false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2019-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
2,313,750
925,000
73,000
1,315,750
1,315,750
2,313,750
xbrli:pure
xbrli:shares
iso4217:GBP
09688441
2019-01-01
2019-12-31
09688441
2019-12-31
09688441
2018-12-31
09688441
2018-12-31
09688441
bus:RegisteredOffice
2019-01-01
2019-12-31
09688441
bus:Director1
2019-01-01
2019-12-31
09688441
bus:Director2
2019-01-01
2019-12-31
09688441
core:WithinOneYear
2019-12-31
09688441
core:WithinOneYear
2018-12-31
09688441
core:AfterOneYear
2019-12-31
09688441
core:AfterOneYear
2018-12-31
09688441
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-01-01
2019-12-31
09688441
core:ShareCapital
2019-12-31
09688441
core:ShareCapital
2018-12-31
09688441
core:RetainedEarningsAccumulatedLosses
2019-12-31
09688441
core:RetainedEarningsAccumulatedLosses
2018-12-31
09688441
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-12-31
09688441
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-12-31
09688441
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-12-31
09688441
bus:SmallEntities
2019-01-01
2019-12-31
09688441
bus:Audited
2019-01-01
2019-12-31
09688441
bus:FullAccounts
2019-01-01
2019-12-31
09688441
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
09688441
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
09688441
core:AfterOneYear
2019-01-01
2019-12-31
09688441
core:ParentEntities
2019-01-01
2019-12-31
09688441
core:ParentEntities
2019-12-31
09688441
core:OtherGroupMember1
2019-01-01
2019-12-31
09688441
core:OtherGroupMember1
2019-12-31
COMPANY REGISTRATION NUMBER:
09688441
Filleted Financial Statements
|
|
Year ended 31 December 2019
The directors present their report and the financial statements of the company for the year ended
31 December 2019
.
Directors
The directors who served the company during the year were as follows:
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
29 September 2020
and signed on behalf of the board by:
R Pankhania
|
A Pankhania
|
Director
|
Director
|
|
|
Registered office:
|
173 Cleveland Street
|
London
|
United Kingdom
|
W1T 6QR
|
|
Statement of Financial Position
|
|
31 December 2019
Fixed assets
Tangible assets
|
5
|
1,315,750
|
2,313,750
|
|
|
|
|
Current assets
Debtors
|
6
|
13,040
|
27,606
|
Cash at bank and in hand
|
79,644
|
59,836
|
|
--------
|
--------
|
|
92,684
|
87,442
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
1,730,140
|
1,634,116
|
|
------------
|
------------
|
Net current liabilities
|
1,637,456
|
1,546,674
|
|
------------
|
------------
|
Total assets less current liabilities
|
(
321,706)
|
767,076
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
642,000
|
1,482,000
|
|
---------
|
------------
|
Net liabilities
|
(
963,706)
|
(
714,924)
|
|
---------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
100
|
100
|
Profit and loss account
|
(
963,806)
|
(
715,024)
|
|
---------
|
---------
|
Shareholders deficit
|
(
963,706)
|
(
714,924)
|
|
---------
|
---------
|
|
|
|
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.
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2020
, and are signed on behalf of the board by:
R Pankhania
|
A Pankhania
|
Director
|
Director
|
|
|
Company registration number:
09688441
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 173 Cleveland Street, London, W1T 6QR. The trading address of the company is Stanmore House, 15-19 Church Road, Stanmore, Middlesex, HA7 4AR.
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.
Deferred tax
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 and that are expected to apply to the reversal of the timing differences. Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Going concern
The company is dependent upon continuing financial support being made available by the shareholders to enable the company to continue in operation as a going concern and meet its liabilities as they fall due. In view of the above arrangement, the directors are satisfied for the forseable future, being a period of twelve months from the date of these financial statements that the company has sufficient resources to enable it to continue in operation as a going concern to meet its liabilities as they fall due for payment.
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.
Turnover
Turnover comprises of rental income received during the period.
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.
Investment properties
Investment properties are properties held to earn rentals and / or for capital appreciation. Investment properties are initially measured at cost, which includes the purchase price and any directly attributable expenditure. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in property, plant and equipment at cost less accumulated depreciation and accumulated impairment losses.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
(2018: 2).
5.
Tangible assets
|
Freehold property
|
|
£
|
Cost or valuation
|
|
At 1 January 2019
|
2,313,750
|
Disposals
|
(
925,000)
|
Revaluations
|
(
73,000)
|
|
------------
|
At 31 December 2019
|
1,315,750
|
|
------------
|
Depreciation
|
|
At 1 January 2019 and 31 December 2019
|
–
|
|
------------
|
Carrying amount
|
|
At 31 December 2019
|
1,315,750
|
|
------------
|
At 31 December 2018
|
2,313,750
|
|
------------
|
|
|
The valuation of investment properties was carried out at the balance sheet date by the directors' of the company on an open market basis. No depreciation or amortisation is provided in respect of these properties. The historical cost of the investment properties amounted to £1,778,564 (2018: £2,879,481).
6.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Prepayments and accrued income
|
5,072
|
18,984
|
Other debtors
|
7,968
|
8,622
|
|
--------
|
--------
|
|
13,040
|
27,606
|
|
--------
|
--------
|
|
|
|
7.
Cash at bank and in hand
Included within the bank balance is an amount of £50,000 (2018: £50,000) held as a blocked deposit to provide twelve months interest cover for the loan taken out by the company.
8.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
8,146
|
6,001
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
1,690,741
|
1,618,741
|
Other creditors
|
31,253
|
9,374
|
|
------------
|
------------
|
|
1,730,140
|
1,634,116
|
|
------------
|
------------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
642,000
|
1,482,000
|
|
---------
|
------------
|
|
|
|
The above bank loan totalling £642,000 (2018: £1,482,000) is secured over the assets of the company.
10.
Summary audit opinion
The auditor's report for the year dated 29 September 2020 was unqualified.
The senior statutory auditor was
Shammir Shah
, for and on behalf of
Chamberlains UK LLP
.
11.
Related party transactions
At the balance sheet date, the company owed £
980,630
(2018: £938,870) to Bencameron Limited
, the parent undertaking. At the balance sheet date, the company owed £ 710,111
(2018: £679,871) to Greenslade Properties Limited
, a material shareholder of the company.