(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, Middlesex, 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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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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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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(4) Employees
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During the year, the average number of employees including director was 0 (2023 : 0). |
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(5) Related party transactions
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North Arc Ltd is a related party with the same director and shareholders. As of 31 October 2024, the balance outstanding from this related party was £50,000 (2023: £nil). |
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(6) Fixed assets
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| Tangible £ | Investments Property £ | Totals £ | Cost | | | | As at 01 November 2023 | 10,000 | 1,498,752 | 1,508,752 | As at 31 October 2024 | 10,000 | 1,498,752 | 1,508,752 | Depreciation/Amortisation | | | | As at 01 November 2023 | 10,000 | - | 10,000 | As at 31 October 2024 | 10,000 | - | 10,000 | Net book value | | | | As at 31 October 2024 | - | 1,498,752 | 1,498,752 | As at 31 October 2023 | - | 1,498,752 | 1,498,752 |
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(7) Investment Properties
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FRS 102 1a requires deferred tax to be accounted for assets that are subject to fair market revaluation. Consequently, no deferred tax was recognised on 31 October 2024 as there is no revaluation found during the year. |
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(8) Creditors > 1 year (Mortgage loan)
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The mortgage loans are secured on the properties purchased under the loans. |
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