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Registered number: 12225224


42 DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
42 DEVELOPMENTS LIMITED
REGISTERED NUMBER: 12225224

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
718,503
709,331

Debtors: amounts falling due within one year
 3 
194
2

Cash at bank and in hand
 4 
27,853
55,132

  
746,550
764,465

Creditors: amounts falling due within one year
 5 
(748,417)
(753,764)

Net current (liabilities)/assets
  
 
 
(1,867)
 
 
10,701

Total assets less current liabilities
  
(1,867)
10,701

  

Net (liabilities)/assets
  
(1,867)
10,701


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(1,869)
10,699

  
(1,867)
10,701


Page 1

 
42 DEVELOPMENTS LIMITED
REGISTERED NUMBER: 12225224
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

For the year ended 30 September 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

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 director acknowledges his 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 income and retained earnings 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 by: 




................................................
Andrew Budgen
Director

Date: 11 September 2024

The notes on pages 3 to 5 form part of these financial statements.
Page 2

 
42 DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

42 Developments Limited is a private company, limited by shares, domiciled in England and Wales, registration number 12225224. The registered office is 1 Vincent Square, London, England, SW1P 2PN. 

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.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Taxation

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.

Page 3

 
42 DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

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.

 
2.7

Creditors

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.


3.


Debtors

2023
2022
£
£


Other debtors
194
2

194
2



4.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
27,853
55,132

27,853
55,132


Page 4

 
42 DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
-
2,510

Other creditors
741,937
746,934

Accruals and deferred income
6,480
4,320

748,417
753,764



6.


Related party transactions

Included within other creditors due within one year is a balance of £741,939 (2022: £746,934) due to A Budgen, the director of the company.

 
Page 5