(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 Dns House, 382 Kenton Road, Harrow, Middlesex, HA3 8DP. |
|
|
(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. |
|
Borrowing costs
|
|
All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
|
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 | 33% 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. |
|
|
Current Tax
|
|
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
|
|
|
(4) Employees
|
During the year, the average number of employees including director was 0 (2022 : 0). |
|
|
|
(5) Related party transactions
|
Transactions with companies, that are under common control or influence, were as follows: Selli Holding Ltd: At the reporting date, the company owed £6,227 (2022: £22,508) regarding a short-term interest-free loan repayable on demand. |
|
|
(6) Fixed assets
|
| Tangible £ | Investments Property £ | Totals £ | Cost | | | | As at 01 December 2022 | 5,249 | 552,915 | 558,164 | As at 30 November 2023 | 5,249 | 552,915 | 558,164 | Depreciation/Amortisation | | | | As at 01 December 2022 | 2,639 | - | 2,639 | For the year | 1,009 | - | 1,009 | As at 30 November 2023 | 3,648 | - | 3,648 | Net book value | | | | As at 30 November 2023 | 1,601 | 552,915 | 554,516 | As at 30 November 2022 | 2,610 | 552,915 | 555,525 |
|
|
|
(7) Investment Properties
|
FRS 102 1a requires deferred tax to be accounted for assets that are subject to revaluation. Consequently, no deferred tax was recognized on 30 November 2023 as there were no revaluations found during the year. |
|
|
(8) Creditors > 1 year (Mortgage loan)
|
The mortgage loan is secured by the investment properties. |
|