Company No:
Contents
Note | 31.07.2023 | 31.07.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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30,000 | 30,000 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand | 5 |
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781,395 | 650,393 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (29,999) | (50,754) | ||
Total assets less current liabilities | 1 | (20,754) | ||
Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholder's funds/(deficit) |
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Director's responsibilities:
The financial statements of 141 King Street Management Company Limited (registered number:
J Burton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
141 King Street Management Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Atrium House, Loddon Business Park Little Money Road, Loddon, Norwich, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Year ended 31.07.2023 |
Period from 01.02.2021 to 31.07.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 August 2022 |
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As at 31 July 2023 |
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The valuations were made by the Director, on an open market value for existing use basis.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Historic cost | 30,000 | 30,000 |
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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VAT recoverable |
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Other debtors |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Cash at bank and in hand |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to director |
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Accruals and deferred income |
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Other creditors |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Mr J Burton is the controlling party of 141 King Street Management Company Ltd by way of his 100% shareholding.