45 Preston Street Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—3

Registered number: 02205793

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		100,421		100,433

			100,421		100,433
CURRENT ASSETS
Debtors	5	13,184		5,800
Cash at bank and in hand		9,669		2,798

		22,853		8,598
Creditors: Amounts Falling Due Within One Year	6	(9,480 )		(8,375 )

NET CURRENT ASSETS (LIABILITIES)			13,373		223

TOTAL ASSETS LESS CURRENT LIABILITIES			113,794		100,656

NET ASSETS			113,794		100,656

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			113,694		100,556

SHAREHOLDERS' FUNDS			113,794		100,656

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr John Butler

Director

03/05/2025

The notes on pages 2 to 3 form part of these financial statements.

1. General Information

45 Preston Street Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02205793 . The registered office is 61 Cowick Lane, St Thomas, Exeter, Devon, EX2 9HJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair valu and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

2.2. Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold

10%

2.4. Taxation

The tax expense for the period comprises current 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.

2.5. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

2.6. 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 o ftransaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2023: NIL)

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45 Preston Street Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2024

4. Tangible Assets

	Land & Property
	Leasehold
	£
Cost
As at 1 November 2023	103,989

As at 31 October 2024	103,989

Depreciation
As at 1 November 2023	3,556
Provided during the period	12

As at 31 October 2024	3,568

Net Book Value
As at 31 October 2024	100,421

As at 1 November 2023	100,433

5. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	7,384	-
Other debtors	5,800	5,800

	13,184	5,800

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Corporation tax	4,961	3,210
Other creditors	3,537	4,203
Accruals and deferred income	482	462
Amounts owed to related parties	500	500

	9,480	8,375

Creditors included bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which were secured. This was settled during 2023. (2022 - £12,586).

7. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

8. Loans and borrowings

The amounts disclosed as Bank loans in Note 6 and 7 relate to a Barclays Flexible Business loan account which was denominated in GB Sterling with a nominal interest rate of 5.41%, this was settled during 2023 and therefore has nil carrying amount as at 31 October 2023 (2022: £43,920)

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