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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,152,480
320,556
1,473,036
1,473,036
1,152,480
xbrli:pure
xbrli:shares
iso4217:GBP
13423029
2023-06-01
2024-05-31
13423029
2024-05-31
13423029
2023-05-31
13423029
2022-06-01
2023-05-31
13423029
2023-05-31
13423029
2022-05-31
13423029
bus:RegisteredOffice
2023-06-01
2024-05-31
13423029
bus:Director1
2023-06-01
2024-05-31
13423029
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-06-01
2024-05-31
13423029
core:WithinOneYear
2024-05-31
13423029
core:WithinOneYear
2023-05-31
13423029
core:ShareCapital
2024-05-31
13423029
core:ShareCapital
2023-05-31
13423029
core:RetainedEarningsAccumulatedLosses
2024-05-31
13423029
core:RetainedEarningsAccumulatedLosses
2023-05-31
13423029
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-05-31
13423029
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-05-31
13423029
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-05-31
13423029
bus:SmallEntities
2023-06-01
2024-05-31
13423029
bus:AuditExempt-NoAccountantsReport
2023-06-01
2024-05-31
13423029
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
13423029
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
13423029
bus:FullAccounts
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
13423029
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MAY 2024
|
Officers and Professional Advisers |
1 |
|
|
|
Notes to the Financial Statements |
4 |
|
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
|
REGISTERED OFFICE |
479 Holloway Road |
|
London |
|
N7 6LE |
|
|
31 May 2024
FIXED ASSETS
|
Tangible assets |
5 |
|
1,473,036 |
|
1,152,480 |
|
|
|
|
|
|
CURRENT ASSETS
|
Debtors |
6 |
19,406 |
|
120 |
|
|
Cash at bank and in hand |
4,090 |
|
– |
|
|
--------- |
|
---- |
|
|
23,496 |
|
120 |
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
(
1,640,670) |
|
(
1,249,473) |
|
|
------------- |
|
------------- |
|
|
NET CURRENT LIABILITIES |
|
(
1,617,174) |
|
(
1,249,353) |
|
|
------------- |
|
------------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
(
144,138) |
|
(
96,873) |
|
|
---------- |
|
--------- |
|
NET LIABILITIES |
|
(
144,138) |
|
(
96,873) |
|
|
---------- |
|
--------- |
|
|
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
|
120 |
|
120 |
|
Profit and loss account |
|
(
144,258) |
|
(
96,993) |
|
|
---------- |
|
--------- |
|
SHAREHOLDERS DEFICIT |
|
(
144,138) |
|
(
96,873) |
|
|
---------- |
|
--------- |
|
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 May 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 members have 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
.
|
BALANCE SHEET (continued) |
|
31 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
28 August 2025
, and are signed on behalf of the board by:
Company registration number:
13423029
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MAY 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 479 Holloway Road, London, N7 6LE.
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 in accordance with the accounting principle appropriate to a going concern, as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due based on the support provided by the company's shareholders and ongoing availability of finance.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the period, including the directors, amounted to nil.
5.
TANGIBLE ASSETS
|
Investment property |
|
£ |
|
Fair value |
|
|
At 1 June 2023 |
1,152,480 |
|
Additions |
320,556 |
|
------------- |
|
At 31 May 2024 |
1,473,036 |
|
------------- |
|
Carrying amount |
|
|
At 31 May 2024 |
1,473,036 |
|
------------- |
|
At 31 May 2023 |
1,152,480 |
|
------------- |
|
|
Investment property is included in the financial statements at directors' valuation. The historical cost of the investment property is £1,473,036.
6.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
19,406 |
120 |
|
--------- |
---- |
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
105,386 |
1,540 |
|
Amounts owed to undertakings which have a participating interest in the company. |
730,952 |
706,879 |
|
Other creditors |
804,332 |
541,054 |
|
------------- |
------------- |
|
1,640,670 |
1,249,473 |
|
------------- |
------------- |
|
|
|
Amounts owed to undertakings which have a participating interest in the company relate to Storable Limited and Oceania Properties Limited. Other creditors include a balance of £224,000 due to a company with a common director.
8.
PARENT COMPANY AND CONTROLLING PARTY
The company has no controlling party.