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(1) General Information
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| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 60 Redlands Road, Reading, Berkshire, United Kingdom, RG1 5HU. |
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(2) Statement of compliance
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| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Rental income
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| Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
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Borrowing costs
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| All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | 33% straight line | | Motor Cars | |
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Taxation
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| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred Tax
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A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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(4) Employees
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| During the year, the average number of employees including director was 0 (2023 : 0). |
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(5) Fixed assets
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| Tangible £ | Investments Property £ | Totals £ | | Cost | | | | | As at 01 November 2023 | - | 1,425,000 | 1,425,000 | | Additions | 1,291 | - | 1,291 | | Revaluation | - | 71,250 | 71,250 | | As at 31 October 2024 | 1,291 | 1,496,250 | 1,497,541 | | Depreciation/Amortisation | | | | | For the year | 143 | - | 143 | | As at 31 October 2024 | 143 | - | 143 | | Net book value | | | | | As at 31 October 2024 | 1,148 | 1,496,250 | 1,497,398 | | As at 31 October 2023 | - | 1,425,000 | 1,425,000 |
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(6) Investment Properties
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These financial statements for the year ended 31 October 2024 are the financial statements of the company prepared in accordance with FRS 102 1a "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The property is being measured at fair value under FRS 102 1a, and fair value gains of £71,250 are reported in profit or loss. FRS 102 1a also requires deferred tax to be accounted for on assets subject to revaluation". Deferred tax is recognized during the year, amounting to £15,131. |
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(7) Creditors > 1 year (Bank loans)
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| The mortgage loans are secured by the Investment properties held by the company. |
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