1
false
false
false
false
false
false
false
false
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true
false
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false
false
No description of principal activity
2018-10-01
Sage Accounts Production Advanced 2020 - FRS102_2014
750,000
750,000
750,000
48,000
23,000
71,000
xbrli:pure
xbrli:shares
iso4217:GBP
02734059
2018-10-01
2019-09-30
02734059
2019-09-30
02734059
2018-09-30
02734059
2017-10-01
2018-09-30
02734059
2018-09-30
02734059
bus:OrdinaryShareClass1
2018-10-01
2019-09-30
02734059
bus:Director1
2018-10-01
2019-09-30
02734059
core:DeferredTaxation
2018-10-01
2019-09-30
02734059
core:WithinOneYear
2019-09-30
02734059
core:WithinOneYear
2018-09-30
02734059
core:ShareCapital
2019-09-30
02734059
core:ShareCapital
2018-09-30
02734059
core:RetainedEarningsAccumulatedLosses
2019-09-30
02734059
core:RetainedEarningsAccumulatedLosses
2018-09-30
02734059
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-09-30
02734059
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-09-30
02734059
core:DeferredTaxation
2018-09-30
02734059
core:DeferredTaxation
2019-09-30
02734059
bus:SmallEntities
2018-10-01
2019-09-30
02734059
bus:AuditExemptWithAccountantsReport
2018-10-01
2019-09-30
02734059
bus:FullAccounts
2018-10-01
2019-09-30
02734059
bus:SmallCompaniesRegimeForAccounts
2018-10-01
2019-09-30
02734059
bus:PrivateLimitedCompanyLtd
2018-10-01
2019-09-30
02734059
bus:OrdinaryShareClass1
2019-09-30
02734059
bus:OrdinaryShareClass1
2018-09-30
02734059
1
2018-10-01
2019-09-30
02734059
core:EntitiesControlledByKeyManagementPersonnel
2018-10-01
2019-09-30
COMPANY REGISTRATION NUMBER:
02734059
Filleted Unaudited Financial Statements
|
|
Year ended 30 September 2019
Statement of Financial Position
|
1 to 2
|
|
|
Notes to the Financial Statements
|
3 to 6
|
|
|
Statement of Financial Position
|
|
30 September 2019
Fixed assets
Tangible assets
|
5
|
|
750,000
|
|
750,000
|
|
|
|
|
|
|
Current assets
Debtors
|
6
|
529,685
|
|
525,167
|
|
Cash at bank and in hand
|
130,044
|
|
76,306
|
|
|
----------
|
|
----------
|
|
|
659,729
|
|
601,473
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
363,721)
|
|
(
417,950)
|
|
|
----------
|
|
----------
|
|
Net current assets
|
|
296,008
|
|
183,523
|
|
|
-------------
|
|
----------
|
Total assets less current liabilities
|
|
1,046,008
|
|
933,523
|
|
|
|
|
|
|
Provisions
|
8
|
|
(
71,000)
|
|
(
48,000)
|
|
|
-------------
|
|
----------
|
Net assets
|
|
975,008
|
|
885,523
|
|
|
-------------
|
|
----------
|
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
9
|
|
100
|
|
100
|
Profit and loss account
|
|
974,908
|
|
885,423
|
|
|
----------
|
|
----------
|
Shareholders funds
|
|
975,008
|
|
885,523
|
|
|
----------
|
|
----------
|
|
|
|
|
|
|
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 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 income statement has not been delivered.
For the year ending 30 September 2019 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)
|
|
30 September 2019
These financial statements were approved by the
board of directors
and authorised for issue on
25 September 2020
, and are signed on behalf of the board by:
Company registration number:
02734059
Notes to the Financial Statements
|
|
Year ended 30 September 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 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.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.
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.
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 properties 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. The Company's commercial investment properties are valued by the Directors using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income. 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. The Company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2018:
1
).
5.
Tangible assets
|
Freehold investment properties
|
|
£
|
Fair Value
|
|
At 1 October 2018 and 30 September 2019
|
750,000
|
|
----------
|
Carrying amount
|
|
At 30 September 2019
|
750,000
|
|
----------
|
At 30 September 2018
|
750,000
|
|
----------
|
|
|
The Company's investment properties were valued by the Directors based on the Directors' understanding of property market conditions and the specific properties concerned. Investment properties 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. The Company's commercial investment properties are valued by the Directors using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income. The historical cost of the properties is £236,767.
6.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
85,369
|
103,468
|
Other debtors
|
444,316
|
421,699
|
|
----------
|
----------
|
|
529,685
|
525,167
|
|
----------
|
----------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
22,065
|
16,051
|
Corporation tax
|
5,595
|
6,802
|
Social security and other taxes
|
700
|
700
|
Other creditors
|
335,361
|
394,397
|
|
----------
|
----------
|
|
363,721
|
417,950
|
|
----------
|
----------
|
|
|
|
8.
Provisions
|
Deferred tax
|
|
£
|
At 1 October 2018
|
48,000
|
Movement in year
|
23,000
|
|
---------
|
At 30 September 2019
|
71,000
|
|
---------
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2019
|
2018
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
10.
Events after the end of the reporting period
The Covid-19 Pandemic is expected to severely affect the wider macro economy and the specific market the company operates in. It is possible that property valuations and rental income may decline due to the pandemic and associated lockdown. The full financial effects cannot currently be quantified.
11.
Related party transactions
(i) Included in Other debtors are amounts aggregating £442,094 due from companies connected with the directors and shareholders. The amounts are interest-free and repayable on demand. (ii) Included in Other creditors are amounts aggregating £256,812 due to companies connected with the directors and shareholders. The amounts are interest-free and repayable on demand. (iii) During the year the Company made Charitable Donations aggregating £10,000 to a Charity connected with directors and shareholders.