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No description of principal activity
2020-10-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,096,569
151,304
1,247,873
1,247,873
1,096,569
xbrli:pure
xbrli:shares
iso4217:GBP
03299923
2020-10-01
2021-04-05
03299923
2021-04-05
03299923
2020-09-30
03299923
2020-09-30
03299923
bus:RegisteredOffice
2020-10-01
2021-04-05
03299923
bus:LeadAgentIfApplicable
2020-10-01
2021-04-05
03299923
bus:Director1
2020-10-01
2021-04-05
03299923
bus:Director2
2020-10-01
2021-04-05
03299923
bus:Director3
2020-10-01
2021-04-05
03299923
core:LandBuildings
2020-10-01
2021-04-05
03299923
core:WithinOneYear
2021-04-05
03299923
core:WithinOneYear
2020-09-30
03299923
core:AfterOneYear
2021-04-05
03299923
core:AfterOneYear
2020-09-30
03299923
core:ShareCapital
2021-04-05
03299923
core:ShareCapital
2020-09-30
03299923
core:RevaluationReserve
2021-04-05
03299923
core:RevaluationReserve
2020-09-30
03299923
core:RetainedEarningsAccumulatedLosses
2021-04-05
03299923
core:RetainedEarningsAccumulatedLosses
2020-09-30
03299923
core:LandBuildings
2021-04-05
03299923
core:LandBuildings
2020-09-30
03299923
core:LandBuildings
2020-09-30
03299923
bus:SmallEntities
2020-10-01
2021-04-05
03299923
bus:AuditExempt-NoAccountantsReport
2020-10-01
2021-04-05
03299923
bus:FullAccounts
2020-10-01
2021-04-05
03299923
bus:SmallCompaniesRegimeForAccounts
2020-10-01
2021-04-05
03299923
bus:PrivateLimitedCompanyLtd
2020-10-01
2021-04-05
03299923
core:ParentEntities
2020-10-01
2021-04-05
COMPANY REGISTRATION NUMBER:
03299923
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
PERIOD FROM 1 OCTOBER 2020 TO 5 APRIL 2021
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
The board of directors
|
T Osborne
|
|
R Moore
|
|
J Sharp
|
|
|
Registered office
|
Lynton House
|
|
7-12 Tavistock Square
|
|
London
|
|
WC1H 9BQ
|
|
|
Accountants
|
BSG Valentine (UK) LLP
|
|
Chartered Accountants
|
|
Lynton House
|
|
7 - 12 Tavistock Square
|
|
London
|
|
WC1H 9BQ
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
5 April 2021
|
5 Apr 21
|
30 Sep 20
|
Note
|
£
|
£
|
£
|
£
|
|
|
|
|
|
FIXED ASSETS
Tangible assets
|
4
|
|
1,247,873
|
|
1,096,569
|
|
|
|
|
|
|
CURRENT ASSETS
Debtors
|
5
|
173,639
|
|
117,293
|
|
Cash at bank and in hand
|
2,611
|
|
8,570
|
|
|
---------
|
|
---------
|
|
|
176,250
|
|
125,863
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
6
|
(
1,005,711)
|
|
(
769,533)
|
|
|
------------
|
|
---------
|
|
NET CURRENT LIABILITIES
|
|
(
829,461)
|
|
(
643,670)
|
|
|
------------
|
|
------------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
418,412
|
|
452,899
|
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
7
|
|
(
43,788)
|
|
(
50,000)
|
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax
|
|
(
62,257)
|
|
(
62,257)
|
|
|
---------
|
|
---------
|
NET ASSETS
|
|
312,367
|
|
340,642
|
|
|
---------
|
|
---------
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
|
1
|
|
1
|
Revaluation reserve
|
|
327,670
|
|
327,670
|
Profit and loss account
|
|
(
15,304)
|
|
12,971
|
|
|
---------
|
|
---------
|
SHAREHOLDERS FUNDS
|
|
312,367
|
|
340,642
|
|
|
---------
|
|
---------
|
|
|
|
|
|
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 income statement has not been delivered.
For the period ending 5 April 2021 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 period 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)
|
|
5 April 2021
These financial statements were approved by the
board of directors
and authorised for issue on
7 January 2022
, and are signed on behalf of the board by:
Company registration number:
03299923
NOTES TO THE FINANCIAL STATEMENTS
|
|
PERIOD FROM 1 OCTOBER 2020 TO 5 APRIL 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
Land and buildings
|
|
£
|
Cost
|
|
At 1 October 2020
|
1,096,569
|
Additions
|
151,304
|
|
------------
|
At 5 April 2021
|
1,247,873
|
|
------------
|
Depreciation
|
|
At 1 October 2020 and 5 April 2021
|
–
|
|
------------
|
Carrying amount
|
|
At 5 April 2021
|
1,247,873
|
|
------------
|
At 30 September 2020
|
1,096,569
|
|
------------
|
|
|
5.
Debtors
|
5 Apr 21
|
30 Sep 20
|
|
£
|
£
|
Trade debtors
|
2,979
|
–
|
Other debtors
|
170,660
|
117,293
|
|
---------
|
---------
|
|
173,639
|
117,293
|
|
---------
|
---------
|
|
|
|
Included within other debtors is a balance of £120,153 (2020: £100,000), which is owed by the controlling party, The 2014 Trust
.
6.
Creditors:
amounts falling due within one year
|
5 Apr 21
|
30 Sep 20
|
|
£
|
£
|
Bank loans and overdrafts
|
6,212
|
–
|
Trade creditors
|
2,099
|
–
|
Corporation tax
|
19,646
|
26,278
|
Other creditors
|
977,754
|
743,255
|
|
------------
|
---------
|
|
1,005,711
|
769,533
|
|
------------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
5 Apr 21
|
30 Sep 20
|
|
£
|
£
|
Bank loans and overdrafts
|
43,788
|
50,000
|
|
--------
|
--------
|
|
|
|
8.
Directors' advances, credits and guarantees
During the course of the year, £480,000 (2020: £480,000) was loaned by Mr Osborne personally to the company. Subsequently Mr Osborne has gifted the loan to his children, Sarah Claire Osborne-Burrows and John Benjamin Mark Osborne. The loan is shown within Other Creditors stated above.
9.
Related party transactions
During the course of the year, £492,679 (2020: £260,00) has been loaned by The Trevor Osborne Property Group Limited to the company. Interest has been charged at 4% per annum. The loan is shown within Other Creditors stated above.
10.
Controlling party
The company was under the control of The 2014 Trust, of which Mr Osborne is a Trustee.