0
false
false
false
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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
5,063,317
124,057
54,435
5,132,939
5,132,939
5,063,317
xbrli:pure
xbrli:shares
iso4217:GBP
01348688
2023-04-01
2024-03-31
01348688
2024-03-31
01348688
2023-03-31
01348688
2022-04-01
2023-03-31
01348688
2023-03-31
01348688
2022-03-31
01348688
bus:Director2
2023-04-01
2024-03-31
01348688
core:WithinOneYear
2024-03-31
01348688
core:WithinOneYear
2023-03-31
01348688
core:UKTax
2023-04-01
2024-03-31
01348688
core:UKTax
2022-04-01
2023-03-31
01348688
core:ShareCapital
2024-03-31
01348688
core:ShareCapital
2023-03-31
01348688
core:RevaluationReserve
2024-03-31
01348688
core:RevaluationReserve
2023-03-31
01348688
core:RetainedEarningsAccumulatedLosses
2024-03-31
01348688
core:RetainedEarningsAccumulatedLosses
2023-03-31
01348688
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
01348688
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-03-31
01348688
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2024-03-31
01348688
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
01348688
core:Non-currentFinancialInstruments
2024-03-31
01348688
core:Non-currentFinancialInstruments
2023-03-31
01348688
bus:SmallEntities
2023-04-01
2024-03-31
01348688
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
01348688
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
01348688
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
01348688
bus:FullAccounts
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
01348688
Filleted Unaudited Financial Statements |
|
31 March 2024
Fixed assets
Investments |
6 |
|
5,132,939 |
5,063,317 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
114,062 |
|
114,134 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
714,584) |
|
(
724,646) |
|
--------- |
|
--------- |
Net current liabilities |
|
(
600,522) |
(
610,512) |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
4,532,417 |
4,452,805 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
729,321) |
(
729,321) |
|
|
------------ |
------------ |
Net assets |
|
3,803,096 |
3,723,484 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
105 |
105 |
Revaluation reserve |
|
3,149,765 |
3,149,765 |
Profit and loss account |
|
653,226 |
573,614 |
|
|
------------ |
------------ |
Shareholders funds |
|
3,803,096 |
3,723,484 |
|
|
------------ |
------------ |
|
|
|
|
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 income and retained earnings 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
.
Balance Sheet (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
4 February 2025
, and are signed on behalf of the board by:
Company registration number:
01348688
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 6 Bruce Grove, London, N17 6RA.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Revenue recognition
The company holds a 65.715% interest in a hotel partnership. The company's share of profit/(loss) is disclosed on the face of the income statement.
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.
Investments in joint ventures
Investments in joint ventures are accounted for in accordance with the equity method, under which the investment is initially recognised at cost and subsequently adjusted to reflect the company's share of the profit or loss, other comprehensive income and equity of the jointly controlled entity. Distributions received from the jointly controlled entity reduce the carrying amount of the investment.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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 was Nil.
5.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
43,381 |
53,343 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
– |
175,037 |
|
-------- |
--------- |
Tax on profit |
43,381 |
228,380 |
|
-------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the
standard rate of corporation tax in the UK
of
25
% (2023:
19
%).
|
2024 |
2023 |
|
£ |
£ |
Profit on ordinary activities before taxation |
122,993 |
199,391 |
|
--------- |
--------- |
Profit on ordinary activities by rate of tax |
30,748 |
37,884 |
Effect of expenses not deductible for tax purposes |
9,085 |
12,207 |
Effect of capital allowances and depreciation |
3,376 |
3,156 |
Unused tax losses |
172 |
96 |
Deferred tax movement |
– |
|
|
--------- |
--------- |
Tax on profit |
43,381 |
228,380 |
|
--------- |
--------- |
|
|
|
6.
Investments
|
Interests in partnerships |
|
£ |
Cost |
|
At 1 April 2023 |
5,063,317 |
Share of profits |
124,057 |
Drawings |
(
54,435) |
|
------------ |
At 31 March 2024 |
5,132,939 |
|
------------ |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 31 March 2024 |
5,132,939 |
|
------------ |
At 31 March 2023 |
5,063,317 |
|
------------ |
|
|
The company holds interest of 65.715% in both Swiss Cottage Hotel LLP and Swiss Cottage Investments LLP.
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Accruals and deferred income |
1,140 |
1,152 |
Corporation tax |
43,292 |
53,342 |
Other creditors |
670,152 |
670,152 |
|
--------- |
--------- |
|
714,584 |
724,646 |
|
--------- |
--------- |
|
|
|
8.
Deferred tax
The deferred tax included in the balance sheet is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
729,321 |
729,321 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Other revaluations |
|
|
|
--------- |
--------- |
|
|
|