ACCOUNTS - Final Accounts

Debtors due after more than 1 year

Debtors due within 1 year

Cash at bank and in hand

Creditors: amounts falling due within one year

Total assets less current liabilities

Creditors: amounts falling due after more than one year

Capital and reserves

Called up share capital

Profit and loss account

Basis of preparation of financial statements

Cash and cash equivalents

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
(i) Financial assets
Basic financial assets, including fixed asset investment, trade and other debtors, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial instruments (continued)

(iii) Offsetting
Financial assets and liabilities are offset and 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.

The average monthly number of employees, including directors, during the year was 3 (2024 - 3).

Due after more than one year

Prepayments and accrued income

Amounts owed by group undertakings

Prepayments and accrued income

Amounts owed by group undertakings are unsecured, repayable on demand and are interest-free.

Creditors: Amounts falling due within one year

Amounts owed to group undertakings

Other taxation and social security

Accruals and deferred income

Amounts owed to group undertakings are unsecured, repayable on demand and are interest-free.

Creditors: Amounts falling due after more than one year

Accruals and deferred income

Included in other loans is an amount of £59,836,136 owed to a lender company, that bears interest at 12%, repayable in April 2029, and is secured over fixed and floating charges over all property or undertaking of the Company.
Included in other loans is an amount of £1,705,563 owed to a lender company, that bears interest at 12%, repayable in April 2029, and is secured over fixed and floating charges over all property or undertaking of the Company.

Analysis of the maturity of loans is given below:

Amounts falling due 2-5 years

Allotted, called up and fully paid

100 (2024 - 100) Ordinary Shares shares of £0.01 each

Related party transactions

The Company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.

Auditors' information