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Registration number: 09249650

Armada Street Flats Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Armada Street Flats Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Armada Street Flats Limited

(Registration number: 09249650)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,512,630

1,514,549

Current assets

 

Debtors

5

289,190

241,471

Cash at bank and in hand

 

15,558

31,120

 

304,748

272,591

Creditors: Amounts falling due within one year

6

(44,951)

(32,411)

Net current assets

 

259,797

240,180

Total assets less current liabilities

 

1,772,427

1,754,729

Creditors: Amounts falling due after more than one year

6

(1,233,478)

(1,240,746)

Provisions for liabilities

(84,123)

(86,735)

Net assets

 

454,826

427,248

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

338,076

338,076

Profit and loss account

116,650

89,072

Shareholders' funds

 

454,826

427,248

 

Armada Street Flats Limited

(Registration number: 09249650)
Statement of Financial Position as at 31 August 2024 (continued)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 17 March 2025
 


T Barrow
Director

 

Armada Street Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
31-32 Emma Place
Plymouth
Devon
PL1 3QT

Principal activity

The principal activity of the company is that of that of property lettings and management.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rent received in the ordinary course of the company's activities. Turnover is shown net of value added tax and discounts.

 

Armada Street Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

15% reducing balance

Office equipment

20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially 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 the profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Armada Street Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of 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 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 required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the 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 in finance costs in profit or loss in the period it arises.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Armada Street Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

1,498,331

31,851

-

1,530,182

Additions

-

-

645

645

At 31 August 2024

1,498,331

31,851

645

1,530,827

Depreciation

At 1 September 2023

-

15,633

-

15,633

Charge for the year

-

2,435

129

2,564

At 31 August 2024

-

18,068

129

18,197

Carrying amount

At 31 August 2024

1,498,331

13,783

516

1,512,630

At 31 August 2023

1,498,331

16,218

-

1,514,549

The original cost of the assets classified as land and buildings above is £1,163.605 (2023 £1,163,605).

5

Debtors

2024
£

2023
£

Amounts owed by related parties

285,000

240,000

Other debtors

2,391

-

Prepayments

1,799

1,471

289,190

241,471

 

Armada Street Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

7,094

6,833

Trade creditors

664

2,706

Taxation and social security

9,693

6,880

Accruals and deferred income

1,464

1,420

Other creditors

26,036

14,572

44,951

32,411

The Aldermore loan is secured by a fixed and floating charge over the assets of the company. The Bounce Back Loan benefits from a government guarantee.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

1,233,478

1,240,746

The Aldermore Loan is secured by a fixed and floating charge over the assets of the company. The Bounce Back Loan benefits from a government guarantee.

Included within creditors: amounts falling due after more than one year is an amount of £1,227,904 (2022 £1,247,313) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

Included within the above figures are an Aldermore loan and a Foundation Home loan which are interest only and repayable in greater than 5 years.

 

Armada Street Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Revaluation reserve:

This reserve records the revaluation of investment property net of deferred tax.

This reserve is not distributable.

8

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Other payments made to company by director
£

At 31 August 2024
£

T Barrow

Director's loan account

(2,111)

(6,340)

(8,451)

       
     

 

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

T Barrow

Director's loan account

(190,111)

188,000

(2,111)

Summary of transactions with all entities with joint control or significant interest

Included within Debtors is a loan due from Stonehouse Commercial Estates Limited of £285,000 (2023 £240,000).

No interest has been charged on this loan, which was made to a company in which the director/ shareholder is a person of significant control.