ACCOUNTS - Final Accounts preparation

Registered number: 11789924

388 DEVELOPMENT LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

388 DEVELOPMENT LTD

REGISTERED NUMBER: 11789924

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note	£	£	£	£

Fixed assets
Investments	4		-		100,000
			-		100,000
Current assets
Debtors: amounts falling due within one year	5	200,000		-
Current asset investments	6	4,221,742		2,637,541
Cash at bank and in hand	7	26,703		5,096
Creditors: amounts falling due within one year	8	(4,164,609)		(2,542,243)
Net current assets			283,836		100,394
Net assets			283,836		200,394

Capital and reserves
Called up share capital	9	5,000	5,000
Profit and loss account		278,836	195,394
		283,836	200,394

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388 DEVELOPMENT LTD

REGISTERED NUMBER: 11789924

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

M G Elman

Director

The notes on pages 3 to 7 form part of these financial statements.

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388 DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

388 Development Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is C/O Merali Beedle, Vicarage House, 58-60 Kensington Church Street, London, England, W8 4DB.

The company is specialises in development of building projects.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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388 DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.5

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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388 DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including the director, during the year was 1 (2024 - 1).

4.	Fixed asset investments

		Unlisted investments
		£
	Valuation
	At 1 April 2024	100,000
	At 31 March 2025	100,000
	Impairment
	Charge for the period	100,000
	At 31 March 2025	100,000
	Net book value
	At 31 March 2025	-
	At 31 March 2024	100,000

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388 DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Debtors

					2025	2024
					£	£


Other debtors	200,000	-
	200,000	-

6.	Current asset investments
		2025	2024
		£	£

Current asset investments	4,221,742	2,637,541
	4,221,742	2,637,541

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	26,703	5,096
	26,703	5,096

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	-	571
Corporation tax	6,937	-
Other creditors	4,154,172	2,538,172
Accruals and deferred income	3,500	3,500
	4,164,609	2,542,243

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388 DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

5,000 Ordinary shares of £1 each	5,000	5,000

10.	Related party transactions
	Included within other creditors is an amount of £4,104,062 (2024 - £2,488,062) due to the director. Included within other creditors is an amount of £50,110 (2024 - £50,110) due to a company under the control of a close family member of the director.

11.	Controlling party

The ultimate controlling party is M G Elman by virtue of his 100% shareholding in the company.

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