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Registered number: 13368103














PERCY CIRCUS LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
PERCY CIRCUS LTD
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 5


 
PERCY CIRCUS LTD
REGISTERED NUMBER:13368103

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
3,351,817
-

Current assets
  

Stocks
 5 
-
3,178,196

Debtors: amounts falling due within one year
 6 
10,555
3,245

Cash at bank and in hand
  
316
7,009

  
10,871
3,188,450

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(1,886,242)
(1,704,125)

Net current (liabilities)/assets
  
 
 
(1,875,371)
 
 
1,484,325

Total assets less current liabilities
  
1,476,446
1,484,325

Creditors: amounts falling due after more than one year
 8 
(1,494,000)
(1,494,000)

  

Net liabilities
  
(17,554)
(9,675)


Capital and reserves
  

Called up share capital 
 9 
101
101

Profit and loss account
  
(17,655)
(9,776)

  
(17,554)
(9,675)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
PERCY CIRCUS LTD
REGISTERED NUMBER:13368103
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.

D O Ishack
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
PERCY CIRCUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Percy Circus Ltd is a private limited liability company registered in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street (Entrance Via Davies Street), London, W1K 3NB. 
The principal activity of the Company is that of property trading and development.
The company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

In the opinion of the Director, she and other associated companies will continue to provide such financial support as may be required to enable the Company to be able to continue to meet its running costs and liabilities as they fall due for at least 12 months from the date of her approval of these financial statements. Based on her current assessment of the situation and available financial resources, the director considers it appropriate to prepare the financial statements on a going concern basis.

  
2.3

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value. Cost for this purposes comprises the purchase cost of land and buildings, subsequent development expenditure overheads and capitalised interest charges.

In considering the net realisable value of land and property it is assumed that development will be completed and sold in the ordinary course of the Company's business and that they would not be placed on the market for immediate sale.

Page 3

 
PERCY CIRCUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The director was the only employee of the Company during the current and preceding period. 


4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
173,621


Appropriated from work in progress at cost
3,178,196



At 30 June 2024
3,351,817

In the opinion of the director there was no difference between open market value for existing use basis and cost at the Statement of Financial Position date.







5.


Stocks

2024
2023
£
£

Development property
-
3,178,196


Page 4

 
PERCY CIRCUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Other debtors
241
241

Prepayments
10,314
3,004

10,555
3,245



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,882
-

Other creditors
1,869,211
1,685,346

Accruals
15,149
18,779

1,886,242
1,704,125



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
1,494,000
1,494,000


The bank loan is secured by a fixed and floating charge over the assets of the Company.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary  A share of £1
1
1
100 Ordinary  B shares of £1 each
100
100

101

101


 
Page 5