4 31/10/2023 2023-10-31 false false false false false false false true false false true false false false false false false false 2022-11-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01451723 2022-11-01 2023-10-31 01451723 2023-10-31 01451723 2022-10-31 01451723 2021-11-01 2022-10-31 01451723 2022-10-31 01451723 2021-10-31 01451723 bus:Director1 2022-11-01 2023-10-31 01451723 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 01451723 core:WithinOneYear 2023-10-31 01451723 core:WithinOneYear 2022-10-31 01451723 core:ShareCapital 2023-10-31 01451723 core:ShareCapital 2022-10-31 01451723 core:HedgingReserve 2023-10-31 01451723 core:HedgingReserve 2022-10-31 01451723 core:RetainedEarningsAccumulatedLosses 2023-10-31 01451723 core:RetainedEarningsAccumulatedLosses 2022-10-31 01451723 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-31 01451723 bus:SmallEntities 2022-11-01 2023-10-31 01451723 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 01451723 bus:FullAccounts 2022-11-01 2023-10-31 01451723 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 01451723 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31
Company registration number: 01451723
Cherryrule Limited
Unaudited filleted financial statements
31 October 2023
Cherryrule Limited
Contents
Statement of financial position
Notes to the financial statements
Cherryrule Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,450,000 2,450,000
_______ _______
2,450,000 2,450,000
Current assets
Debtors 6 14,807 7,163
Cash at bank and in hand 393,838 379,764
_______ _______
408,645 386,927
Creditors: amounts falling due
within one year 7 ( 188,603) ( 161,032)
_______ _______
Net current assets 220,042 225,895
_______ _______
Total assets less current liabilities 2,670,042 2,675,895
Provisions for liabilities ( 364,507) ( 364,508)
_______ _______
Net assets 2,305,535 2,311,387
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Fair value reserve 1,881,676 1,881,676
Profit and loss account 422,859 428,711
_______ _______
Shareholders funds 2,305,535 2,311,387
_______ _______
For the year ending 31 October 2023 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 October 2024 , and are signed on behalf of the board by:
Mr B D Shah
Director
Company registration number: 01451723
Cherryrule Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scottish Provident House, 3rd Floor, 76-80 College Road, Harrow, Middlesex, HA1 1BQ. The principal activity of the company is that of property investments and lettings.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and Companies Act 2006.
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.
Going concern
In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statementsThe directors believe that the company is experiencing good levels of income and profitability, and that it is well placed to manage its business risks successfully.Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for rents and service charges from lettings of investment properties, recognised on a straight-line basis over the term of the rental period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 November 2022 and 31 October 2023 2,450,000 2,450,000
_______ _______
Depreciation
At 1 November 2022 and 31 October 2023 - -
_______ _______
Carrying amount
At 31 October 2023 2,450,000 2,450,000
_______ _______
At 31 October 2022 2,450,000 2,450,000
_______ _______
Investment property
The fair value of the properties at 31 October 2023 was £2,450,000 (2022 - £2,450,000) and the fair valuation has been arrived at the balance sheet date by a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the state of the rental market in the area where the properties are situated.The historical cost of the properties is £568,325.
6. Debtors
2023 2022
£ £
Trade debtors 8,634 4,032
Other debtors 6,173 3,131
_______ _______
14,807 7,163
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 25,649 19,039
Other creditors 162,954 141,993
_______ _______
188,603 161,032
_______ _______