Registration number:
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London House (Crowborough) Limited
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London House (Crowborough) Limited
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
As restated |
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Current assets |
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Stocks |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4 |
4 |
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Retained earnings |
60,515 |
66,872 |
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Shareholders' funds |
60,519 |
66,876 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Z M Warren
Director
Company registration number: 10381037
London House (Crowborough) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property development.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a loss for the year ended 30 September 2024 but had net assets of £60,519 at that date.
The company has few fixed overheads and directors believe the company has adequate working capital to complete or realise its developed property.
Having made enquiries the directors have reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of property in the ordinary course of the company's activities. Turnover is shown net of discounts.
The company recognises revenue from the sale of property on the date of contractual completion.
London House (Crowborough) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company during the year was
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Stocks |
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2024 |
As restated |
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Work in progress |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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- |
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- |
London House (Crowborough) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
As restated |
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Trade creditors |
- |
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Taxation and social security |
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Other creditors |
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Prior period adjustment |
During the year, the directors identified that other creditors as at 30 September 2023 were overstated by £54,463 as a result of certain income which had not been recognised. Work in progress was also overstated by £54,463 as a result of diminutions in value which had not been provided. This has been corrected in the current year to 30 September 2024 and comparative figures have been restated. These adjustments had no effect on the net assets at 30 September 2023 or the result for the year to that date.