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Registration number: 13089141

Fifty One The Mall Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Fifty One The Mall Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Fifty One The Mall Limited

Company Information

Director

Mr Naman Pathak

Registered office

13 The Avenue
London
W13 8JR

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Fifty One The Mall Limited

(Registration number: 13089141)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

5,073,422

3,692,193

Debtors

5

16,282

43,765

Cash at bank and in hand

 

221

885

 

5,089,925

3,736,843

Creditors: Amounts falling due within one year

6

(554,634)

(1,315,260)

Total assets less current liabilities

 

4,535,291

2,421,583

Creditors: Amounts falling due after more than one year

6

(3,435,745)

(2,424,557)

Net assets/(liabilities)

 

1,099,546

(2,974)

Capital and reserves

 

Called up share capital

8

1,104,400

1

Retained earnings

(4,854)

(2,975)

Shareholders' funds/(deficit)

 

1,099,546

(2,974)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 5 December 2024
 

.........................................
Mr Naman Pathak
Director

   
     
 

Fifty One The Mall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
13 The Avenue
London
W13 8JR
England

These financial statements were authorised for issue by the director on 5 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Fifty One The Mall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fifty One The Mall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2022: 1).

4

Stocks

2023
£

2022
£

Work in progress

5,073,422

3,692,193

 

Fifty One The Mall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Debtors

2023
£

2022
£

Other debtors

16,282

43,765

16,282

43,765

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

3,385

2,650

Other creditors

551,249

1,312,610

554,634

1,315,260

Other creditors consist of interest free loans of £551,249 (2022: £212,610) and share application monies received £nil (2022: £1,100,000)

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

3,435,745

2,424,557

Bank loan is secured against the freehold land property.

 

Fifty One The Mall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary class A shares of £1.42 (2022 - £0) each

660,000

937,200

-

-

Ordinary class B shares of £0.38 (2022 - £0) each

440,000

167,200

-

-

Ordinary shares of £0 (2022 - £1) each

-

-

1

1

1,100,000

1,104,400

1

1

During the year the company cancelled 1 ordinary £1 share each and issued 660,000 ordinary class A shares of £1.42 each and 440,000 ordinary class B shares of £0.38 each. The total share share capital subscribed and fully paid is £1,104,400.