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No description of principal activity
2023-03-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,959,989
50,000
2,009,989
2,009,989
1,959,989
xbrli:pure
xbrli:shares
iso4217:GBP
03925728
2023-03-01
2024-02-29
03925728
2024-02-29
03925728
2023-02-28
03925728
2022-03-01
2023-02-28
03925728
2023-02-28
03925728
2022-02-28
03925728
core:FurnitureFittings
2023-03-01
2024-02-29
03925728
bus:Director1
2023-03-01
2024-02-29
03925728
core:WithinOneYear
2024-02-29
03925728
core:WithinOneYear
2023-02-28
03925728
core:AfterOneYear
2024-02-29
03925728
core:AfterOneYear
2023-02-28
03925728
core:ShareCapital
2024-02-29
03925728
core:ShareCapital
2023-02-28
03925728
core:RetainedEarningsAccumulatedLosses
2024-02-29
03925728
core:RetainedEarningsAccumulatedLosses
2023-02-28
03925728
core:CostValuation
core:Non-currentFinancialInstruments
2023-02-28
03925728
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2024-02-29
03925728
core:CostValuation
core:Non-currentFinancialInstruments
2024-02-29
03925728
core:Non-currentFinancialInstruments
2024-02-29
03925728
core:Non-currentFinancialInstruments
2023-02-28
03925728
bus:SmallEntities
2023-03-01
2024-02-29
03925728
bus:AuditExemptWithAccountantsReport
2023-03-01
2024-02-29
03925728
bus:SmallCompaniesRegimeForAccounts
2023-03-01
2024-02-29
03925728
bus:PrivateLimitedCompanyLtd
2023-03-01
2024-02-29
03925728
bus:FullAccounts
2023-03-01
2024-02-29
COMPANY REGISTRATION NUMBER:
03925728
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
29 February 2024
Fixed assets
Investment property |
5 |
|
2,009,989 |
1,959,989 |
|
|
|
|
|
Current assets
Debtors |
6 |
– |
|
8,082 |
Cash at bank and in hand |
6,820 |
|
3,638 |
|
------- |
|
-------- |
|
6,820 |
|
11,720 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
30,003 |
|
41,674 |
|
-------- |
|
-------- |
Net current liabilities |
|
23,183 |
29,954 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,986,806 |
1,930,035 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
743,800 |
745,900 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
157,415 |
158,042 |
|
|
------------ |
------------ |
Net assets |
|
1,085,591 |
1,026,093 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
9 |
|
1,085,491 |
1,025,993 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,085,591 |
1,026,093 |
|
|
------------ |
------------ |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
29 February 2024
These financial statements were approved by the
board of directors
and authorised for issue on
29 November 2024
, and are signed on behalf of the board by:
Mrs B J Sinclair |
Director |
|
Company registration number:
03925728
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hurst House, High Street, Ripley, Surrey, GU23 6AY, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the total amount receivable by the company in the ordinary course of business from the rental of property. Rental income is accrued on a time basis, by reference to the agreements entered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery etc |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Investment property
|
Investment property |
|
£ |
Cost |
|
At 1 March 2023 |
1,959,989 |
Revaluations |
50,000 |
|
------------ |
At 29 February 2024 |
2,009,989 |
|
------------ |
Depreciation |
|
At 1 March 2023 and 29 February 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 29 February 2024 |
2,009,989 |
|
------------ |
At 28 February 2023 |
1,959,989 |
|
------------ |
|
|
Cost or valuation at 28 February 2024 is represented by:
|
|
2024 |
|
|
£ |
|
Cost |
1,013,585 |
|
Revaluations |
996,404 |
|
|
------------ |
|
Valuation |
2,009,989 |
|
|
------------ |
|
|
|
Investment property was valued on an open market basis on 28 February 2024 by the directors.
The historical cost of the investment properties, included above at a valuation of £2,009,989 (2023: £1,959,989)
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
– |
8,082 |
|
---- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
12 |
199 |
Other creditors |
29,991 |
41,475 |
|
-------- |
-------- |
|
30,003 |
41,674 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
743,800 |
745,900 |
|
--------- |
--------- |
|
|
|
Amounts falling due in more than five years:
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Repayable by instalments |
|
|
|
Bank loans |
745,900 |
564,511 |
|
|
--------- |
--------- |
|
|
|
|
9.
Reserves
|
|
Distrib-utable reserves |
Revaluation reserve |
Deferred tax |
Total P&L reserve |
|
|
£ |
£ |
£ |
£ |
|
Opening balance 1 Mar 2022 |
286,091 |
852,084 |
(100,658) |
1,037,517 |
|
Movements |
(48,460) |
94,320 |
(57,384) |
(11,524) |
|
|
--------- |
--------- |
--------- |
------------ |
|
Closing balance 28 Feb 2023 |
237,631 |
946,404 |
(158,042) |
1,025,993 |
|
|
--------- |
--------- |
--------- |
------------ |
|
Opening balance 1 Mar 2023 |
237,631 |
946,404 |
(158,042) |
1,025,993 |
|
Movements |
8,871 |
50,000 |
627 |
59,498 |
|
|
--------- |
--------- |
--------- |
------------ |
|
Closing balance 28 Feb 2024 |
246,502 |
996,404 |
(157,415) |
1,085,491 |
|
|
--------- |
--------- |
--------- |
------------ |
|
|
|
|
|
|
The total amount of distributable reserves as at 28 February 2024 was £246,502 (2023:£237,631). The fair value reserve, which under FRS 102 1A has been combined with the profit and loss reserve, is part of non-distributable reserves. The deferred tax provision, which has been recognised under FRS 102 1A, is also part of non-distributable reserves.
10.
Related party transactions
During the year a loan to a shareholder of £6,181 was written off.