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(1) General Information
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| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 114 Cedar Road, Newcastle Upon Tyne, NE4 9PJ. |
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(2) Statement of compliance
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| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment property to fair value, and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable, stated net of discounts. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below.
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Rental income
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Rental income arises from the letting of the company's investment property and is recognised in the period to which it relates.
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | 33% straight line | | Equipment | 33% straight line | | Motor Cars | |
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Investment property
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Investment property is property held to earn rentals and/or for capital appreciation. Investment property is initially measured at cost, including directly attributable transaction costs, and is subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss for the period in which they arise. No depreciation is provided in respect of investment property.
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Taxation
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| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Deferred Tax
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A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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(4) Critical accounting judgements and key sources of estimation uncertainty
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Fair value of investment property
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| The company's investment property is stated at fair value as determined by the directors, on an open market basis. The valuation has not been performed by an independent valuer. The determination of fair value requires the directors to exercise judgement and to make estimates having regard to the location and condition of the property, recent transaction prices for comparable properties in the same area, and current market conditions. By its nature, the estimated fair value may differ from the price that would be achieved on an actual disposal, and any such difference would affect the carrying value of the investment property and the result for the period. |
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(5) Employees
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| During the period, the average number of employees including director was 2 (2024 : 2). |
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(6) Fixed assets
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| Tangible
£ | Investments
Property
£ | Totals
£ | | Cost | | | | | As at 01 September 2024 | 3,534 | 77,619 | 81,153 | | Additions | - | 6,780 | 6,780 | | Revaluation | - | 30,601 | 30,601 | | As at 30 August 2025 | 3,534 | 115,000 | 118,534 | | Depreciation/Amortisation | | | | | As at 01 September 2024 | 1,178 | - | 1,178 | | For the year | 1,178 | - | 1,178 | | As at 30 August 2025 | 2,356 | - | 2,356 | | Net book value | | | | | As at 30 August 2025 | 1,178 | 115,000 | 116,178 | | As at 31 August 2024 | 2,356 | 77,619 | 79,975 |
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