(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 9 Caigers Green, Southampton, SO31 1EE. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Investment Properties
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All tangible assets are residential investment properties. Investment properties are included in the financial statement at open market value. The last valuation was conducted on incorporation. No depreciation is provided for on the properties as the directors have concluded that the total value is unlikely to become impaired.
This departure from The Companies Act 2006 requirements is necessary to show a true and fair view. Gains and losses are recognised in the profit and loss at the point of sale or revaluation. | Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | | Equipment | | Motor Cars | |
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(4) Employees
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During the year, the average number of employees including director was 2 (2023 : 2). |
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(5) Investment Property
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| Investment Properties | | £ | Cost | | As at 01 March 2023 | 160,000 | As at 29 February 2024 | 160,000 | Depreciation | | As at 29 February 2024 | - | Net book value | | As at 29 February 2024 | 160,000 | As at 28 February 2023 | 160,000 |
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(6) Creditors: Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | | | | | | | | | | | | | | | | | Other creditors | 54,254 | | 43,687 | Accruals and deferred income | 230 | | 225 | | 54,484 | | 43,912 |
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(7) Creditors: Amounts falling due after more than one year
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| | | 2024 | | 2023 | | £ | | £ | | Bank loans and overdrafts | 120,000 | | 120,000 | | | | | | | | | | 120,000 | | 120,000 |
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(8) Share capital and reserves
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| Alloted, called up and fully paid: | 2024 | | 2023 | | £ | | £ | | 2 (2023 : 2) Ordinary Shares of £ 1 each | 2 | | 2 | | 2 | | 2 | | | | Retained earnings | | | 2024 | | | | £ | At 1 March 2023 | | | (3,913) | Loss of the year | | | (7,344) | | | | | At 29 February 2024 | | | (11,257) | |
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(9) Controlling Party
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The Company is controlled equally by the directors as each holds more than 25% but not more than 50% of the voting share capital. |
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