REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FOR |
270 DEGREES PROPERTY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FOR |
270 DEGREES PROPERTY LIMITED |
270 DEGREES PROPERTY LIMITED (REGISTERED NUMBER: 12314461) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
270 DEGREES PROPERTY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
270 DEGREES PROPERTY LIMITED (REGISTERED NUMBER: 12314461) |
BALANCE SHEET |
30 NOVEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The directors acknowledge their 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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
270 DEGREES PROPERTY LIMITED (REGISTERED NUMBER: 12314461) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. |
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 taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2023 |
and 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accrued income |
Prepayments |
270 DEGREES PROPERTY LIMITED (REGISTERED NUMBER: 12314461) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 51,240 | 51,240 |
Tax |
Directors' loan accounts | 67,500 | 67,500 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 233,915 | 233,953 |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, I S & Mrs N Baillie maintained their loan to the company. As at 30 November 2024, the company owed them £67,500 (2023: £67,500). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand. |
8. | RELATED PARTY DISCLOSURES |
During the year, 270 Degrees Property Limited not taken or repaid any loan to 270 Degrees Limited. The amount owed to 270 Degrees Limited £51,240. All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
This was by virtue of their 100% holding of the issued share capital. |
10. | NET CURRENT LIABILITIES |
As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. As at the year end the current liabilities exceeded current assets by £117,645. |
The validity of this basis depends upon the continued support of the company's directors. The directors confirms that they will give the required support. |