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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
21,911,146
1,077,145
600,000
22,388,291
22,388,291
21,911,146
xbrli:pure
xbrli:shares
iso4217:GBP
10725825
2023-04-01
2024-03-31
10725825
2024-03-31
10725825
2023-03-31
10725825
2022-04-01
2023-03-31
10725825
2023-03-31
10725825
2022-03-31
10725825
bus:Director2
2023-04-01
2024-03-31
10725825
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-01
2024-03-31
10725825
core:WithinOneYear
2024-03-31
10725825
core:WithinOneYear
2023-03-31
10725825
core:AfterOneYear
2024-03-31
10725825
core:AfterOneYear
2023-03-31
10725825
core:ShareCapital
2024-03-31
10725825
core:ShareCapital
2023-03-31
10725825
core:SharePremium
2024-03-31
10725825
core:SharePremium
2023-03-31
10725825
core:RetainedEarningsAccumulatedLosses
2024-03-31
10725825
core:RetainedEarningsAccumulatedLosses
2023-03-31
10725825
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
10725825
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
10725825
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
10725825
bus:SmallEntities
2023-04-01
2024-03-31
10725825
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
10725825
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
10725825
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
10725825
bus:FullAccounts
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
10725825
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
|
2024 |
2023 |
|
|
(restated) |
Note |
£ |
£ |
|
|
|
Fixed assets
Tangible assets |
5 |
22,388,291 |
21,911,146 |
|
|
|
|
Current assets
Debtors |
6 |
99,614 |
98,161 |
Cash at bank and in hand |
677,376 |
125,293 |
|
--------- |
--------- |
|
776,990 |
223,454 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
984,519) |
(
830,862) |
|
--------- |
--------- |
Net current liabilities |
(
207,529) |
(
607,408) |
|
------------- |
------------- |
Total assets less current liabilities |
22,180,762 |
21,303,738 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
(
7,897,500) |
(
7,134,500) |
|
|
|
|
Provisions |
(
274,692) |
(
208,766) |
|
------------- |
------------- |
Net assets |
14,008,570 |
13,960,472 |
|
------------- |
------------- |
|
|
|
Capital and reserves
Called up share capital |
380 |
200 |
Share premium account |
10 |
11,157,237 |
11,157,237 |
Profit and loss account |
10 |
2,850,953 |
2,803,035 |
|
------------- |
------------- |
Shareholders funds |
14,008,570 |
13,960,472 |
|
------------- |
------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of 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 comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members 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
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
23 January 2025
, and are signed on behalf of the board by:
Mr. S.R. Bhundia |
Director |
|
Company registration number:
10725825
Notes to the Financial Statements |
|
Year ended 31 March 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 7 High Road, Willesden, London, NW10 2TE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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
The directors have guaranteed to provide financial support to the company so that it will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover represents rental income from property and is recognised when the rentals are receivable from the tenants.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tangible assets
|
Investment properties |
|
£ |
Cost |
|
At 1 April 2023 (as restated) |
21,911,146 |
Additions |
1,077,145 |
Disposals |
(
600,000) |
|
------------- |
At 31 March 2024 |
22,388,291 |
|
------------- |
Depreciation |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------- |
Carrying amount |
|
At 31 March 2024 |
22,388,291 |
|
------------- |
At 31 March 2023 |
21,911,146 |
|
------------- |
|
|
In the opinion of the directors, the fair value of the investment properties is as stated at the balance sheet date. The historical cost of the investment properties are £21,289,521 (2023 - £20,812,376)
6.
Debtors
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
Trade debtors |
94,717 |
84,161 |
Other debtors |
4,897 |
14,000 |
|
-------- |
-------- |
|
99,614 |
98,161 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
Bank loans and overdrafts |
37,000 |
37,000 |
Trade creditors |
100,278 |
83,049 |
Corporation tax |
61,780 |
89,058 |
Other creditors |
785,461 |
621,755 |
|
--------- |
--------- |
|
984,519 |
830,862 |
|
--------- |
--------- |
|
|
|
A bank loan totalling £37,000 (2023 - £37,000) is secured by a fixed charge over the assets of the company.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
Bank loans and overdrafts |
7,897,500 |
7,134,500 |
|
------------ |
------------ |
|
|
|
A bank loan totalling £7,097,500 (2023 - £7,134,500) is secured by a fixed charge over the assets of the company.
9.
Prior period errors
The accounts have been restated to incorporate the impact of a misclassification of bank loans for share premium account. The change has resulted in profits available for distribution at 31 March 2023 increasing after tax by £111,969. Summary of the prior year accounting impact: Reduction in creditors - bank loans 1,480,613 Reduction in creditors - directors account 926,175 Increase in creditors - corporation tax -26,265 Increase in share capital -100 Increase in share premium account -2,268,454 ------------ 111,969 =========
10.
Reserves
Profit and loss account - This reserve is made up of distributable profits amounting to £2,026,875 (2023: £1,913,031) and non-distributable profits arising on investment property revaluations of £824,078 (2023: £890,004).