COMPANY REGISTRATION NUMBER:
09848731
Filleted Financial Statements
|
|
Statement of Financial Position
|
|
31 December 2021
Current assets
Stocks
|
3,702,891
|
108,844
|
Debtors
|
5
|
18,622
|
11,269
|
Cash at bank and in hand
|
83,478
|
33,646
|
|
------------
|
---------
|
|
3,804,991
|
153,759
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
3,983,949
|
214,129
|
|
------------
|
---------
|
Net current liabilities
|
178,958
|
60,370
|
|
---------
|
--------
|
Total assets less current liabilities
|
(
178,958)
|
(
60,370)
|
|
---------
|
--------
|
Net liabilities
|
(
178,958)
|
(
60,370)
|
|
---------
|
--------
|
|
|
|
|
Capital and reserves
Called up share capital
|
100
|
100
|
Profit and loss account
|
(
179,058)
|
(
60,470)
|
|
---------
|
--------
|
Shareholders deficit
|
(
178,958)
|
(
60,370)
|
|
---------
|
--------
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|
|
|
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
31 August 2022
, and are signed on behalf of the board by:
R Pankhania
|
A Pankhania
|
Director
|
Director
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|
|
Company registration number:
09848731
Notes to the Financial Statements
|
|
Year ended 31 December 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 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 with financial support being made available by group undertakings 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,there are no material uncertainties about the company's ability to continue for at least the next 12 months from the date of this report. In particular, the directors' have considered the potential implications of the Coronavirus (COVID-19) pandemic and are confident that the company will be able to remain operational throughout the pandemic.
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 comprises of proceeds from property sales, rental income and other fees receivable and is stated net of value added tax where appropriate.
Revenue relating to property sales is recognised when legally binding contracts which are irrevocable and effectively unconditional are exchanged and, when completion has taken place prior to the date on which the financial statements are approved.
Stocks
Stocks which comprises of development properties are valued at the lower of cost and estimated net realisable value. Stock includes principally the property cost, construction costs, project management costs and all associated costs incurred during the course of development. Net realisable value is the price at which the stock can be realised in the normal course of business, less further costs to completion of sale. Interest and loan arrangement fees payable to acquire and develop properties for resale is written off as incurred.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2020:
2
).
5.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
–
|
10,854
|
Other debtors
|
18,622
|
415
|
|
--------
|
--------
|
|
18,622
|
11,269
|
|
--------
|
--------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
1,625,000
|
–
|
Trade creditors
|
47,441
|
–
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
1,200,000
|
200,000
|
Other creditors
|
1,111,508
|
14,129
|
|
------------
|
---------
|
|
3,983,949
|
214,129
|
|
------------
|
---------
|
|
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|
The above bank loan is secured.
7.
Summary audit opinion
The auditor's report for the year dated
1 September 2022
was
unqualified
.
The senior statutory auditor was
Shammir Shah
, for and on behalf of
Chamberlains UK LLP
.
8.
Related party transactions
The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
9.
Controlling party
The company is a wholly owned subsidiary of
Bencameron Limited
, a company registered in the British Virgin Islands.