COMPANY REGISTRATION NUMBER:
03918170
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
STATEMENT OF FINANCIAL POSITION |
|
28 February 2025
FIXED ASSETS
|
Tangible assets |
5 |
|
8,692,500 |
8,692,500 |
|
|
|
|
|
CURRENT ASSETS
|
Debtors |
6 |
282,704 |
|
324,439 |
|
Cash at bank and in hand |
856,573 |
|
582,626 |
|
------------- |
|
---------- |
|
1,139,277 |
|
907,065 |
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
(
1,117,586) |
|
(
1,109,799) |
|
------------- |
|
------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
|
21,691 |
(
202,734) |
|
|
------------- |
------------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
8,714,191 |
8,489,766 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
8 |
|
(
1,570,206) |
(
1,644,113) |
|
|
|
|
|
|
PROVISIONS |
|
(
346,015) |
(
755,077) |
|
|
------------- |
------------- |
|
NET ASSETS |
|
6,797,970 |
6,090,576 |
|
|
------------- |
------------- |
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
|
100 |
100 |
|
Profit and loss account |
|
6,797,870 |
6,090,476 |
|
|
------------- |
------------- |
|
SHAREHOLDERS FUNDS |
|
6,797,970 |
6,090,576 |
|
|
------------- |
------------- |
|
|
|
|
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 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
28 February 2025
These financial statements were approved by the
board of directors
and authorised for issue on
4 December 2025
, and are signed on behalf of the board by:
Company registration number:
03918170
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 28 FEBRUARY 2025
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 31 Bethune Road, London, N16 5DA.
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 principles appropriate to a going concern notwithstanding the deficiency in net current assets at the balance sheet date. The directors consider this to be appropriate having regard to the continued provision of financial support by the company directors and principal creditors.
Turnover
The turnover shown in the Profit and Loss Account represents amounts of rental income and service charges invoiced during the period. Property outgoings Property outgoings are recognised in the Profit and Loss Account in the year in which they are incurred.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investment properties
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. 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.
Financial instruments
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 entity after deducting all its financial liabilities.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
4
(2024:
4
).
5.
TANGIBLE ASSETS
|
Investment property |
|
£ |
|
Fair value |
|
|
At 1 March 2024 and 28 February 2025 |
8,692,500 |
|
------------- |
|
Carrying amount |
|
|
At 28 February 2025 |
8,692,500 |
|
------------- |
|
At 29 February 2024 |
8,692,500 |
|
------------- |
|
|
Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property. The historical cost of the Investment Properties was £5,355,592 (2024: £5,355,592).
6.
DEBTORS
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
99,113 |
132,276 |
|
Other debtors |
183,591 |
192,163 |
|
---------- |
---------- |
|
282,704 |
324,439 |
|
---------- |
---------- |
|
|
|
Other debtors include amounts due from companies connected to the directors of this company.
7.
CREDITORS:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Bank loans and overdrafts |
70,000 |
70,000 |
|
Trade creditors |
47,900 |
37,794 |
|
Corporation tax |
99,376 |
98,380 |
|
Social security and other taxes |
17,291 |
27,483 |
|
Other creditors |
883,019 |
876,142 |
|
------------- |
------------- |
|
1,117,586 |
1,109,799 |
|
------------- |
------------- |
|
|
|
Other creditors include amounts due to the directors and companies connected to the directors.
8.
CREDITORS:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
|
Bank loans and overdrafts |
135,782 |
209,689 |
|
Other creditors |
1,434,424 |
1,434,424 |
|
------------- |
------------- |
|
1,570,206 |
1,644,113 |
|
------------- |
------------- |
|
|
|
9.
RELATED PARTY TRANSACTIONS
Charitable donations in the year include amounts paid to The Heritage Foundation, a charity whose trustees include the directors of this company.