Company No:
Contents
| Note | 2024 | 2023 | ||
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| Stocks |
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| Debtors | 3 |
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| Cash at bank and in hand |
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| 2,657,080 | 3,159,780 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current liabilities | (586,092) | (506,505) | ||
| Total assets less current liabilities | (586,092) | (506,505) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 6 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Willesden 203 Limited (registered number:
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Mr S Geri
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Willesden 203 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Elscot House, Arcadia Avenue, London, N3 2JU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
These financial statements for the year ended 31 December 2024 are the first financial statements of the Company prepared in accordance with FRS 102 section 1A. The date of transition to FRS 102 section 1A was 1 January 2024. The transition to FRS 102 section 1A has not impacted on the Company's reported financial position or profit or loss.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis which the Director considers to be appropriate. The Company meets its day to day working capital requirements from operational cashflows and through support from its shareholder investors. The Company's shareholders have indicated their intention to continue to make available such funds as are needed by the Company, and that they do not intend to seek repayment of the amounts currently due during the going concern assessment period. As with any company placing reliance on other entities for financial support, the director acknowledges that there can be no certainty that this support will continue. However, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. 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 when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Trade debtors |
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| Prepayments |
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| Deferred tax asset |
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| Other debtors |
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| Bank loans (secured) |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Amounts owed to related parties |
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| Other creditors |
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| £ | £ | ||
| At the beginning of financial year |
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| Credited to the Profit and Loss Account |
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| At the end of financial year |
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The deferred taxation balance is made up as follows:
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| £ | £ | ||
| Trade losses |
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| Non-trade loan relationship deficits |
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| Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
At the year end, the company owed 25% shareholder Arie Prashkovsky Group Ltd £492,868 (2023: £450,324) Interest is charged at 6.5% per annum. The loan and interest repayment dates are 15 February 2025.
At the year end, the company owed 50% shareholder Y.L.6 Ltd £850,997 (2023: £787,090) Interest is charged at 6.5% per annum. The loan and interest repayment dates are 15 February 2025.
At the year end, the company owed 25% shareholder Zaklis Ltd £399,374 (2023: £378,159) Interest is charged at 6.5% per annum. The loan and interest repayment dates are 15 February 2025.
During the year, the company paid £Nil (2024: £2,000) in respect of management charges to UK OK Limited. Mr I Prashkovsky, who served as a director of the Company until 10 July 2024, is also a director of UK OK Limited.