Company registration number 11008383 (England and Wales)
28 PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
28 PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
28 PROPERTY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,338
1,672
Investment properties
4
62,032
62,032
63,370
63,704
Current assets
Debtors
22,597
23,682
Cash at bank and in hand
2,769
976
25,366
24,658
Creditors: amounts falling due within one year
(82,903)
(82,984)
Net current liabilities
(57,537)
(58,326)
Total assets less current liabilities
5,833
5,378
Creditors: amounts falling due after more than one year
(15,225)
(15,750)
Net liabilities
(9,392)
(10,372)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(9,492)
(10,472)
Total equity
(9,392)
(10,372)
In accordance with section 444 of the Companies Act 2006, all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Year ended 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
28 PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2021
31 October 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 October 2022
Ms Cansel Okutur
Director
Company Registration No. 11008383
28 PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2019
100
(19,988)
(19,888)
Year ended 31 October 2020:
Profit and total comprehensive income for the year
-
9,516
9,516
Balance at 31 October 2020
100
(10,472)
(10,372)
Period ended 31 October 2021:
Profit and total comprehensive income for the period
-
980
980
Balance at 31 October 2021
100
(9,492)
(9,392)
28 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 4 -
1
Accounting policies
Company information
28 Property Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
27 Old Gloucester Street, London, UK, WC1N 3AX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The income statement and directors' report have not been delivered to the Registrar of Companies in
accordance with the special provisions applicable to companies subject to the small companies
r
egime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
1.2
Going concern
Total liabilities exceed assets at the balance sheet date. The financial statements have been prepared on a going concern basis as a result of the support from its creditors to meet its liabilities as and when they fall due. The director has considered financial position of the company and is confident of its prospects.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20 % on reducing balance method
28 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
The fair value of investment property is based on the directors’ assessment of valuation based on similar properties in the location and class of the investment property.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
28 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2021
2020
Number
Number
Total
1
1
3
Tangible fixed assets
Total
£
Cost
At 1 November 2020 and 31 October 2021
2,612
Depreciation and impairment
At 1 November 2020
940
Depreciation charged in the Year
334
At 31 October 2021
1,274
Carrying amount
At 31 October 2021
1,338
At 31 October 2020
1,672
4
Investment property
2021
£
Fair value
At 1 November 2020 and 31 October 2021
62,032
5
Related party transactions
Remuneration of key management personnel
Other information
As at the balance sheet date, the company had a payable balance of £Nil (2020: £Nil) to the director.
Other creditor include a payable balance of £79,498 (2020: £81,774) to 28 Interior Design Ltd, a company registered in England & Wales and controlled by D Okutur, director. The balance represents funding received and is repayable on demand with no interest arising.
As at the balance sheet date the company had a debit balance of £22,361 (2020: £22,361) from 928 Real Estate Developments Limited, a company owned and controlled by D Okutur's partner.
28 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 7 -
6
Post balance sheet events
The company continued to assess the impact of the COVID-19 virus pandemic on the business, including its prospects in respect of revenues, operations and funding generally. The director remains confident of the company's prospects and considers that the business has sufficient support from its creditors to meet its liabilities during this period.