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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
76,653
76,653
76,653
xbrli:pure
xbrli:shares
iso4217:GBP
768374
2023-04-01
2024-03-31
768374
2024-03-31
768374
2023-03-31
768374
2022-04-01
2023-03-31
768374
2023-03-31
768374
2022-03-31
768374
bus:RegisteredOffice
2023-04-01
2024-03-31
768374
bus:Director1
2023-04-01
2024-03-31
768374
bus:CompanySecretary1
2023-04-01
2024-03-31
768374
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-01
2024-03-31
768374
core:LandBuildings
core:LongLeaseholdAssets
2023-04-01
2024-03-31
768374
core:WithinOneYear
2024-03-31
768374
core:WithinOneYear
2023-03-31
768374
core:AfterOneYear
2024-03-31
768374
core:AfterOneYear
2023-03-31
768374
core:ShareCapital
2024-03-31
768374
core:ShareCapital
2023-03-31
768374
core:RetainedEarningsAccumulatedLosses
2024-03-31
768374
core:RetainedEarningsAccumulatedLosses
2023-03-31
768374
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
768374
core:Non-currentFinancialInstruments
2024-03-31
768374
core:Non-currentFinancialInstruments
2023-03-31
768374
core:LandBuildings
core:LongLeaseholdAssets
2024-03-31
768374
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
768374
core:LandBuildings
core:LongLeaseholdAssets
2023-03-31
768374
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
768374
core:LandBuildings
core:LongLeaseholdAssets
2023-03-31
768374
bus:SmallEntities
2023-04-01
2024-03-31
768374
bus:AuditExempt-NoAccountantsReport
2023-04-01
2024-03-31
768374
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
768374
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
768374
bus:FullAccounts
2023-04-01
2024-03-31
768374
core:CapitalReserve
2024-03-31
768374
core:CapitalReserve
2023-03-31
COMPANY REGISTRATION NUMBER:
768374
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
Officers and professional advisers |
1 |
|
|
Notes to the financial statements |
4 |
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
COMPANY SECRETARY |
Mrs Z Frankel |
|
|
REGISTERED OFFICE |
New Burlington House |
|
1075 Finchley Road |
|
London |
|
NW11 0PU |
|
|
31 March 2024
FIXED ASSETS
Investment properties |
5 |
|
1,269,091 |
|
3,314,300 |
Investments |
6 |
|
76,653 |
|
76,653 |
|
|
------------- |
|
------------- |
|
|
1,345,744 |
|
3,390,953 |
|
|
|
|
|
|
CURRENT ASSETS
Debtors |
7 |
1,206,945 |
|
1,665,393 |
|
Cash at bank and in hand |
195,362 |
|
31,484 |
|
|
------------- |
|
------------- |
|
|
1,402,307 |
|
1,696,877 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
(
2,246,335) |
|
(
4,074,135) |
|
|
------------- |
|
------------- |
|
NET CURRENT LIABILITIES |
|
(
844,028) |
|
(
2,377,258) |
|
|
------------- |
|
------------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
501,716 |
|
1,013,695 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
|
(
1,159,360) |
|
(
1,132,057) |
|
|
------------- |
|
------------- |
NET LIABILITIES |
|
(
657,644) |
|
(
118,362) |
|
|
------------- |
|
------------- |
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
200 |
|
200 |
Capital reserve |
|
204,486 |
|
204,486 |
Profit and loss account |
|
(
862,330) |
|
(
323,048) |
|
|
---------- |
|
---------- |
SHAREHOLDERS DEFICIT |
|
(
657,644) |
|
(
118,362) |
|
|
---------- |
|
---------- |
|
|
|
|
|
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 profit and loss account 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.
Director's 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 director acknowledges his 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
24 March 2025
, and are signed on behalf of the board by:
Company registration number:
768374
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 New Burlington House, 1075 Finchley Road, London, NW11 0PU.
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 under the historical cost convention except that investment properties are measured at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 10.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
The turnover of the company is represented by rental income and charges receivable from properties held for investment purposes.
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.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned. Any gain or loss arising from a change in fair value is recognised in the profit and loss account.
Investments
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Acquisition and disposals of properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements.
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. Basic financial instruments Trade and other debtors Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument. Trade and other creditors Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
Joint venture
The company has a beneficial interest in the income, expenditure, assets and liabilities of joint ventures involved in property investment. The company's interest in the income, expenditure, assets and liabilities of the joint venture has been included proportionally on a line by line basis.
4.
PARTICULARS OF EMPLOYEES
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2023: Nil).
5.
INVESTMENT PROPERTIES
|
Freehold property |
Long leasehold property |
Total |
|
£ |
£ |
£ |
Fair value |
|
|
|
At 1 April 2023 |
2,047,888 |
1,266,412 |
3,314,300 |
Additions |
– |
2,679 |
2,679 |
Disposals |
(
2,047,888) |
– |
(
2,047,888) |
|
------------- |
------------- |
------------- |
At 31 March 2024 |
– |
1,269,091 |
1,269,091 |
|
------------- |
------------- |
------------- |
Carrying amount |
|
|
|
At 31 March 2024 |
– |
1,269,091 |
1,269,091 |
|
------------- |
------------- |
------------- |
At 31 March 2023 |
2,047,888 |
1,266,412 |
3,314,300 |
|
------------- |
------------- |
------------- |
|
|
|
|
Investments Properties held at valuation The company's investment properties are included in the Financial Statements at Director's valuation. Valuation techniques and key inputs The company's residential apartments were valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition. The company's commercial units were valued using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income. Adjustments are made to allow for voids when less than five years are left under the current tenancy and to reflect market rent at the point of lease expiry or rent review. Historical cost model The historical cost of investment properties at 31 March 2024 is £1,269,091 (2023: £3,314,300).
6.
INVESTMENTS
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
76,653 |
|
--------- |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 March 2024 |
76,653 |
|
--------- |
At 31 March 2023 |
76,653 |
|
--------- |
|
|
7.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
5,157 |
7,238 |
Amounts owed by group undertakings |
574,990 |
646,151 |
Other debtors |
626,798 |
1,012,004 |
|
------------- |
------------- |
|
1,206,945 |
1,665,393 |
|
------------- |
------------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
795 |
997,442 |
Trade creditors |
2,229 |
19,763 |
Corporation tax |
– |
105 |
Other creditors |
2,243,311 |
3,056,825 |
|
------------- |
------------- |
|
2,246,335 |
4,074,135 |
|
------------- |
------------- |
|
|
|
Other creditors include interest free amounts of £1,414,196 (2023: £1,955,169) due to companies in which the director of this company is also a director. Other creditors also include an amount of £225,058 (2023: £250,000) due to a company in which the director of this company is also a director. This loan incurs interest at a rate of 8% per annum and is repayable on demand.
9.
CREDITORS:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
1,159,360 |
1,132,057 |
|
------------- |
------------- |
|
|
|
The bank loans are secured by a first legal charge over the property held for investment with a book value of £1,269,091.
10.
ACCOUNTING ESTIMATES AND JUDGEMENTS
i. Property valuations
The valuation of the company's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions (as set out in Note 5). Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
ii. Trade debtors
Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.