(1) General Information
|
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 261 Southcroft Road, Streatham, London, SW16 6QT. |
|
|
(2) Statement of compliance
|
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
|
|
|
(3) Significant Accounting Policies
|
Basis of Preparation
|
|
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
|
Rental income
|
|
Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
|
Property, plant and equipment
|
|
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 25% reducing balance | Equipment | 33% straight line | Motor Cars | |
|
Taxation
|
|
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
|
|
Deferred Tax
|
|
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
|
Investment Properties
|
|
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognized in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an ongoing basis. |
|
|
|
(4) Employees
|
During the year, the average number of employees including director was 0 (2022 : 0). |
|
|
|
(5) Fixed assets
|
| Tangible £ | Investments Property £ | Totals £ | Cost | | | | As at 01 December 2022 | 8,080 | 650,000 | 658,080 | Revaluation | - | 230,000 | 230,000 | As at 30 November 2023 | 8,080 | 880,000 | 888,080 | Depreciation/Amortisation | | | | As at 01 December 2022 | 6,475 | - | 6,475 | For the year | 632 | - | 632 | As at 30 November 2023 | 7,107 | - | 7,107 | Net book value | | | | As at 30 November 2023 | 973 | 880,000 | 880,973 | As at 30 November 2022 | 1,605 | 650,000 | 651,605 |
|
|
|
(6) Investment properties revaluation
|
These financial statements for the year ended 30 November 2023 are the financial statements of the company prepared in accordance with FRS 102 1a "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The property is being measured at a fair value under FRS 102 1a and there are fair value gains of £230,000 during the year, we have charged a deferred tax of £43,700 upon it. |
|