COMPANY REGISTRATION NUMBER:
12694676
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
STATEMENT OF FINANCIAL POSITION |
|
30 June 2024
FIXED ASSETS
|
Tangible assets |
4 |
|
1,110,000 |
|
1,110,000 |
|
|
|
|
|
|
CURRENT ASSETS
|
Debtors |
5 |
188 |
|
– |
|
|
Cash at bank and in hand |
354 |
|
1,813 |
|
|
---- |
|
------- |
|
|
542 |
|
1,813 |
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
6 |
(
360,023) |
|
(
358,583) |
|
|
---------- |
|
---------- |
|
|
NET CURRENT LIABILITIES |
|
(
359,481) |
|
(
356,770) |
|
|
------------- |
|
------------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
750,519 |
|
753,230 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
7 |
|
(
764,992) |
|
(
764,040) |
|
|
---------- |
|
---------- |
|
NET LIABILITIES |
|
(
14,473) |
|
(
10,810) |
|
|
---------- |
|
---------- |
|
|
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
|
1 |
|
1 |
|
Profit and loss account |
|
(
14,474) |
|
(
10,811) |
|
|
--------- |
|
--------- |
|
SHAREHOLDER DEFICIT |
|
(
14,473) |
|
(
10,810) |
|
|
--------- |
|
--------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
30 June 2024
These financial statements were approved by the
board of directors
and authorised for issue on
26 June 2025
, and are signed on behalf of the board by:
Company registration number:
12694676
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 JUNE 2024
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis notwithstanding the company's net current liabilities. The director considers this to be appropriate given the continued support of the company's directors and creditors and the value in its investment properties to repay its loans, if required. As such the director believes it is appropriate to prepare the financial statements on a going concern basis because the company is in a position to meet all its obligations on the foreseeable future.
Acquisitions and disposals
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Investment property
Investment properties are initially recognised at cost, being the fair value of consideration given, including transaction costs associated with the investment property.
After initial recognition, investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit or loss account in the year that they arise.
No depreciation is provided in respect of investment properties applying the fair value model.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 9.
Revenue recognition
Turnover comprises rental income receivable. Rental income from investment property leased out under operating leases is recognised in the profit or loss account.
Income tax
Current tax Current tax is the amount of tax payable in respect of the taxable profits for the year and prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Deferred tax Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply on current tax rates and laws. However, no provision is made where it is probable that the liabilities will not crystallise in the foreseeable future.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Trade and other debtors Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment. Trade and other creditors Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the discounted amount of the cash or other consideration expected to be paid. Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at bank.
4.
TANGIBLE ASSETS
|
Freehold property |
|
£ |
|
Cost |
|
|
At 1 July 2023 and 30 June 2024 |
1,110,000 |
|
------------- |
|
Carrying amount |
|
|
At 30 June 2024 |
1,110,000 |
|
------------- |
|
At 30 June 2023 |
1,110,000 |
|
------------- |
|
|
No depreciation has been provided in respect of investment properties, applying the fair value model. The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The director revalued the company's investment properties as at 30 June 2024 using techniques detailed below together with their knowledge of the UK property market. The company's investment properties were valued by the director based on their experience in the property market and having regard to many factors including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. The historical cost of the freehold properties is as follows:
|
|
2024 |
|
|
£ |
|
As at 1 July 2023 and 30 June 2024 |
1,107,165 |
|
|
|
5.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
188 |
– |
|
---- |
---- |
|
|
|
6.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Other creditors |
360,023 |
358,583 |
|
---------- |
---------- |
|
|
|
7.
CREDITORS:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
764,992 |
764,040 |
|
---------- |
---------- |
|
|
|
Included in bank loans is a Kent Reliance loan which is repayable in December 2045 and interest is charged 3.54% per annum. The bank loan is secured over the investment property of the company.
8.
RELATED PARTY TRANSACTIONS
Included in creditors is £349,703 (2023: £349,703) owed to the director of the company. Also, included in other creditors is £
3,500
(2023: £ 3,500
) owed to a company with a common director.
9.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Revaluation of investment properties
The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The director revalued the company's investment properties as at 30 June 2024 using techniques detailed below together with their knowledge of the UK property market.
Valuation techniques and key inputs
The company's investment properties were valued by the director based on his experience in the property market and having regard to many factors including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions.