Company registration number 13139077 (England and Wales)
STREETS PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
STREETS PROPERTY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STREETS PROPERTY LTD
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
239,569
239,569
Current assets
Debtors
5
303
303
Cash at bank and in hand
38,726
14,219
39,029
14,522
Creditors: amounts falling due within one year
6
(744)
(328)
Net current assets
38,285
14,194
Total assets less current liabilities
277,854
253,763
Creditors: amounts falling due after more than one year
7
(273,230)
(252,362)
Net assets
4,624
1,401
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
4,623
1,400
Total equity
4,624
1,401
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 22 October 2024
Mr Richard Norris
Director
Company registration number 13139077 (England and Wales)
STREETS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Streets Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 58 Moulins Road, London, E9 7EL.
1.1
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, no depreciation is provided on fixed assets.
Freehold land and buildings
No depreciation is recognised.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances.
Basic financial liabilities
Basic financial liabilities, including creditors, long-term bank loans that are classified as debt, are initially recognised at transaction price
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
STREETS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2023 and 31 January 2024
239,569
Depreciation and impairment
At 1 February 2023 and 31 January 2024
Carrying amount
At 31 January 2024
239,569
At 31 January 2023
239,569
STREETS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
303
303
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
744
328
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
171,995
171,995
Other creditors
101,235
80,367
273,230
252,362