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Registered Number: 08440636
England and Wales

 

 

 

52 MOXON STREET LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 7,177,933    7,338,593 
7,177,933    7,338,593 
Current assets      
Debtors 4 2,855    2,750 
Cash at bank and in hand 310,840    251,954 
313,695    254,704 
Creditors: amount falling due within one year 5 (1,746,706)   (1,931,909)
Net current assets (1,433,011)   (1,677,205)
 
Total assets less current liabilities 5,744,922    5,661,388 
Creditors: amount falling due after more than one year 6 (1,229,225)   (1,395,640)
Provisions for liabilities 7 (886,686)   (900,665)
Net assets 3,629,011    3,365,083 
 

Capital and reserves
     
Called up share capital 8 10,000    10,000 
Reserves 9 2,084,694    2,084,694 
Profit and loss account 1,534,317    1,270,389 
Shareholders' funds 3,629,011    3,365,083 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 29 November 2024 and were signed on its behalf by:


-------------------------------
Kaveh Shakib
Director
1
General Information
52 Moxon Street Limited is a private company, limited by shares, registered in England and Wales, registration number 08440636, registration address Ground Floor, Ginsberg Yard, , Back Lane,, London, NW3 1EW.

The presentation currency is £ sterling.
1.

Accounting policies

Accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).
Turnover
Turnover comprises of rental income receivable. Rental income from investment property is recognised in the profit & loss account (on an accrual basis).
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.  The deferred tax balance has not been discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 10% Straight Line
Plant and Machinery 5% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Investment properties   Total
  £   £   £   £
At 01 April 2023 3,213,203    46,969    5,300,000    8,560,172 
Additions      
Disposals      
At 31 March 2024 3,213,203    46,969    5,300,000    8,560,172 
Depreciation
At 01 April 2023 1,174,610    46,969      1,221,579 
Charge for year 160,660        160,660 
On disposals      
At 31 March 2024 1,335,270    46,969      1,382,239 
Net book values
Closing balance as at 31 March 2024 1,877,933      5,300,000    7,177,933 
Opening balance as at 01 April 2023 2,038,593      5,300,000    7,338,593 

The 2024 valuations were made by the directors, on an open market value for existing use basis. The cost of investment properties as at 31 March 2024 was £2,520,407 (2023: £2,520,407).

4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 2,855    2,750 
2,855    2,750 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Bank Loans (Secured) 187,446    184,419 
Corporation Tax 101,955    74,613 
Accrued Expenses 1,959    1,975 
Deferred income 151,067    143,874 
Other Creditors 1,304,279    1,527,028 
1,746,706    1,931,909 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans (secured) due between 2-5 years 737,708    737,708 
Bank Loans (secured) due in more than 5 years 491,517    657,932 
1,229,225    1,395,640 
Bank loans are secured by way of a fixed charge over the property, dated 27 September 2013.

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 886,686    900,665 
886,686    900,665 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
10,000 Ordinary shares of £1.00 each 10,000    10,000 
10,000    10,000 

9.

Reserves

2024
£
  2023
£
Revaluation Reserve b/fwd 2,084,694    2,084,694 
2,084,694    2,084,694 
The revaluation reserve consists of increases in fair value of investment properties and decreases to the extent that such decreases relate to the increase on the same asset. The figure is stated net of the associated deferred tax liability and is not distributable.

10.

Deferred Taxation

Deferred Taxation   2024
£
  2023
£
Provision at the start of the period (900,665) (895,035)
Accelerated capital allowances 13,979  (5,630)
Provision at the end of the period (886,686) (900,665)
The deferred tax adjustments include the enacted change in tax rates relating to the year in which they were expected to apply.
11.

Related party transactions

Included within creditors due within one year is £1,304,015 (2023: £1,527,015) due to shareholders and close family members of shareholders, of the company.

2