Company Registration No. 09845611 (England and Wales)
2122 Great Minster Ltd
Unaudited Financial Statements
for the year ended 31 October 2024
2122 Great Minster Ltd
Unaudited Financial Statements
Contents
2122 Great Minster Ltd
Company Information
for the year ended 31 October 2024
Company Number
09845611 (England and Wales)
Registered Office
Apartment 37
Buckingham Gate
London
SW1E 6AL
England
Accountants
PV Mehta & Co Ltd
38 Morland Road
Harrow
London
HA3 9LU
2122 Great Minster Ltd
Statement of financial position
as at 31 October 2024
Investment property
1,978,911
1,978,911
Cash at bank and in hand
326,767
271,172
Creditors: amounts falling due within one year
(47,965)
(32,717)
Net current assets
350,219
309,767
Total assets less current liabilities
2,329,130
2,288,678
Creditors: amounts falling due after more than one year
(3,542,817)
(3,729,399)
Net liabilities
(1,213,687)
(1,440,721)
Called up share capital
2
2
Profit and loss account
(1,213,689)
(1,440,723)
Shareholders' funds
(1,213,687)
(1,440,721)
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 July 2025 and were signed on its behalf by
Irina Sergeeva
Director
Company Registration No. 09845611
2122 Great Minster Ltd
Notes to the Accounts
for the year ended 31 October 2024
2122 Great Minster Ltd is a private company, limited by shares, registered in England and Wales, registration number 09845611. The registered office is Apartment 37, Buckingham Gate, London, SW1E 6AL, England.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention as modified to include the investment properties and certain financial instruments at fair value.
The accounts are presented in £ sterling.
Turnover represents rents receivable. Rental income is recognised in the profit and loss account in the period to which it relates.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
50% Straight line
Computer equipment
50% Straight line
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
2122 Great Minster Ltd
Notes to the Accounts
for the year ended 31 October 2024
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability
is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2122 Great Minster Ltd
Notes to the Accounts
for the year ended 31 October 2024
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 November 2023
70,000
3,640
73,640
Disposals
(70,000)
(3,640)
(73,640)
At 1 November 2023
70,000
3,640
73,640
On disposals
(70,000)
(3,640)
(73,640)
Fair value at 1 November 2023
1,978,911
At 31 October 2024
1,978,911
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 October 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Amounts falling due within one year
Deferred tax asset
54,970
54,970
Other debtors
16,447
16,342
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
9,489
8,659
Other creditors
38,476
24,058
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
3,542,817
3,729,399
Other creditors include deep discount securities that are secured by way of fixed and floating charges over the property and assets of the company.
2122 Great Minster Ltd
Notes to the Accounts
for the year ended 31 October 2024
9
Transactions with related parties
Included in creditors over one year are deeply discounted loan notes of £3,542,817 (2023: £3,729,400) due to a company which is under common control. These loan notes are discounted at a compound rate of 6% per annum.
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).