Registered Number
(England and Wales)
Unaudited Financial Statements for the Year ended
5 April 2025
Director |
Company Secretary | A L Loveland |
Registered Address | |
Registered Number |
Notes | 2025 | 2024 | ||||||
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£ | £ | £ | £ | |||||
| Fixed assets | ||||||||
| Investment property | 6 | |||||||
| Current assets | ||||||||
| Debtors | 7 | |||||||
| Cash at bank and on hand | ||||||||
| Creditors amounts falling due within one year | 8 | ( | ( | |||||
| Net current assets (liabilities) | ( | ( | ||||||
| Total assets less current liabilities | ||||||||
| Creditors amounts falling due after one year | 9 | ( | ( | |||||
| Provisions for liabilities | 10 | ( | ||||||
| Net assets | ( | |||||||
| Capital and reserves | ||||||||
| Called up share capital | ||||||||
| Other reserves | ||||||||
| Profit and loss account | ( | ( | ||||||
| Shareholders' funds | ( | |||||||
| The financial statements were approved and authorised for issue by the Director on 14 July 2025, and are signed on its behalf by: |
Director Registered Company No. 14260542 |
| 1. | Accounting policies |
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| Statutory information | |
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| Statement of compliance | |
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| Basis of preparation | |
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| Functional and presentation currency | |
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| Going concern | |
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| Revenue from rendering of services | |
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| Revenue comprises the fair value of consideration received or receivable, excluding value added tax and net of discounts. Revenue is recognised when the company obtains the right to consideration in accordance with the terms of the signed tenancy agreements. Accrued income represents revenue that has been earned but not yet invoiced or received at the reporting date. Deferred income represents amounts received in advance of the period to which they relate and is recognised as revenue when earned. |
| Interest income | |
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| Interest receivable relates to interest earned on savings accounts held with banks. It is recognised on a cash basis, at the amount received into the bank account, due to the immaterial nature of the income. |
| Finance costs | |
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| Current taxation | |
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| Deferred tax | |
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| Investment property | |
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| Trade and other debtors | |
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| Cash and cash equivalents | |
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| Trade and other creditors | |
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| Share capital | |
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| Related parties | |
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| 2. | Staff Costs |
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| 3. | Average number of employees |
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| 2025 | 2024 | |||
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| Average number of employees during the year |
| 4. | Deferred tax |
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| The deferred tax balance represents a net position comprising both deferred tax assets and liabilities. It arises primarily from unrealised fair value gains and losses on investment property, as well as brought forward tax losses that are expected to be available for offset against future taxable profits. The deferred tax balance at year end is a liability of £2,423 (2024: asset of £333). The movement between the years represents £2,470 of deferred tax liability recognised on the fair value gain on investment property, as well as a £286 release of a deferred tax asset being historical losses offset against current year profits. The year end deferred tax balance represents an asset of £678 (2024: £963) in relation to historical losses to be offset against future profits. As well as a liability of £3,101 (2024: £631) in relation to fair value movements in investment property. |
| 5. | Prior period adjustment |
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| In the prior year, mortgage product fees of £6,322 were incorrectly presented as netting off against the mortgage liability. These have now been reclassified separately as a prepayment in line with FRS 102. The fees were amortised correctly in the prior year, so this adjustment affects only the presentation in the statement of financial position. Comparative figures have been restated accordingly, with: - An increase in prepayments of £6,322 - A corresponding increase in mortgage liabilities of £6,322 - No change to total profit for the year or net assets These adjustments have been made to ensure compliance with FRS 102, which requires that transaction costs directly attributable to obtaining a financial liability, such as mortgage product fees and associated legal fees, are recognised as a prepayment and amortised over the term of the loan. This approach ensures that the mortgage liability reflects the full contractual amount owed to the lender, thereby providing a true and fair view of the company's financial position. The amortisation of these fees is recognised within the "Interest payable and similar charges" in the profit and loss account, alongside the interest charged, and this treatment is not materially different from the effective interest method. In the prior year, fair value gains on investment property were incorrectly recorded in other comprehensive income and presented net of deferred tax. The correct accounting treatment is to recognise such gains in the profit and loss account and present the associated deferred tax charge separately within the taxation line. The prior year comparatives have been restated to reflect this correction. This has resulted in: - An increase in profit before tax of £1,035 - A corresponding increase in the tax charge of £1,035 - No change to total profit for the year or net assets These adjustments have been made to ensure compliance with FRS 102, which requires fair value gains on investment property to be recognised in profit or loss. In the prior year, £4 of bank charges were included within administrative expenses. These have been reclassified to interest and other similar expenses to more appropriately reflect their nature. This reclassification has no impact on previously reported profit and net assets, only affects the presentation on the face of the profit and loss account. Additionally, a £1 rounding error was identified within administrative expenses. This has been corrected in the prior year comparatives, resulting in an increase in previously reported profit of £1. |
| 6. | Investment property |
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| The company holds investment property which has been valued at the reporting date using online valuation tools. This valuation reflects an open market value, based on the property's existing use. At the year end, the carrying amount of investment property is £528,680. The fair value of investment property is £545,000, resulting in a cumulative fair value gain of £16,320. The total accumulated gain has been recognised and transferred, net of deferred tax (£13,219), to a non-distributable reserve within equity titled “Other reserve”. The below table represents the movement in the fair value of investment property between the prior year and current year. |
| £ | ||
|---|---|---|
| Fair value at 06 April 24 | ||
| Fair value adjustments | ||
| At 05 April 25 |
| 7. | Debtors: amounts due within one year |
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2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other debtors | ||||
| Prepayments and accrued income | ||||
| Total |
| 8. | Creditors: amounts due within one year |
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2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other creditors | ||||
| Accrued liabilities and deferred income | ||||
| Total |
| 9. | Creditors: amounts due after one year |
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2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank borrowings and overdrafts | ||||
| Total |
| 10. | Provisions for liabilities |
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2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Net deferred tax liability (asset) | ||||
| Total |
| 11. | Share capital |
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| 12. | Related party transactions |
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| 13. | Description of reasons for any change in chosen formats of the financial statments |
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| In the current year, the company transitioned from manually prepared financial statements to software-generated financial statements using Xero. As a result, the presentation and layout of certain financial statement items may differ from the prior year. This change does not affect the recognition or measurement of any balances but has been made to improve consistency and efficiency in the financial reporting process. |