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Company No: 11772017 (England and Wales)

141 KING STREET MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

141 KING STREET MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

141 KING STREET MANAGEMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
141 KING STREET MANAGEMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 30,000 30,000
30,000 30,000
Current assets
Debtors 4 737,544 240,734
Cash at bank and in hand 5 47,179 540,661
784,723 781,395
Creditors: amounts falling due within one year 6 ( 809,055) ( 811,394)
Net current liabilities (24,332) (29,999)
Total assets less current liabilities 5,668 1
Net assets 5,668 1
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 5,667 0
Total shareholder's funds 5,668 1

For the financial year ending 31 July 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 financial statements of 141 King Street Management Company Limited (registered number: 11772017) were approved and authorised for issue by the Director. They were signed on its behalf by:

J Burton
Director

08 May 2025

141 KING STREET MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
141 KING STREET MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

141 King Street Management Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Atrium House, Loddon Business Park Little Money Road, Loddon, Norwich, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 August 2023 30,000
As at 31 July 2024 30,000

The fair value of investment property has been determined by the Director.

4. Debtors

2024 2023
£ £
Trade debtors 699 6,713
Prepayments and accrued income 6,626 6,985
VAT recoverable 329 879
Other debtors 729,890 226,157
737,544 240,734

Included within other debtors is a loan due from Grandstand Developments Ltd, a company controlled by Mr J Burton, totaling £726,121 (2023: £226,157).

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 47,179 540,661

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 639 608
Amounts owed to director 179,959 179,959
Accruals and deferred income 621,910 624,280
Other creditors 6,547 6,547
809,055 811,394

Included within other creditors due within one year is a loan due to Framingham House Investments Ltd, a company controlled by Mr J Burton, totaling £6,547 (2023: £6,547).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Ultimate controlling party

Mr J Burton is the controlling party of 141 King Street Management Company by way of his 100% shareholding.