Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30falseproperty investment42022-12-01false4falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05240910 2022-12-01 2023-11-30 05240910 2021-12-01 2022-11-30 05240910 2023-11-30 05240910 2022-11-30 05240910 2021-12-01 05240910 c:Director3 2022-12-01 2023-11-30 05240910 d:FreeholdInvestmentProperty 2022-12-01 2023-11-30 05240910 d:FreeholdInvestmentProperty 2023-11-30 05240910 d:FreeholdInvestmentProperty 2022-11-30 05240910 d:FreeholdInvestmentProperty 2 2022-12-01 2023-11-30 05240910 d:CurrentFinancialInstruments 2023-11-30 05240910 d:CurrentFinancialInstruments 2022-11-30 05240910 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 05240910 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 05240910 d:ShareCapital 2023-11-30 05240910 d:ShareCapital 2022-11-30 05240910 d:InvestmentPropertiesRevaluationReserve 2022-12-01 2023-11-30 05240910 d:InvestmentPropertiesRevaluationReserve 2023-11-30 05240910 d:InvestmentPropertiesRevaluationReserve 2022-11-30 05240910 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 05240910 d:RetainedEarningsAccumulatedLosses 2023-11-30 05240910 d:RetainedEarningsAccumulatedLosses 2022-11-30 05240910 c:FRS102 2022-12-01 2023-11-30 05240910 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 05240910 c:FullAccounts 2022-12-01 2023-11-30 05240910 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05240910 d:OtherDeferredTax 2023-11-30 05240910 d:OtherDeferredTax 2022-11-30 05240910 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 05240910









INKTOWN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
INKTOWN LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
INKTOWN LIMITED
REGISTERED NUMBER: 05240910

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
750,000
700,000

  
750,000
700,000

Current assets
  

Debtors: amounts falling due within one year
 5 
200
200

Cash at bank and in hand
 6 
57,935
34,516

  
58,135
34,716

Creditors: amounts falling due within one year
 7 
(8,614)
(4,585)

Net current assets
  
 
 
49,521
 
 
30,131

Total assets less current liabilities
  
799,521
730,131

Provisions for liabilities
  

Deferred tax
 8 
(187,500)
(175,000)

  
 
 
(187,500)
 
 
(175,000)

Net assets
  
612,021
555,131


Capital and reserves
  

Called up share capital 
  
200
200

Investment property reserve
 9 
562,500
525,000

Profit and loss account
 9 
49,321
29,931

  
612,021
555,131


Page 1

 
INKTOWN LIMITED
REGISTERED NUMBER: 05240910
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.




S Mattey
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
INKTOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Inktown Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 05240910. The address of the registered office is Lawrence House, Goodwyn Avenue, Mill Hill, London, NW7 3RH. The principal activity of the company is that of property investment. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in pound sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents rental and ancillary income from properties for the period.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
INKTOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate.
Sums received for lease extensions have been deducted from the original cost where the company owns the relevant freehold reversions until the original cost is extinguished. Sums received for subsequent lease extensions are taken directly to profit and loss account.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 4

 
INKTOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 5

 
INKTOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
700,000


Disposals
(13,250)


Surplus on revaluation
63,250



At 30 November 2023
750,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2023
2022
£
£


Other debtors
200
200

200
200



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
57,935
34,516

57,935
34,516



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
5,795
1,764

Accruals and deferred income
2,819
2,821

8,614
4,585


Page 6

 
INKTOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(175,000)
(175,000)


Charged to profit or loss
(12,500)
-



At end of year
(187,500)
(175,000)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movements
(187,500)
(175,000)

(187,500)
(175,000)


9.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments.

Profit & loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.

 
Page 7