Company Registration No. 14103887 (England and Wales)
India Street Suites Limited
Unaudited financial statements
For the period ended 31 May 2023
Pages for filing with registrar
INDIA STREET SUITES LIMITED
India Street Suites Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
INDIA STREET SUITES LIMITED
India Street Suites Limited
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
Notes
£
£
Current assets
Stocks
8,931,620
Debtors
3
1,570,369
Cash at bank and in hand
67,135
10,569,124
Creditors: amounts falling due within one year
4
(4,110,988)
Net current assets
6,458,136
Creditors: amounts falling due after more than one year
5
(6,588,415)
Net liabilities
(130,279)
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
(130,379)
Total equity
(130,279)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Y  Zekaria
Director
Company registration number 14103887 (England and Wales)
INDIA STREET SUITES LIMITED
India Street Suites Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

India Street Suites Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

1.1
Reporting period

The financial statements report the first accounting period for the company from its incorporation on 12 May 2022 to 31 May 2023. Therefore, there are no comparatives presented in the financial statements.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

During the trueperiod ended 31 May 2023, the company made a loss after tax of £130,379, at the balance sheet date the company had net liabilities of £130,279.

 

The company continues to meet its day to day working capital requirements through loans from related parties of £3,868,801. Accordingly, the director considers it appropriate to prepare the financial statements on the going concern basis and they do not include any adjustments that would result from a withdrawal of support.

1.4
Stocks

Stock includes properties in the course of construction held with the intention of selling them in the ordinary course of business. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
1
INDIA STREET SUITES LIMITED
India Street Suites Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 3 -
3
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
104,213
Other debtors
1,466,156
1,570,369
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
19,847
Taxation and social security
105,318
Other creditors
3,985,823
4,110,988
5
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
6,588,415

The bank facilities are secured by a fixed and floating charge over the company's assets.

6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100

During the period, 100 ordinary shares were issued at par for cash consideration.

7
Directors' transactions

The director has provided a personal guarantee for the bank loan.

INDIA STREET SUITES LIMITED
India Street Suites Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 4 -
8
Company information

India Street Suites Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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