1 1 1008 Property Ltd 10869542 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is that of letting of investment property. Digita Accounts Production Advanced 6.30.9574.0 true 10869542 2024-04-01 2025-03-31 10869542 2025-03-31 10869542 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 10869542 core:Non-currentFinancialInstruments 2025-03-31 10869542 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 10869542 core:FurnitureFittings 2025-03-31 10869542 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 10869542 bus:SmallEntities 2024-04-01 2025-03-31 10869542 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 10869542 bus:FilletedAccounts 2024-04-01 2025-03-31 10869542 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 10869542 bus:RegisteredOffice 2024-04-01 2025-03-31 10869542 bus:Director2 2024-04-01 2025-03-31 10869542 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 10869542 core:FurnitureFittings 2024-04-01 2025-03-31 10869542 core:LandBuildings 2024-04-01 2025-03-31 10869542 countries:EnglandWales 2024-04-01 2025-03-31 10869542 2024-03-31 10869542 core:FurnitureFittings 2024-03-31 10869542 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 10869542 2023-04-01 2024-03-31 10869542 2024-03-31 10869542 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10869542 core:Non-currentFinancialInstruments 2024-03-31 10869542 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 10869542 core:FurnitureFittings 2024-03-31 10869542 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 10869542 core:RevaluationReserve core:LandBuildings 2023-04-01 2024-03-31 10869542 core:LandBuildings 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP

Registration number: 10869542

1008 Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

1008 Property Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

1008 Property Ltd

(Registration number: 10869542)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

282,000

282,000

Current assets

 

Cash at bank and in hand

 

5,885

5,740

Creditors: Amounts falling due within one year

5

(48,803)

(48,773)

Net current liabilities

 

(42,918)

(43,033)

Total assets less current liabilities

 

239,082

238,967

Creditors: Amounts falling due after more than one year

5

(290,439)

(290,446)

Net liabilities

 

(51,357)

(51,479)

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

(31,852)

(31,852)

Profit and loss account

(19,506)

(19,628)

Shareholders' deficit

 

(51,357)

(51,479)

For the financial year ending 31 March 2025 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 6 May 2025
 


Mr A B West
Director

 

1008 Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is that of letting of investment property.

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.

 

1008 Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

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 the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises 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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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 and fittings

33% straight line

Freehold property

No depreciation

 

1008 Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

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.

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

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.

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 1 (2024 - 1).

 

1008 Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2024

282,000

1,003

283,003

At 31 March 2025

282,000

1,003

283,003

Depreciation

At 1 April 2024

-

1,003

1,003

At 31 March 2025

-

1,003

1,003

Carrying amount

At 31 March 2025

282,000

-

282,000

At 31 March 2024

282,000

-

282,000

Included within the net book value of land and buildings above is £282,000 (2024 - £282,000) in respect of freehold land and buildings.
 

5

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Accruals and deferred income

756

726

Other creditors

48,047

48,047

48,803

48,773

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

7

290,439

290,446

6

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

1008 Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Reserves (continued)

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(31,852)

(31,852)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

190,439

190,446

Other borrowings

100,000

100,000

290,439

290,446