Company registration number: 11647179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5975 Reading Ltd

 

 

Filleted Unaudited financial statements

 

 

31 May 2024

5975 Reading Ltd

 

Contents

 

 

Page

 

 

Directors and other information

1

 

 

Directors' report

2

 

 

Statement of financial position

3 - 4

 

 

Notes to the financial statements

5 - 8

5975 Reading Ltd

Directors and other information

 

Directors

C Cingi (appointed 3 April 2024)

 

M G Curran (appointed 13 May 2024)

 

 

Company number

11647179

 

 

Registered office

Headlands House

 

1 Kings Court

 

Kettering Parkway,

 

Kettering

 

Northamptonshire

 

United Kingdom

 

NN15 6WJ

5975 Reading Ltd

Directors' report

Year ended 31 May 2024

 

The directors presents their report and the unaudited financial statements of the company for year ended 31 May 2024.

 

Directors

The directors who served the company during the year were as follows:

 

M G Curran (appointed 13 May 2024)

C Cingi (appointed 3 April 2024)

O Kisacikoglu (resigned 4 April 2024)

 

Small companies provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

 

This report was approved by the board of directors on the 17th February 2025 and signed on behalf of the board by:

 

 

 

 

C Cingi

Director

5975 Reading Ltd

Statement of financial position

31 May 2024

 

 

 

31.05.2024

31.05.2023

 

Note

£

£

£

£

 

 

 

 

 

 

Fixed assets

 

 

 

 

 

Investment property

 

12,700,000

 

12,700,000

 

Tangible assets

5

218,556

 

245,784

 

 

 

 

 

 

 

 

 

 

12,918,556

 

12,945,784

Current assets

 

 

 

 

 

Debtors

6

93,946

 

46,874

 

Cash at bank and in hand

 

153,474

 

152,647

 

 

 

 

 

 

 

 

 

247,420

 

199,521

 

Creditors: amounts falling due within one year

7

(12,459,024)

 

(12,869,209)

 

 

 

 

 

 

 

Net current liabilities

 

 

(12,211,604)

 

(12,669,688)

 

 

 

 

 

 

Total assets less current liabilities

 

 

706,952

 

276,096

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

Called up share capital

 

 

1

 

1

Profit and loss account

 

 

706,951

 

276,095

 

 

 

 

 

 

Shareholders earnings

 

 

706,952

 

276,096

 

For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Directors' responsibilities:

The shareholders have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

 

 

 

 

The notes on pages 5 to 8 form part of these financial statements.

5975 Reading Ltd

Statement of financial position (continued)

31 May 2024

 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

 

These financial statements were approved by the board of directors and authorised for issue on the 17th February 2025 and are signed on behalf of the board by:

 

 

 

 

C Cingi

Director

 

Company registration number: 11647179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The notes on pages 5 to 8 form part of these financial statements.

5975 Reading Ltd

Notes to the financial statements

Year ended 31 May 2024

 

1.     General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, United Kingdom, NN15 6WJ.

 

2.     Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS102, Section 1A, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

3.     Accounting policies

 

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

 

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Going concern

At the balance sheet date, the reporting entity had net current liabilities in the sum of £12,211,604 (2023: £12,669,688). The company is reliant on the support of the creditors. On the basis that the creditors will continue to support the reporting entity for the foreseeable future, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the creditors.

true

 

Revenue

Revenue comprises of rental income. Rental income is derived from leasing properties to third parties and is recognised on an accrual basis in line with the terms of the lease agreement. Revenue from rental income is recognised in the period in which it is earned, provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be reliably measured. Where lease payments are due in arrears, rental income is recognised as earned based on the lease agreement terms. For lease payments received in advance, the income is recognised as deferred income and recognised over the lease term.

5975 Reading Ltd

Notes to the financial statements

Year ended 31 May 2024

 

3.     Accounting policies (continued)

 

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.

 

In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

 

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

 

Investment property

Investment property is initially recorded at purchase price plus any other directly attributable costs, and is subsequently stated at fair value. Fair value gains and losses that arise after initial recognition are taken to profit or loss.

 

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

 

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value over the useful economic life of that asset as follows:

 

Fittings fixtures and equipment - 10% straight line

 

Depreciation is not charged in the month of purchase.

 

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

 

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

 

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Debt instruments are subsequently measured at amortised cost.

 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

5975 Reading Ltd

Notes to the financial statements

Year ended 31 May 2024

 

4.     Employee numbers

 

The average number of employees during the year was 0 (2023:0), as the company employed its first employee during the last month of the financial year.

 

5.     Tangible assets

 

 

Fixtures, fittings and equipment

 

£

Cost

 

At 1 June 2023

272,274

Additions

-

Disposals

-

 

 

At 31 May 2024

272,274

 

 

Depreciation

 

At 1 June 2023

26,490

Charge for the year

27,228

 

 

At 31 May 2024

53,718

 

 

Carrying amount

 

At 31 May 2024

218,556

 

 

At 31 May 2023

245,784

 

6.     Debtors

 

 

31.05.2024

31.05.2023

 

£

£

 

 

 

Debtors

81,753

35,569

Other debtors

1

1

Prepayments

12,192

11,304

 

 

 

 

93,946

46,874

5975 Reading Ltd

Notes to the financial statements

Year ended 31 May 2024

 

7.     Creditors: amounts falling due within one year

 

 

 

31.05.2024

31.05.2023

 

Note

£

£

 

 

 

 

Other creditors

 

22,164

5,006

Amounts owing to parent company

7.1

12,434,067

12,862,703

Accruals

 

2,793

1,500

 

 

 

 

 

 

12,459,024

12,869,209

 

7.1     Amounts owing to parent company are interest free.

 

8.     Related party balances and transactions

 

8.1     Related party balances and transactions

Information on balances due by/to related parties is set out in note 7 to these financial statements.

 

8.2     Related party transactions

 

 

Transaction value for the period/year ended

 

 

 

 

31.05.2024

31.05.2023

 

£

£

Expenses

 

 

Accrued director's remuneration

(153)

-

 

 

 

Financing transactions

 

 

Amounts owing to parent company

(428,636)

12,678,857