change to a variable rate. This liability is secured over the assets to which the loan relates.
Included within creditors: amounts falling due after more than one year is an amount of £192,245 (2022: £192,245) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8.
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included in other creditors is an amount of £312,815 (2022: £181,737) owed to the director. The loan is interest free and repayable on demand.