COMPANY REGISTRATION NUMBER:
08863798
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 July 2021
Current assets
Stocks
|
5,960,000
|
|
5,960,000
|
Cash at bank and in hand
|
1,007
|
|
1,080
|
|
------------
|
|
------------
|
|
5,961,007
|
|
5,961,080
|
|
|
|
|
Creditors: amounts falling due within one year
|
5
|
2,706,824
|
|
6,464,770
|
|
------------
|
|
------------
|
Net current assets/(liabilities)
|
|
3,254,183
|
(
503,690)
|
|
|
------------
|
---------
|
Total assets less current liabilities
|
|
3,254,183
|
(
503,690)
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
6
|
|
3,730,099
|
–
|
|
|
------------
|
---------
|
Net liabilities
|
|
(
475,916)
|
(
503,690)
|
|
|
------------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
1
|
1
|
Profit and loss account
|
|
(
475,917)
|
(
503,691)
|
|
|
---------
|
---------
|
Shareholders deficit
|
|
(
475,916)
|
(
503,690)
|
|
|
---------
|
---------
|
|
|
|
|
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 statement of income and retained earnings has not been delivered.
For the year ending 31 July 2021 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
.
Statement of Financial Position (continued)
|
|
31 July 2021
These financial statements were approved by the
board of directors
and authorised for issue on
27 April 2022
, and are signed on behalf of the board by:
Company registration number:
08863798
Notes to the Financial Statements
|
|
Year ended 31 July 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 Falconhurst, 36 Parkside, London, SW19 5NB, United Kingdom.
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.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
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.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2020:
1
).
5.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Corporation tax
|
1,375
|
–
|
Other creditors
|
2,705,449
|
6,464,770
|
|
------------
|
------------
|
|
2,706,824
|
6,464,770
|
|
------------
|
------------
|
|
|
|
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
6.
Creditors:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
3,730,099
|
–
|
|
------------
|
----
|
|
|
|
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
7.
Related party transactions
At the year end the company owed £2,704,249 (2020: £6,464,770) to the director.