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REGISTERED NUMBER: 04727387 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2025

for

298 Limited

298 Limited (Registered number: 04727387)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


298 Limited

Company Information
for the Year Ended 31 March 2025







DIRECTORS: P Bailey
Mrs H Bailey





REGISTERED OFFICE: 78, The Foundry
The Beacon
Eastbourne
East Sussex
BN21 3NW





REGISTERED NUMBER: 04727387 (England and Wales)





ACCOUNTANTS: Porters Associates Ltd
38 Central Avenue
Polegate
East Sussex
BN26 6HA

298 Limited (Registered number: 04727387)

Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 887 1,182
Tangible assets 5 173 230
Investment property 6 538,391 535,011
539,451 536,423

CURRENT ASSETS
Debtors 7 2,682 6,227
Cash at bank 73,985 2,398
76,667 8,625
CREDITORS
Amounts falling due within one year 8 199,561 97,645
NET CURRENT LIABILITIES (122,894 ) (89,020 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

416,557

447,403

CREDITORS
Amounts falling due after more than
one year

9

(50,057

)

(79,603

)

PROVISIONS FOR LIABILITIES (8,867 ) (8,867 )
NET ASSETS 357,633 358,933

298 Limited (Registered number: 04727387)

Balance Sheet - continued
31 March 2025

31.3.25 31.3.24
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 68,170 64,790
Retained earnings 289,363 294,043
357,633 358,933

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by:





P Bailey - Director


298 Limited (Registered number: 04727387)

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

1. STATUTORY INFORMATION

298 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


298 Limited (Registered number: 04727387)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2024
and 31 March 2025 145,000 4,566 149,566
AMORTISATION
At 1 April 2024 145,000 3,384 148,384
Charge for year - 295 295
At 31 March 2025 145,000 3,679 148,679
NET BOOK VALUE
At 31 March 2025 - 887 887
At 31 March 2024 - 1,182 1,182

298 Limited (Registered number: 04727387)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2024
and 31 March 2025 2,680 4,079 6,759
DEPRECIATION
At 1 April 2024 2,450 4,079 6,529
Charge for year 57 - 57
At 31 March 2025 2,507 4,079 6,586
NET BOOK VALUE
At 31 March 2025 173 - 173
At 31 March 2024 230 - 230

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2024 535,011
Revaluations 3,380
At 31 March 2025 538,391
NET BOOK VALUE
At 31 March 2025 538,391
At 31 March 2024 535,011

Fair value at 31 March 2025 is represented by:
£   
Valuation in 2023 37,089
Valuation in 2024 19,942
Valuation in 2025 3,380
Cost 477,980
538,391

298 Limited (Registered number: 04727387)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade debtors - 4,266
Other debtors 2,682 1,961
2,682 6,227

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Bank loans and overdrafts 36,359 36,359
Trade creditors 68 67
Taxation and social security 78 328
Other creditors 163,056 60,891
199,561 97,645

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.25 31.3.24
£    £   
Bank loans 50,057 79,603

10. RESERVES
Revaluatio
reserve
£   
At 1 April 2024 64,790
Revaluation reserve 3,380

At 31 March 2025 68,170

11. RELATED PARTY DISCLOSURES

Included in creditor is a loan from the Director. This loan has no fixed repayment terms and is interest free.