Company registration number 10800100 (England and Wales)
10,000 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
10,000 LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
10,000 LTD
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Investment properties
3
3,807,171
3,807,171
Investments
4
100
100
3,807,271
3,807,271
Current assets
Trade and other receivables
19,000
20,583
Cash and cash equivalents
761,302
469,226
780,302
489,809
Current liabilities
(736,084)
(858,921)
Net current assets/(liabilities)
44,218
(369,112)
Total assets less current liabilities
3,851,489
3,438,159
Non-current liabilities
(591,425)
(784,486)
Net assets
3,260,064
2,653,673
Equity
Called up share capital
100
100
Retained earnings
3,259,964
2,653,573
Total equity
3,260,064
2,653,673
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 income statement within the financial statements.
true
For the financial year ended 30 June 2022 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.
10,000 LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2022
30 June 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 March 2023
Ms S Mandal
Director
Company Registration No. 10800100
10,000 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
10,000 Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
12 Walmington Fold, London, N12 7LR.
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 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 £.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. the director has given his assurance that he will continue to support the company for 12 months following the approval of these financial statement. Thus, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
Revenue
Turnover represents rent receivable for the year. Rental income from operting leases is recognised in the income statement on a straight-line basis over the lease term.
1.4
Investment properties
Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit and loss.
1.5
Non-current investments
Investments held as fixed assets are related to corporate shareholding stated at cost less provision for any permanent diminution in value.
Investment income relates to dividends allocated from the distributable retained earnings held within the financial assets. Investment income is recognised in the profit and loss account in the financial year in which it is receivable.
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 statement of financial position 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.
10,000 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include
trade and other receivables
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
trade and other payables
, 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 payables
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 payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
10,000 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
There were no employees in the current or prior years. The directors did not receive any remuneration or pension benefit in the year. Only one director served during the period.
2022
2021
Number
Number
Total
1
1
3
Investment property
2022
£
Fair value
At 1 July 2021 and 30 June 2022
3,807,171
The investment property was valued on an open market basis. The director believes there has been no material change to the value of the property since the acquisition.
No depreciation is charged on investment properties.
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
100
100
10,000 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
4
Fixed asset investments
(Continued)
- 6 -
The company holds 20% or more of the share capital of the following company:
|
Registered Office
address
|
|
|
|
Proportion
held by
company
|
|
|
|
|
|
|
|
|
|
|
|
|
London Bridge
Business Academy
Limited
|
53 Farringdon
Road
,
London
,
England,
EC1M 3JB
|
|
|
|
|
5
Related party transactions
2022
2021
Amounts due to related parties
£
£
Other related parties
5,413
145,958
The above loan amount is interest bearing at 1.75% per annum. Loan is repayable on 12th anniversay of the date of the drawdown (with an option of extension).
The loan payable to London Bridge Business Academy Limited accrued interest of £
1,932.93
(202
1
- £
5,679
) during the year. Interest on the loan started accruing from 6 July 2018.