Registered number
05422269
The Banksy Suites Ltd
Filleted Accounts
31 March 2024
The Banksy Suites Ltd
Registered number: 05422269
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 780,599 852,585
Current assets
Debtors 4 9,558 5,370
Cash at bank and in hand 927 8,038
10,485 13,408
Creditors: amounts falling due within one year 5 (198,266) (217,254)
Net current liabilities (187,781) (203,846)
Total assets less current liabilities 592,818 648,739
Creditors: amounts falling due after more than one year 6 (573,546) (572,409)
Provisions for liabilities (11,305) (26,544)
Net assets 7,967 49,786
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,867 49,686
Shareholder's funds 7,967 49,786
The director is 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 director acknowledges his 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.
Gary Jackson
Director
Approved by the board on 5 June 2024
The Banksy Suites Ltd
Notes to the Accounts
for the year ended 31 March 2024
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned rental income from property investment. Turnover from the rental income from property investment is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured based on the number of days the contract is for.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixture and fittings over 2 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 852,000 2,669 854,669
Additions - 1,199 1,199
Surplus on revaluation (72,000) - (72,000)
Disposals - (1,499) (1,499)
At 31 March 2024 780,000 2,369 782,369
Depreciation
At 1 April 2023 - 2,084 2,084
Charge for the year - 1,185 1,185
On disposals - (1,499) (1,499)
At 31 March 2024 - 1,770 1,770
Net book value
At 31 March 2024 780,000 599 780,599
At 31 March 2023 852,000 585 852,585
Freehold land and buildings: 2024 2023
£ £
Historical cost 585,000 585,000
585,000 585,000
4 Debtors 2024 2023
£ £
Other debtors 9,558 5,370
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,961 3,961
Amounts owed to group undertakings and undertakings in which the company has a participating interest 64,581 110,347
Other creditors 129,724 102,946
198,266 217,254
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 573,546 572,409
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 568,924 563,826
Security is held on the investment properties in the form of mortgages due to expire in more than one year.
8 Other information
The Banksy Suites Ltd is a private company limited by shares and incorporated in England. Its registered office is:
73 High Street
Cottenham
Cambridge
CB24 8SD
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