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No description of principal activity
2019-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
6,200,000
6,200,000
6,200,000
704,000
xbrli:pure
xbrli:shares
iso4217:GBP
1064027
2019-01-01
2019-12-31
1064027
2019-12-31
1064027
2018-12-31
1064027
bus:OrdinaryShareClass1
2019-01-01
2019-12-31
1064027
bus:Director4
2019-01-01
2019-12-31
1064027
core:WithinOneYear
2019-12-31
1064027
core:WithinOneYear
2018-12-31
1064027
core:ShareCapital
2019-12-31
1064027
core:ShareCapital
2018-12-31
1064027
core:RetainedEarningsAccumulatedLosses
2019-12-31
1064027
core:RetainedEarningsAccumulatedLosses
2018-12-31
1064027
core:RevaluationPropertyPlantEquipmentDeferredTax
2019-12-31
1064027
core:RevaluationPropertyPlantEquipmentDeferredTax
2018-12-31
1064027
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-12-31
1064027
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-12-31
1064027
core:DeferredTaxation
2019-12-31
1064027
bus:SmallEntities
2019-01-01
2019-12-31
1064027
bus:AuditExempt-NoAccountantsReport
2019-01-01
2019-12-31
1064027
bus:FullAccounts
2019-01-01
2019-12-31
1064027
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
1064027
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
1064027
bus:OrdinaryShareClass1
2019-12-31
1064027
bus:OrdinaryShareClass1
2018-12-31
1064027
1
2019-01-01
2019-12-31
COMPANY REGISTRATION NUMBER:
1064027
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
31 December 2019
FIXED ASSETS
Investment properties
|
5
|
|
6,200,000
|
6,200,000
|
|
|
|
|
|
CURRENT ASSETS
CREDITORS: amounts falling due within one year
|
7
|
(
36,770)
|
|
(
37,210)
|
|
---------
|
|
---------
|
NET CURRENT LIABILITIES
|
|
(
23,120)
|
(
22,389)
|
|
|
-------------
|
-------------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
6,176,880
|
6,177,611
|
|
|
|
|
|
PROVISIONS
|
8
|
|
(
704,000)
|
(
704,000)
|
|
|
-------------
|
-------------
|
NET ASSETS
|
|
5,472,880
|
5,473,611
|
|
|
-------------
|
-------------
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
10
|
|
2
|
2
|
Profit and loss account
|
11
|
|
5,472,878
|
5,473,609
|
|
|
-------------
|
-------------
|
TOTAL EQUITY
|
|
5,472,880
|
5,473,611
|
|
|
-------------
|
-------------
|
|
|
|
|
|
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 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
22 December 2020
, and are signed on behalf of the board by:
Company registration number:
1064027
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 DECEMBER 2019
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
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 under the historical cost convention except that investment property is measured at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
Going concern
The outbreak of the Covid-19 in the first six months of 2020 has resulted in a downturn in the business operations. The pandemic has had a negative impact on the UK economy as a whole, including on the company's revenue and operations. Uncertainty surrounding Brexit and the associated potential financial costs may also have a negative impact. These risks are beyond the control of the company and represent uncertainty to the revenue and cash flow of the company for the foreseeable future. Notwithstanding the uncertainty, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the company and available sources of finance.
Judgements and key sources of estimation uncertainty
Property valuations The valuations of the company's properties are inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Turnover
The turnover of the company is represented by rents receivable in respect of its investment property.
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 - i. Investment properties whose fair value can be measured reliably without undue cost or effort 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; and ii. No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific properties 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. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2018: 2).
5.
INVESTMENT PROPERTIES
|
Freehold properties
|
|
£
|
Fair value
|
|
At 1 January 2019 and 31 December 2019
|
6,200,000
|
|
-------------
|
Carrying amount
|
|
At 31 December 2019
|
6,200,000
|
|
-------------
|
At 31 December 2018
|
6,200,000
|
|
-------------
|
|
|
The Company's investment properties were valued by the Directors at 31 December 2019 based on the Directors' understanding of property market conditions and the specific properties 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. The historical cost of the properties is £714,767.
6.
DEBTORS
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
13,650
|
5,504
|
Other debtors
|
–
|
9,317
|
|
---------
|
---------
|
|
13,650
|
14,821
|
|
---------
|
---------
|
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Other creditors
|
36,770
|
37,210
|
|
---------
|
---------
|
|
|
|
8.
PROVISIONS
|
Deferred tax (note 9)
|
|
£
|
At 1 January 2019 and 31 December 2019
|
704,000
|
|
----------
|
|
|
9.
DEFERRED TAX
The deferred tax included in the balance sheet is as follows:
|
2019
|
2018
|
|
£
|
£
|
Included in provisions (note 8)
|
704,000
|
704,000
|
|
----------
|
----------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2019
|
2018
|
|
£
|
£
|
Revaluation of investment properties
|
704,000
|
704,000
|
|
----------
|
----------
|
|
|
|
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2019
|
2018
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
2
|
2
|
2
|
2
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
11.
CAPITAL AND RESERVES
Called-up share capital represents the nominal value of shares that have been issued. Profit and loss account includes all current and prior period retained profits and losses.
12.
EVENTS AFTER THE END OF THE REPORTING PERIOD
The Covid-19 pandemic is expected to severely affect the wider macro economy. It is possible that property valuations and rental income will both decline due to the pandemic and associated lockdown. The full financial effects cannot currently be quantified.
13.
RELATED PARTY TRANSACTIONS
No transactions with related parties, other than those disclosed above, were undertaken such as are required to be disclosed under FRS 102.