(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 1-3 Cranmer Street, Long Eaton, Nottingham, England, NG10 1NJ. |
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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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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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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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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | | Equipment | 33% straight line | Motor Cars | |
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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) Fixed assets
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| Tangible £ | Investments Property £ | Totals £ | Cost | | | | As at 01 January 2023 | 550 | 521,870 | 522,420 | As at 31 December 2023 | 550 | 521,870 | 522,420 | Depreciation/Amortisation | | | | As at 01 January 2023 | 183 | - | 183 | For the year | 183 | - | 183 | As at 31 December 2023 | 366 | - | 366 | Net book value | | | | As at 31 December 2023 | 184 | 521,870 | 522,054 | As at 31 December 2022 | 367 | 521,870 | 522,237 |
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(6) Investment Properties
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FRS 102 1a requires deferred tax to account for assets subject to revaluation. consequently, no deferred tax was recognized on 31 December 2023 as there is no revaluation found during the year. |
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(7) Creditors > 1 year (Mortgage Loans)
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The Hampshire property mortgage is secured by the property known as 300 Uttoxeter New Road, Derby, DE22 3LN. |
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