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Unaudited Financial Statements for the Year Ended 31 October 2020 |
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28 Property Ltd. |
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Unaudited Financial Statements for the Year Ended 31 October 2020 |
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for |
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28 Property Ltd. |
28 Property Ltd. (Registered number: 11008383) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2020 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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28 Property Ltd. |
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Company Information |
for the Year Ended 31 October 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Brighton, Tower Point |
Tower Point 44 |
North Road |
Brighton |
BN1 1YR |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
28 Property Ltd. |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 28 Property Ltd. for the year ended 31 October 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of 28 Property Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 28 Property Ltd. and state those matters that we have agreed to state to the director of 28 Property Ltd. in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 28 Property Ltd. and its director for our work or for this report. |
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It is your duty to ensure that 28 Property Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 28 Property Ltd.. You consider that 28 Property Ltd. is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of 28 Property Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Brighton, Tower Point |
Tower Point 44 |
North Road |
Brighton |
BN1 1YR |
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Date: ............................................. |
28 Property Ltd. (Registered number: 11008383) |
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Balance Sheet |
31 October 2020 |
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31/10/20 | 31/10/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
28 Property Ltd. (Registered number: 11008383) |
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Balance Sheet - continued |
31 October 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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28 Property Ltd. (Registered number: 11008383) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2020 |
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1. | STATUTORY INFORMATION |
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28 Property Ltd. is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been compiled on a basis which enables profits to be calculated in accordance with generally accepted accounting practice and which provides sufficient and relevant information to enable the completion of a tax return. |
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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 regime. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Furniture & fixture - 20% on reducing balance |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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The fair value of investment property is based on the director's assessment of valuation based on similar properties in the location and class of investment property. |
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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 the financial position of the company and is confident of its prospects. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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28 Property Ltd. (Registered number: 11008383) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 November 2019 |
and 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2019 |
and 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/20 | 31/10/19 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/20 | 31/10/19 |
£ | £ |
Trade creditors |
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Other Creditors |
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Directors' current accounts | - | 327 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/10/20 | 31/10/19 |
£ | £ |
Other loans more than 1yrs |
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28 Property Ltd. (Registered number: 11008383) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31/10/20 | 31/10/19 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Other loans more than 1yrs | 15,750 | 15,750 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/10/20 | 31/10/19 |
value: | £ | £ |
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Ordinary | 1 | 100 | 100 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 November 2019 | ( |
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Profit for the year |
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At 31 October 2020 | ( |
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11. | RELATED PARTY DISCLOSURES |
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As at the balance sheet date, the company had a payable balance of £Nil(2019 £327) to the director. |
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Other creditors include a payable balance of £81,774 (2019 £67,407) 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. |
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As at the balance sheet date the company had a debit balance of £22,360 (2019 - £nil) from 928 Real Estate Developments Limited, a company owned and controlled by D Okutur's partner. |
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12. | POST BALANCE SHEET EVENTS |
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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. |