Registered number
11685499
OLD MILL RIVERSIDE MANSION LTD
Report and Accounts
30 November 2022
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
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
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