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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
491,643
491,643
491,643
xbrli:pure
xbrli:shares
iso4217:GBP
05312621
2023-01-01
2023-12-31
05312621
2023-12-31
05312621
2022-12-31
05312621
bus:Director1
2023-01-01
2023-12-31
05312621
core:WithinOneYear
2023-12-31
05312621
core:WithinOneYear
2022-12-31
05312621
core:AfterOneYear
2023-12-31
05312621
core:AfterOneYear
2022-12-31
05312621
core:ShareCapital
2023-12-31
05312621
core:ShareCapital
2022-12-31
05312621
core:RetainedEarningsAccumulatedLosses
2023-12-31
05312621
core:RetainedEarningsAccumulatedLosses
2022-12-31
05312621
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
05312621
core:Non-currentFinancialInstruments
2023-12-31
05312621
core:Non-currentFinancialInstruments
2022-12-31
05312621
bus:SmallEntities
2023-01-01
2023-12-31
05312621
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
05312621
bus:FullAccounts
2023-01-01
2023-12-31
05312621
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
05312621
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
05312621
Statement of Financial Position |
|
31 December 2023
Fixed assets
Investments |
4 |
|
491,643 |
491,643 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
3,755 |
|
5,417 |
|
|
|
|
Creditors: amounts falling due within one year |
5 |
(
232,042) |
|
(
231,946) |
|
--------- |
|
--------- |
Net current liabilities |
|
(
228,287) |
(
226,529) |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
263,356 |
265,114 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
(
121,586) |
(
128,571) |
|
|
--------- |
--------- |
Net assets |
|
141,770 |
136,543 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
141,769 |
136,542 |
|
|
--------- |
--------- |
Shareholders funds |
|
141,770 |
136,543 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
12 June 2024
, and are signed on behalf of the board by:
Mr Alykhan Kassam |
Director |
|
Company registration number:
05312621
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 144 - 146 Kings Cross Road, London, WC1X 9DU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
Revenue recognition
The turnover shown in the profit and loss account represents rental income for the year
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
491,643 |
|
--------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 December 2023 |
491,643 |
|
--------- |
At 31 December 2022 |
491,643 |
|
--------- |
|
|
The directors confirm that the investment properties are stated at their fair value at the balance sheet date.
5.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
6,854 |
6,598 |
Corporation tax |
1,226 |
1,471 |
Other creditors |
223,962 |
223,877 |
|
--------- |
--------- |
|
232,042 |
231,946 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
121,586 |
128,571 |
|
--------- |
--------- |
|
|
|
The bank loan has first legal charge over the company's freehold properties.
7.
Related party transactions
The company was under the control of Mr A Kassam throughout the year. Mr A Kassam is a director and shareholder of the company. During the year, the company received £18,000 (2022: £18,000) rental income from Serena Investment Limited, which was controlled by the company's directors. The terms were at normal business terms. Also at balance sheet date, the company owed following sums to the companies under the control of the company's directors, which are shown as other creditors in the Balance Sheet:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Keenoak Limited |
2,478 |
2,478 |
|
Serena Investments Limited |
47,638 |
47,638 |
|
Kas No.1 Limited |
2,800 |
2,800 |
|
Carlton Hotels & Leisure Limited |
49,000 |
49,000 |
|
Kas Holdings Ltd |
105,399 |
105,399 |
|
|
|
|