REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
NUMBER TWO DEVELOPMENT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
NUMBER TWO DEVELOPMENT LIMITED |
NUMBER TWO DEVELOPMENT LIMITED (REGISTERED NUMBER: 13840672) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
NUMBER TWO DEVELOPMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
NUMBER TWO DEVELOPMENT LIMITED (REGISTERED NUMBER: 13840672) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NUMBER TWO DEVELOPMENT LIMITED (REGISTERED NUMBER: 13840672) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
The financial statements were approved by the director and authorised for issue on |
NUMBER TWO DEVELOPMENT LIMITED (REGISTERED NUMBER: 13840672) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Number Two Development Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£) which is rounded to the nearest Pound (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
These financial statements have been prepared on the going concern basis. The directors and shareholders have reviewed the state of the business and confirmed that their support will remain in place for the foreseeable future, therefore it is the directors' opinion that the business remains a going concern. |
When considering the foreseeable future, the directors are looking at a period of at least 12 months from the date the balance sheet is signed. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes. |
Turnover relates to holiday letting income and is recognised when the agreed period of letting occurs. In the event that the letting period spans the period end, turnover is calculated on a daily basis and allocated in accordance with the period in which the property is occupied. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The fair value of the investment property has been arrived at on the basis of a valuation as at 31 January 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
Financial instruments |
Financial instruments are classified by the director as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
NUMBER TWO DEVELOPMENT LIMITED (REGISTERED NUMBER: 13840672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Additions |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 2023 | 12,513 |
Cost | 691,047 |
703,560 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
NUMBER TWO DEVELOPMENT LIMITED (REGISTERED NUMBER: 13840672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured via a fixed and floating charge over all property and undertakings of the company. |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 February 2023 |
and 31 January 2024 |
Transfer to non-distributable reserve |
Gains or losses on fair value revaluations of investment property and associated deferred tax have been transferred from retained earnings to a specific non-distributable reserve. |