(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 Dns House, 382 Kenton Road, Harrow, United Kingdom, HA3 8DP. |
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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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Related party transactions
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Transactions with companies, which are under the common control or influence, were as follow: Torchlight Advisors Private Ltd: At the reporting date £221,852 was owed to Torchlight Advisors Private Ltd in respect of a short term interest (2% fixed and 3% bullet) chargeable loan repayable on demand. |
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(4) Investment Properties
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Investment property is revalued to its fair value at each reporting date and changes in fair value are recognized in profit and loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property. it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an ongoing basis. |
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(5) Employees
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During the year, the average number of employees including director was 0 (2023 : 0). |
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(6) Directors advances, credit and guarantees
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Overdrawn
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At the year-end, the director owed £9,078 to the company. the balance was repaid on 31 July 2024. | |
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(7) Fixed assets
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| Investments Property £ | Cost | | As at 01 April 2023 | 466,717 | As at 31 March 2024 | 466,717 | Depreciation/Amortisation | | As at 31 March 2024 | - | Net book value | | As at 31 March 2024 | 466,717 | As at 31 March 2023 | 466,717 |
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(8) Creditors > 1 year (Mortgage Loans)
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The mortgage loan is secured on the property. |
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(9) Investment Properties
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These financial statements for the year ended 31 March 2024 are prepared in accordance with FRS 102 1a" The Reporting Standard applicable in the UK and Republic of Ireland". The property is being measured at the fair value under FRS 102 1a and no fair value gains or losses are reported during the year. |
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