| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 28 September 2024 |
| for |
| Carnaby Properties Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Carnaby Properties Limited (Registered number: 04174820) |
| Balance Sheet |
| 28 September 2024 |
| 28.9.24 | 28.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Tangible fixed assets |
| Computer equipment | - |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 29 September 2023 |
| Additions |
| At 28 September 2024 |
| DEPRECIATION |
| At 29 September 2023 |
| Charge for year |
| At 28 September 2024 |
| NET BOOK VALUE |
| At 28 September 2024 |
| At 28 September 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 29 September 2023 |
| and 28 September 2024 |
| NET BOOK VALUE |
| At 28 September 2024 |
| At 28 September 2023 |
| 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 |
| Amounts owed by participating interests | 1,134,698 | 1,106,079 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.9.24 | 28.9.23 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 28.9.24 | 28.9.23 |
| £ | £ |
| Bank loans |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 28.9.24 | 28.9.23 |
| £ | £ |
| Bank loans |
| 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 |
| 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. |