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Company No: 11772017 (England and Wales)

141 KING STREET MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

141 KING STREET MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

141 KING STREET MANAGEMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
141 KING STREET MANAGEMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 31.07.2023 31.07.2022
£ £
Fixed assets
Investment property 3 30,000 30,000
30,000 30,000
Current assets
Stocks 0 26,605
Debtors 4 240,734 222,326
Cash at bank and in hand 5 540,661 401,462
781,395 650,393
Creditors: amounts falling due within one year 6 ( 811,394) ( 701,147)
Net current liabilities (29,999) (50,754)
Total assets less current liabilities 1 (20,754)
Net assets/(liabilities) 1 ( 20,754)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 0 ( 20,755 )
Total shareholder's funds/(deficit) 1 ( 20,754)

For the financial year ending 31 July 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 financial statements of 141 King Street Management Company Limited (registered number: 11772017) were approved and authorised for issue by the Director. They were signed on its behalf by:

J Burton
Director

26 July 2024

141 KING STREET MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
141 KING STREET MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 instruments

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.

2. Employees

Year ended
31.07.2023
Period from
01.02.2021 to
31.07.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 August 2022 30,000
As at 31 July 2023 30,000

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

4. Debtors

31.07.2023 31.07.2022
£ £
Trade debtors 6,713 5,642
Prepayments and accrued income 6,985 2,098
VAT recoverable 879 839
Other debtors 226,157 213,747
240,734 222,326

Included within other debtors is a loan due from Grandstand Developments Ltd, a company controlled by Mr J Burton, totaling £204,827 (2022: £213,747).

5. Cash and cash equivalents

31.07.2023 31.07.2022
£ £
Cash at bank and in hand 540,661 401,462

6. Creditors: amounts falling due within one year

31.07.2023 31.07.2022
£ £
Trade creditors 608 570
Amounts owed to director 179,959 179,959
Accruals and deferred income 624,280 514,186
Other creditors 6,547 6,432
811,394 701,147

Included within other creditors due within one year is a loan due to Framingham House Investments Ltd, a company controlled by Mr J Burton, totaling £6,547 (2022: £6,432).

7. Called-up share capital

31.07.2023 31.07.2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Ultimate controlling party

Mr J Burton is the controlling party of 141 King Street Management Company Ltd by way of his 100% shareholding.