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COMPANY REGISTRATION NUMBER: 13167599
102 Developments Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
102 Developments Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
102 Developments Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
Mr A J Moore
Ms S P Moore
REGISTERED OFFICE
Oak Croft
The Close
Sway
Lymington
Hampshire
England
SO416ED
ACCOUNTANTS
Streets
Chartered accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
102 Developments Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
3,609,930
2,728,098
Current assets
Debtors
7
39,316
Cash at bank and in hand
3,436
10,928
-------
--------
3,436
50,244
Creditors: amounts falling due within one year
8
33,165
4,217
--------
--------
Net current (liabilities)/assets
( 29,729)
46,027
------------
------------
Total assets less current liabilities
3,580,201
2,774,125
Creditors: amounts falling due after more than one year
9
1,556,838
1,573,013
Provisions
243,678
47,745
------------
------------
Net assets
1,779,685
1,153,367
------------
------------
Capital and reserves
Called up share capital
300
300
Profit and loss account
1,779,385
1,153,067
------------
------------
Shareholders funds
1,779,685
1,153,367
------------
------------
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 January 2024 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 .
102 Developments Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
Mr A J Moore
Director
Company registration number: 13167599
102 Developments Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oak Croft, The Close, Sway, Lymington, Hampshire, SO416ED, England.
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.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents rents receivable by the company. Rent receivable on the investment properties are considered to be operating lease income and is included in the financial statements on an accruals basis.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
7,941
Deferred tax:
Origination and reversal of timing differences
195,933
47,745
---------
--------
Tax on profit
203,874
47,745
---------
--------
6. Tangible assets
Investment Property
£
Cost or valuation
At 1 February 2023
2,728,098
Additions
98,101
Revaluations
783,731
------------
At 31 January 2024
3,609,930
------------
Depreciation
At 1 February 2023 and 31 January 2024
------------
Carrying amount
At 31 January 2024
3,609,930
------------
At 31 January 2023
2,728,098
------------
The investment properties are valued annually by the director to fair value at the reporting date. The historical cost of the investment property is £1,620,219 (2023 - £1,522,118).
7. Debtors
2024
2023
£
£
Other debtors
39,316
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14
3,282
Social security and other taxes
7,941
Other creditors
25,210
935
--------
-------
33,165
4,217
--------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Related party creditors
1,556,838
1,573,013
------------
------------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
243,678
47,745
---------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
243,678
47,745
---------
--------