2023-01-012023-12-312023-12-31false08895774ASSET (PANDORA ROAD NW6 NO. 2) 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ASSET (PANDORA ROAD NW6 NO. 2) LTD

Registered Number
08895774
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ASSET (PANDORA ROAD NW6 NO. 2) LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

B Dosanjh

Registered Address

Able House
61 Gorst Road
London
NW10 6LS

Registered Number

08895774 (England and Wales)
ASSET (PANDORA ROAD NW6 NO. 2) LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property31,400,0001,400,000
1,400,0001,400,000
Current assets
Debtors6060
6060
Creditors amounts falling due within one year4(442,882)(438,281)
Net current assets (liabilities)(442,822)(438,221)
Total assets less current liabilities957,178961,779
Creditors amounts falling due after one year5(798,685)(798,685)
Provisions for liabilities6(68,349)(68,349)
Net assets90,14494,745
Capital and reserves
Called up share capital1,0001,000
Profit and loss account89,14493,745
Shareholders' funds90,14494,745
The financial statements were approved and authorised for issue by the Director on 9 September 2024, and are signed on its behalf by:
B Dosanjh
Director
Registered Company No. 08895774
ASSET (PANDORA ROAD NW6 NO. 2) LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment properties
2.Average number of employees

20232022
Average number of employees during the year11
3.Investment property

£
Fair value at 01 January 231,400,000
At 31 December 231,400,000
4.Creditors: amounts due within one year

2023

2022

££
Other creditors441,882437,281
Accrued liabilities and deferred income1,0001,000
Total442,882438,281
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
5.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts798,685798,685
Total798,685798,685
Liabilities repayable in more than five years after the balance sheet date Commercial Acceptances Limited has a fixed and floating charge over the investment property as security against the loan.
6.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of going the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.

2023

2022

££
Net deferred tax liability (asset)68,34968,349
Total68,34968,349
7.Related party transactions
Transactions with related parties Name of related party - Asset (Pandora Road NW6) Limited Description of relationship between the parties - Parent company Description of transaction and general amounts involved - Loan Amount due from/(to) the related party £441,882 (2023), £437,281 (2022
8.Further information regarding the company's financial position
Profit and loss account - includes all current and prior period retained profits and losses.