| Directors | |
| Registered office | |
| Registered number | 09945501 |
| Accountant | Cottons Group |
| Chestnut Field House | |
| Chestnut Field | |
| Rugby, Warwickshire | |
| England | |
| CV21 2PD |
| Notes |
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The financial statements were approved and authorised for issue by the Board of Directors on
Boardman, Richard James
Director |
Company registration number 09945501
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The financial statements are presented in sterling and this is the functional currency of the company.
The financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
The financial statements have been prepared under the historical cost convention in accordance with the Companies Act 2006.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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No fair value adjustment has been recognised in the profit or loss for the reporting period. The directors have performed a valuation based on available market data for comparable property transactions around the reporting date and concluded that there has been no material change in the fair value of the investment property.
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The deferred tax asset and provision consists of the following deferred tax liabilities/(assets):
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is only recognised to the extent that it is probable that it will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
At the year end, the company had an unrecognised deferred tax asset of £74,188 (2025: £74,188) arising from an unrealised fair value loss of £296,750 in 2025 on its investment property. This loss represents a capital loss which will only become available for offset against future capital gains, As the company holds only a single investment property and no taxable capital gains are forecast, it is not considered probable that the deferred tax asset will be recoverable, end therefore no deferred tax asset has been recognised in these financial statements