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COMPANY REGISTRATION NUMBER: 11258145
OUTLOOK CAPITAL LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
OUTLOOK CAPITAL LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
2,411,512
2,405,981
Current assets
Debtors
5
146,138
148,152
Cash at bank and in hand
16,292
17,622
----------
----------
162,430
165,774
Creditors: amounts falling due within one year
6
336,401
330,361
----------
----------
Net current liabilities
173,971
164,587
-------------
-------------
Total assets less current liabilities
2,237,541
2,241,394
Creditors: amounts falling due after more than one year
7
1,945,061
1,950,725
Provisions
72,085
72,085
-------------
-------------
Net assets
220,395
218,584
-------------
-------------
Capital and reserves
Called up share capital
60
60
Profit and loss account
220,335
218,524
----------
----------
Shareholders funds
220,395
218,584
----------
----------
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.
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 .
OUTLOOK CAPITAL LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
Mr P Jerrari
Director
Company registration number: 11258145
OUTLOOK CAPITAL LTD
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 168 Church Road, Hove, East Sussex, BN3 2DL.
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 financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the creditors and on funding from other external sources. If the company were unable to continue in operational existence for the foreseeable future, adjustment would have to be made to reduce the balance sheet values of the assets to their recoverable amounts, and to provide for further liabilities that might arise. The director believes that it is appropriate for the financial statements to be prepared on the going concern basis.
Revenue recognition
Turnover represents amounts invoiced, net of value added tax, derived from the company's principal activity. Rental income is recognised over the term of the lease on a straight-line basis. The aggregate cost of incentives is deducted from the rental income and allocated to the profit and loss account over the lease term or to the next review date, whichever is shorter. Sales income and asset management fees are recognised when the financial risks and rewards are transferred.
Income tax
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Depreciation is not provided on freehold investment properties. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
2,400,000
8,578
2,408,578
Additions
9,369
9,369
-------------
---------
-------------
At 31 March 2024
2,400,000
17,947
2,417,947
-------------
---------
-------------
Depreciation
At 1 April 2023
2,597
2,597
Charge for the year
3,838
3,838
-------------
---------
-------------
At 31 March 2024
6,435
6,435
-------------
---------
-------------
Carrying amount
At 31 March 2024
2,400,000
11,512
2,411,512
-------------
---------
-------------
At 31 March 2023
2,400,000
5,981
2,405,981
-------------
---------
-------------
Tangible assets held at valuation
At the year end the investment property was valued by the director on an open market value basis.
5. Debtors
2024
2023
£
£
Trade debtors
300
300
Other debtors
145,838
147,852
----------
----------
146,138
148,152
----------
----------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,400
5,400
Trade creditors
1,900
3,301
Other creditors
329,101
321,660
----------
----------
336,401
330,361
----------
----------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,945,061
1,950,725
-------------
-------------
The bank loans are secured over the assets of the company.