OLD MILL RIVERSIDE MANSION LTD |
Registered number: |
11685499 |
Balance Sheet |
as at 30 November 2022 |
|
Notes |
|
|
2022 |
|
|
2021 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,332,281 |
|
|
2,331,948 |
|
Current assets |
Debtors |
4 |
|
1,590 |
|
|
2,385 |
Cash at bank and in hand |
|
|
1,373 |
|
|
8,376 |
|
|
|
2,963 |
|
|
10,761 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,986,744) |
|
|
(1,971,531) |
|
Net current liabilities |
|
|
|
(1,983,781) |
|
|
(1,960,770) |
|
Total assets less current liabilities |
|
|
|
348,500 |
|
|
371,178 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(907,687) |
|
|
(913,507) |
|
|
|
Net liabilities |
|
|
|
(559,187) |
|
|
(542,329) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
(559,188) |
|
|
(542,330) |
|
Shareholder's funds |
|
|
|
(559,187) |
|
|
(542,329) |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Mr Victor Gutsul |
Director |
Approved by the board on 25 September 2024 |
|
OLD MILL RIVERSIDE MANSION LTD |
Notes to the Accounts |
for the year ended 30 November 2022 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents amounts derived from rents charged to tenants during the year and is recognised at the date the rental period occurred. This is stated after trade discounts, other sales taxes and net of VAT. |
|
|
Investment property |
|
Investment property is shown at most recent valuation. Any surplus or deficit arising from changes in fair value is recognised in profit or loss. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
|
|
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. |
|
|
|
Going concern |
|
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net liabilities amounting to £559,187 (2021: £542,329) and incurred a net loss of £16,858 (2021: £211,760) for the period. The directors have concluded that the combination of these circumstances represent a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the accounts. |
|
|
2 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Investment property |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 December 2021 |
2,331,948 |
|
- |
|
2,331,948 |
|
Additions |
- |
|
499 |
|
499 |
|
At 30 November 2022 |
2,331,948 |
|
499 |
|
2,332,447 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the year |
- |
|
166 |
|
166 |
|
At 30 November 2022 |
- |
|
166 |
|
166 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2022 |
2,331,948 |
|
333 |
|
2,332,281 |
|
At 30 November 2021 |
2,331,948 |
|
- |
|
2,331,948 |
|
|
Land and buildings are regarded as investment properties. The company's directors have reviewed the value of the properties and is of the opinion that the market value is not significantly different from cost. |
|
4 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
|
Trade debtors |
1,590 |
|
1,100 |
|
Other debtors |
- |
|
1,285 |
|
|
|
|
|
|
1,590 |
|
2,385 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans and overdrafts |
35 |
|
- |
|
Trade creditors |
8,486 |
|
952 |
|
Taxation and social security costs |
15,399 |
|
7,657 |
|
Other creditors |
1,962,824 |
|
1,962,922 |
|
|
|
|
|
|
1,986,744 |
|
1,971,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans |
907,687 |
|
913,507 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2022 |
|
2021 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
884,466 |
|
884,340 |
|
|
|
|
|
|
|
|
|
|
|
The loan is secured by a first fixed charge over company's investment property. |
|
|
8 |
Related party transactions |
|
|
At the period end the Company owed £1,959,750 (2021: £1,955,756) to Mr V. Gutsul and Mrs N. Gutsul in relation to a loan advanced to the Company. The loan is interest free, repayable on demand. At the period end, this amount remains unpaid and is included within creditors falling due within one year. |
|
|
9 |
Controlling party |
|
|
The ultimate controlling party is Mr V. Gutsul by virtue of 100% shareholdings in issue share capital of the company. |
|
|
10 |
Other information |
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|
OLD MILL RIVERSIDE MANSION LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
Suite 5 |
|
Sovereign House |
|
1 Albert Place |
|
London |
|
N3 1QB |