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Registered number: 13606214
122 Boundary Road Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
AJN Accountants Limited
Hideaway Workspace Office 43
1 Empire Mews
Streatham
SW16 2BF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13606214
30 September 2023 30 September 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 530,000 358,739
530,000 358,739
CURRENT ASSETS
Debtors 5 120,200 -
Cash at bank and in hand 137,270 2,839
257,470 2,839
Creditors: Amounts Falling Due Within One Year 6 (291,269 ) (420,653 )
NET CURRENT ASSETS (LIABILITIES) (33,799 ) (417,814 )
TOTAL ASSETS LESS CURRENT LIABILITIES 496,201 (59,075 )
Creditors: Amounts Falling Due After More Than One Year 7 (400,839 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (42,815 ) -
NET ASSETS/(LIABILITIES) 52,547 (59,075 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Fair value reserve 9 171,261 -
Profit and Loss Account (118,716 ) (59,077 )
SHAREHOLDERS' FUNDS 52,547 (59,075)
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Maseh Maroof
Director
21/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
122 Boundary Road Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13606214 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents rental income receivable during the year. Rental income is recognized over the period of the rental agreement.
2.3. Investment Properties
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Investment Property
30 September 2023
£
Fair Value
As at 1 October 2022 358,739
Revaluations 171,261
As at 30 September 2023 530,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
30 September 2023 30 September 2022
£ £
Cost 358,738 -
Investment property was revalued at 30 September 2023 on an open market basis by the directors.
5. Debtors
30 September 2023 30 September 2022
£ £
Due within one year
Other debtors 120,200 -
120,200 -
6. Creditors: Amounts Falling Due Within One Year
30 September 2023 30 September 2022
£ £
Accruals and deferred income 600 550
Directors' loan accounts 290,669 420,103
291,269 420,653
7. Creditors: Amounts Falling Due After More Than One Year
30 September 2023 30 September 2022
£ £
Bank loans 400,839 -
400,839 -
8. Share Capital
30 September 2023 30 September 2022
£ £
Allotted, Called up and fully paid 2 2
Page 4
Page 5
9. Reserves
Fair Value Reserve
£
Transfer to profit and loss 171,261
As at 30 September 2023 171,261
Page 5