Registered number
02848892
Expansion Limited
Unaudited Filleted Accounts
31 August 2024
Expansion Limited
Registered number: 02848892
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 167,248 167,248
Current assets
Debtors 4 476 766
Cash at bank and in hand 11,008 10,258
11,484 11,024
Creditors: amounts falling due within one year 5 (4,954) (3,723)
Net current assets 6,530 7,301
Total assets less current liabilities 173,778 174,549
Provisions for liabilities (31,132) (31,413)
Net assets 142,646 143,136
Capital and reserves
Called up share capital 3 3
Revaluation reserve 6 135,471 135,471
Profit and loss account 7,172 7,662
Shareholders' funds 142,646 143,136
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Philip Scott
Director
Approved by the board on 20 May 2025
Expansion Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of land and building and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These are the company’s first set of financial statements prepared in accordance with FRS 102.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents ground rent receivable for the year.
Tangible fixed assets
Freehold land and building is measured at market value and no depreciation is provided.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 September 2023 167,248
At 31 August 2024 167,248
Depreciation
At 31 August 2024 -
Net book value
At 31 August 2024 167,248
At 31 August 2023 167,248
Freehold land and building was revalued in 2022 at £167,248 by the directors based on estimated market value.
4 Debtors 2024 2023
£ £
Trade debtors - 300
Other debtors 476 466
476 766
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 4,954 3,723
6 Revaluation reserve- Non-distributable 2024 2023
£ £
At 1 September 2023 135,471 135,471
At 31 August 2024 135,471 135,471
7 Controlling party
The company was under the common control of the shareholders.
8 Other information
Expansion Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Studio
16 Cavaye Place
London
United Kingdom
SW10 9PT
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