(1) General Information
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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. |
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(2) Statement of compliance
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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. |
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(3) Significant Accounting Policies
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Basis of Preparation
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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. |
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Rental income
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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. |
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Borrowing costs
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All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Financial instruments
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The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. |
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Other financial liabilities
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Other financial liabilities are subsequently measured at amortised cost using the effective interest method. |
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Trade and other payables
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Trade and other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Deferred Tax
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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. |
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(4) Employees
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During the year, the average number of employees including director was 0 (2022 : 0). |
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(5) Related party transactions
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Transactions with companies, which are under common control or influence, were as follows:
Cibo Plazzo Limited: At the reporting date, £63,383 (2022: £52,617) was owed by Cibo Plazzo Limited regarding a short-term interest-free loan granted repayable on demand.
SW11 Cafe Limited: At the reporting date, £7,000 (2022: £7,000) was owed to SW11 Cafe Limited regarding a short-term interest-free loan repayable on demand.
SW17 Cafe Limited: At the reporting date, £380,500 (2022: £210,000) was owed to SW17 Cafe Limited regarding a short-term interest-free loan repayable on demand. |
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(6) Fixed assets
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| Investments Property £ | Cost | | As at 01 December 2022 | 3,470,913 | Additions | 1,119,145 | Revaluation | 2,239,942 | As at 30 November 2023 | 6,830,000 | Depreciation/Amortisation | | As at 30 November 2023 | - | Net book value | | As at 30 November 2023 | 6,830,000 | As at 30 November 2022 | 3,470,913 |
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(7) Investment Properties
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These financial statements for the year ended 30 November 2023 are the company's financial statements prepared per FRS 102 1a "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The property is being measured at fair value under FRS 102 1a and no fair value gains and losses are recognized during the year. |
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(8) Creditors > 1 year (Mortgage loan)
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The mortgage loans are secured on the investment properties. |
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