IRIS Accounts Production v25.1.0.734 04174820 Board of Directors Board of Directors 29.9.23 28.9.24 28.9.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041748202023-09-28041748202024-09-28041748202023-09-292024-09-28041748202022-09-28041748202022-09-292023-09-28041748202023-09-2804174820ns15:EnglandWales2023-09-292024-09-2804174820ns14:PoundSterling2023-09-292024-09-2804174820ns10:Director12023-09-292024-09-2804174820ns10:Director22023-09-292024-09-2804174820ns10:PrivateLimitedCompanyLtd2023-09-292024-09-2804174820ns10:SmallEntities2023-09-292024-09-2804174820ns10:AuditExempt-NoAccountantsReport2023-09-292024-09-2804174820ns10:SmallCompaniesRegimeForDirectorsReport2023-09-292024-09-2804174820ns10:SmallCompaniesRegimeForAccounts2023-09-292024-09-2804174820ns10:FullAccounts2023-09-292024-09-2804174820ns10:RegisteredOffice2023-09-292024-09-2804174820ns5:CurrentFinancialInstruments2024-09-2804174820ns5:CurrentFinancialInstruments2023-09-2804174820ns5:Non-currentFinancialInstruments2024-09-2804174820ns5:Non-currentFinancialInstruments2023-09-2804174820ns5:ShareCapital2024-09-2804174820ns5:ShareCapital2023-09-2804174820ns5:FurtherSpecificReserve3ComponentTotalEquity2024-09-2804174820ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-2804174820ns5:RetainedEarningsAccumulatedLosses2024-09-2804174820ns5:RetainedEarningsAccumulatedLosses2023-09-2804174820ns5:ComputerEquipment2023-09-292024-09-2804174820ns5:ComputerEquipment2023-09-2804174820ns5:ComputerEquipment2024-09-2804174820ns5:ComputerEquipment2023-09-2804174820ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-2804174820ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-2804174820ns5:Secured2024-09-2804174820ns5:Secured2023-09-2804174820ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-28
REGISTERED NUMBER: 04174820 (England and Wales)















Financial Statements

for the Year Ended 28 September 2024

for

Carnaby Properties Limited

Carnaby Properties Limited (Registered number: 04174820)






Contents of the Financial Statements
for the Year Ended 28 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Carnaby Properties Limited

Company Information
for the Year Ended 28 September 2024







DIRECTORS: A Sheikh
I Sheikh





REGISTERED OFFICE: 90 Mill Lane
West Hampstead
London
NW6 1NL





REGISTERED NUMBER: 04174820 (England and Wales)






Carnaby Properties Limited (Registered number: 04174820)

Balance Sheet
28 September 2024

28.9.24 28.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,952 6,787
Investment property 5 32,238,342 32,238,342
32,244,294 32,245,129

CURRENT ASSETS
Debtors 6 4,030,543 3,282,580
Cash at bank 286,194 63,487
4,316,737 3,346,067
CREDITORS
Amounts falling due within one year 7 622,552 509,932
NET CURRENT ASSETS 3,694,185 2,836,135
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,938,479

35,081,264

CREDITORS
Amounts falling due after more than one
year

8

(11,934,581

)

(11,932,510

)

PROVISIONS FOR LIABILITIES (21,701 ) (21,701 )
NET ASSETS 23,982,197 23,127,053

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 10 86,805 86,805
Retained earnings 23,894,392 23,039,248
SHAREHOLDERS' FUNDS 23,982,197 23,127,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 September 2024 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.

Carnaby Properties Limited (Registered number: 04174820)

Balance Sheet - continued
28 September 2024


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 3 June 2025 and were signed on its behalf by:




A Sheikh - Director



I Sheikh - Director


Carnaby Properties Limited (Registered number: 04174820)

Notes to the Financial Statements
for the Year Ended 28 September 2024

1. STATUTORY INFORMATION

Carnaby Properties 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 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.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Director's loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income Retained Earnings.

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.

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.

Carnaby Properties Limited (Registered number: 04174820)

Notes to the Financial Statements - continued
for the Year Ended 28 September 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 29 September 2023 29,689
Additions 1,149
At 28 September 2024 30,838
DEPRECIATION
At 29 September 2023 22,902
Charge for year 1,984
At 28 September 2024 24,886
NET BOOK VALUE
At 28 September 2024 5,952
At 28 September 2023 6,787

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 29 September 2023
and 28 September 2024 32,238,342
NET BOOK VALUE
At 28 September 2024 32,238,342
At 28 September 2023 32,238,342

Fair value at 28 September 2024 is represented by:
£   
Valuation in 2024 32,238,342

If investment properties had not been revalued they would have been included at the following historical cost:

28.9.24 28.9.23
£    £   
Cost 32,238,342 32,151,537

Investment properties were valued on an open market basis on 28 September 2024 by Mr A R Sheikh, a director of the company .

Carnaby Properties Limited (Registered number: 04174820)

Notes to the Financial Statements - continued
for the Year Ended 28 September 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.9.24 28.9.23
£    £   
Trade debtors 3,236 3,711
Amounts owed by participating interests 1,134,698 1,106,079
Other debtors 2,892,609 2,172,790
4,030,543 3,282,580

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.9.24 28.9.23
£    £   
Taxation and social security 581,884 414,004
Other creditors 40,668 95,928
622,552 509,932

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.9.24 28.9.23
£    £   
Bank loans 11,934,581 11,932,510

9. SECURED DEBTS

The following secured debts are included within creditors:

28.9.24 28.9.23
£    £   
Bank loans 11,934,581 11,932,510

The bank loans are secured by a fixed and floating charge over the property assets of the company. The loans have been personally guaranteed by Mr A R Sheikh, a director of the company.

10. RESERVES
Fair
value
reserve
£   
At 29 September 2023
and 28 September 2024 86,805

11. RELATED PARTY DISCLOSURES

There are companies that have some common directors and shareholders with this company and at 28 September 2024 owe £1,134,698 to the company (2023 - £1,106,079). No interest has been charged by the company in respect of these amounts owed which are repayable on demand and classified in debtors.

The directors' loan accounts were overdrawn by £931,049 as at 28 September 2024 (2023 - £417,505). The maximum amount of overdrawn directors' loan accounts during the year was £931,049. The Directors' are paying the company interest on the overdrawn loan accounts at the official rate of interest.