AJP Promotions Limited
Notes to the financial statements
For the year ended 30 September 2024
AJP Promotions Limited (the 'company') is a private company, limited by shares, incorporated in England. The principal activity of the company is that of property investment. The address of its registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The principal place of business is 35 Martins Lane, Dorchester on Thames, Wallingford, Oxfordshire, OX10 7JE.
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, as modified by the revaluation of investment property, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Despite the company reporting net current liabilities of £133,879 (2023: £134,707) at 30 September 2024, included within 'Creditors: amounts falling due within one year' is an amount of £156,788 (2023: £159,158) due to the director, which will not be called for repayment for a period of at least 12 months from the date of approval of the financial statements. The financial statements have therefore been prepared on a going concern basis and the company continues to be reliant upon the continued financial support of its director.
Turnover represents rent receivable from tenants, credit for which is taken on an accruals basis, excluding discounts, rebates, value added tax and other sales taxes.
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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 balance sheet 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 balance sheet 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 balance sheet date.
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