Company Registration Number 04454466
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INDIAN KINGS WALK 1 LIMITED
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UNAUDITED
FINANCIAL STATEMENTS
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INDIAN KINGS WALK 1 LIMITED
REGISTERED NUMBER: 04454466
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Undistributable profit and loss reserve
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Capital redemption reserve
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INDIAN KINGS WALK 1 LIMITED
REGISTERED NUMBER: 04454466
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 12 form part of these financial statements.
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INDIAN KINGS WALK 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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Capital redemption reserve
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Undistributable profit and loss reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Cancellation of subscribed capital
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Total transactions with owners
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The notes on pages 5 to 12 form part of these financial statements.
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INDIAN KINGS WALK 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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Capital redemption reserve
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Undistributable profit and loss reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Cancellation of subscribed capital
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Total transactions with owners
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The notes on pages 5 to 12 form part of these financial statements.
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INDIAN KINGS WALK 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The company is a private company limited by shares, registered in England and Wales. The
address of the registered office is C/O Armstrong Watson First Floor, One Strawberry Lane,
Newcastle Upon Tyne, United Kingdom, NE1 4BX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover represents rental income (licences to occupy) relating to the year, excluding value added
tax.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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INDIAN KINGS WALK 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
Depreciation is provided on the following basis:
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Leasehold Property Improvements
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Depreciated over lease term
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Equipment, fixtures and fittings
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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INDIAN KINGS WALK 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Profit before taxation is stated after charging:
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Depreciation of tangible assets
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The average monthly number of employees, including directors, during the year was 1 (2023 - 0).
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INDIAN KINGS WALK 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Short-term leasehold property
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The investment property is included in the balance sheet on the basis of open market value for
current use, based on the directors' valuation. The historic cost of the properties is £2,695,000
(2023: £2,695,000).
The liability to corporation tax on chargeable gains that would arise, should the property be sold,
is £nil (2023: £nil)
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INDIAN KINGS WALK 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Included within creditors due less than one year is a bank loan of £33,825 (2023: £1,040,165) secured on the assets of the company, including the freehold premises at 24 Ridley Place, Newcastle upon Tyne and The Custom House, Quayside, Newcastle upon Tyne.
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INDIAN KINGS WALK 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Creditors: Amounts falling due after more than one year
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Included within creditors due after more than one year is a bank loan of £972,467 (2023: £Nil) secured on the assets of the company, including the freehold premises at 24 Ridley Place, Newcastle upon Tyne and The Custom House, Quayside, Newcastle upon Tyne.
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INDIAN KINGS WALK 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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INDIAN KINGS WALK 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Allotted, called up and fully paid
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675,071 (2023 - 720,920) Ordinary shares of £1.00 each
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During the year the company cancelled 45,849 of the company's own £1 Ordinary shares with a
nominal value of £45,849 for a total consideration of £121,776.
On 27 June the company also passed a special resolution to allot a further 19,767 Ordinary shares at £2.72 per share. These shares were alloted on 15 August 2024.
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Share premium account
This reserve records the amount above the nominal value received for shares sold.
Undistributable profit and loss reserve
This reserve records the fair value movements on the investment property valued above original cost.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss account
This reserve records retained earnings and accumulated losses.
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Related party transactions
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Included within other debtors is an amount of £52,801 owed by Trinity Chambers (2023: £35,296).
During the year the company continued to provide a guarantee over the overdraft facility of Trinity
Chambers. The guarantee is secured on the freehold property of the company. As at 30 June 2024
the overdraft balance of Trinity Chambers was £nil (2023: £nil).
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Finance Leases - company as lessee
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At 30 June 2024 Indian Kings Walk 1 Limited had future minimum lease payments under non-cancellable operating leases of £60,176 (2023: £114,761).
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