COMPANY REGISTRATION NUMBER:
08351292
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
Year ended 31 January 2024
Notes to the financial statements |
3 |
|
|
31 January 2024
FIXED ASSETS
Tangible assets |
5 |
1,875,000 |
1,875,000 |
|
|
|
|
CURRENT ASSETS
Debtors |
6 |
157,731 |
167,917 |
Cash at bank and in hand |
475,305 |
81,803 |
|
--------- |
--------- |
|
633,036 |
249,720 |
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
(
677,601) |
(
164,176) |
|
--------- |
--------- |
NET CURRENT (LIABILITIES)/ASSETS |
(
44,565) |
85,544 |
|
------------ |
------------ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,830,435 |
1,960,544 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
8 |
– |
(
523,062) |
|
|
|
|
PROVISIONS |
(
9,584) |
(
9,584) |
|
------------ |
------------ |
NET ASSETS |
1,820,851 |
1,427,898 |
|
------------ |
------------ |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
100 |
100 |
Fair value reserve |
41,047 |
41,047 |
Profit and loss account |
1,779,704 |
1,386,751 |
|
------------ |
------------ |
SHAREHOLDERS FUNDS |
1,820,851 |
1,427,898 |
|
------------ |
------------ |
|
|
|
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 January 2024 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
.
BALANCE SHEET (continued) |
|
31 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
30 July 2024
, and are signed on behalf of the board by:
Company registration number:
08351292
NOTES TO THE FINANCIAL STATEMENTS |
|
Year ended 31 January 2024
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 20, Pant Glas Industrial Estate, Bedwas, Caerphilly, CF83 8DR.
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.
Turnover
Turnover is measured at the fair value of the consideration received for the rental of its investment property, net of discounts and of 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. 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 transferred to the fair value reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
5.
TANGIBLE ASSETS
|
Investment property |
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
1,875,000 |
|
------------ |
Depreciation |
|
At 1 February 2023 and 31 January 2024 |
– |
|
------------ |
Carrying amount |
|
At 31 January 2024 |
1,875,000 |
|
------------ |
At 31 January 2023 |
1,875,000 |
|
------------ |
|
|
The Investment Property has been valued on the basis of open market value by the director,
Mr M J Moody
, at the year end.
Tangible fixed assets with a carrying value of £1,875,000 (2023 - £1,875,000) are pledged as security for the company's bank loans.
6.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
6,000 |
5,800 |
Other debtors |
151,731 |
162,117 |
|
--------- |
--------- |
|
157,731 |
167,917 |
|
--------- |
--------- |
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
522,469 |
30,189 |
Trade creditors |
– |
1,007 |
Corporation tax |
124,315 |
101,641 |
Social security and other taxes |
29,467 |
29,497 |
Other creditors |
1,350 |
1,842 |
|
--------- |
--------- |
|
677,601 |
164,176 |
|
--------- |
--------- |
|
|
|
Included within bank loans due within one year is an amount of £522,469 (2023 - £30,189) secured by the investment property held by the company.
8.
CREDITORS:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
– |
523,062 |
|
---- |
--------- |
|
|
|
Included within bank loans due after more than one year is an amount of £Nil (2023 - £523,062) secured by the investment property held by the company.
9.
RELATED PARTY TRANSACTIONS
Included within debtors is £150,000 (2023 - £159,625) due from companies related by common control. During the year the company received rental income totalling £563,921 (2023 - £562,021) from companies related by common control.