(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 4 Millington Close, Reading, England, RG2 7LR. |
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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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Rental income
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Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
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Borrowing costs
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All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred Tax
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A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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(4) Employees
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During the year, the average number of employees including director was 0 (2023 : 0). |
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(5) Fixed assets
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| Investments Property £ | Cost | | As at 01 April 2023 | 940,000 | Additions | 156,199 | As at 31 March 2024 | 1,096,199 | Depreciation/Amortisation | | Write off on revaluations | 16,199 | As at 31 March 2024 | 16,199 | Net book value | | As at 31 March 2024 | 1,080,000 | As at 31 March 2023 | 940,000 |
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(6) Investment properties
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These Financial Statements for the year ended 31 March 2024 are the Financial Statements of the company prepared in accordance with FRS 102 1a. '' The financial Reporting standard applicable in the UK and Republic of Ireland." The property is being measured at a fair Value under FRS 102 1a and there are fair value losses of £16,199 reported during the year. A deferred tax of £3,078 accounted upon it. |
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(7) Creditors > 1 Year (Mortgage Loan )
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The mortgage loans are secured on the properties under these loans ( Foundation Home Loans A/c no - 204637107- £155,245 , Foundation Home loans A/c no - 206651004 - £78,023 , Foundation Home Loans A/c no - 206650501 - £117,412, Foundation Home Loans A/c no - 208795402 - £228,901 , Landbay Mortagage - £122,400). |
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