REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Aurum & Aurum 62 Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Aurum & Aurum 62 Limited |
Aurum & Aurum 62 Limited (Registered number: 10156110) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Aurum & Aurum 62 Limited |
Company Information |
for the Year Ended 30 April 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
120 New Cavendish Street, |
London |
W1W 6XX |
Aurum & Aurum 62 Limited (Registered number: 10156110) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Non-distributable fair value | 10 | ( |
) | ( |
) |
Retained earnings | 10 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Aurum & Aurum 62 Limited (Registered number: 10156110) |
Balance Sheet - continued |
30 April 2024 |
The financial statements were approved by the director and authorised for issue on |
Aurum & Aurum 62 Limited (Registered number: 10156110) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | Statutory information |
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Old Gloucester Street, London, United Kingdom, WC1N 3AX |
The principal activity of the company during the year was letting of leasehold property. |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
The turnover shown in the profit and loss account represents rents receivable during the year, and is measured at fair value |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
After making enquiries the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason he adopts the going concern basis in preparing the financial statements |
3. | Employees and directors |
The average number of employees during the year was |
Aurum & Aurum 62 Limited (Registered number: 10156110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 May 2023 |
and 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2019 | (14,610 | ) |
Valuation in 2020 | (6,400 | ) |
Valuation in 2023 | (41,400 | ) |
Cost | 622,410 |
560,000 |
The leasehold property at 23 Southwick Street, London, W2 2QF was acquired in July 2017 at a cost of £622,410. The director has valued the property at £560,000 as at 30th April 2024, on a fair value basis. |
5. | Debtors: amounts falling due within one year |
30.4.24 | 30.4.23 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
30.4.24 | 30.4.23 |
£ | £ |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 339,964 | 339,996 |
Aurum & Aurum 62 Limited (Registered number: 10156110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | Loans |
An analysis of the maturity of loans is given below: |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 339,964 | 339,996 |
The above loan is an interest only mortgage and it has a maturity date of 12th July 2037. This loan is secured by a legal charge over the company's leasehold property at Southwick Street, London, W2 2 |
The loan has a fixed rate of interest of 4.8400% until 12th July 2025, at which point the rate will revert to a margin of 3.7900% over the variable Shawbrook Base Rate (SBR), minimum rate of 0.75%. |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary £1 shares | 1 | 1 | 1 |
Called-up share capital represents the nominal value of shares that have been issued. |
10. | Reserves |
Non-distributable |
Retained | fair |
earnings | value | Totals |
£ | £ | £ |
At 1 May 2023 | ( |
) | ( |
) | (92,275 | ) |
Deficit for the year | ( |
) | ( |
) |
At 30 April 2024 | ( |
) | ( |
) | (94,671 | ) |
Retained earnings reserve records retained earnings and accumulated losses. |
The Non-distributable fair value reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. |
11. | Director's advances, credits and guarantees |
During the year the director H. Karaki advanced the company £5,000 (2023: £Nil). |
At the year end the company owed the director H. Karaki £259,380 (2023: £254,380). |
The above loan is interest free, unsecured and repayable on demand. |
Aurum & Aurum 62 Limited (Registered number: 10156110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | Related party disclosures |
Aurum and Aurum Ltd |
During the year the company had the following transactions with Aurum and Aurum Ltd, a company controlled by H.Karaki:: |
30.04.24 | 30.04.23 |
£ | £ |
Balance brought forward | 7,521 | 7,521 |
Balance carried forward | 7,521 | 7,521 |
Amber Residential Property Ltd |
During the year the company had the following transactions with Amber Residential Property Ltd, a company under common control:: |
30.04.24 | 30.04.23 |
£ | £ |
Balance brought forward | (9,337 | ) | (2,144 | ) |
Monies advanced to the company by Amber Residential Property Ltd | (1,956 | ) | (7,193 | ) |
Balance carried forward | (11,293 | ) | (9,337 | ) |
The above loan is unsecured, interest free and repayable on demand. |
13. | Ultimate controlling party |
During the year the company was under the control of H. Karaki, who owns 100% of the issued share capital of the company. |