COMPANY REGISTRATION NUMBER:
12539405
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
PERIOD ENDED 31 MARCH 2021
Balance sheet
1
Notes to the financial statements
2 to 4
31 March 2021
Fixed assets
Tangible assets
|
5
|
690,000
|
|
|
|
Current assets
Debtors
|
6
|
37,962
|
Cash at bank and in hand
|
690,630
|
|
------------
|
|
728,592
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
9,706)
|
|
------------
|
Net current assets
|
718,886
|
|
------------
|
Total assets less current liabilities
|
1,408,886
|
|
------------
|
Net assets
|
1,408,886
|
|
------------
|
|
|
|
Capital and reserves
Called up share capital
|
8
|
1,200,100
|
Share premium account
|
252,000
|
Profit and loss account
|
(
43,214)
|
|
------------
|
Shareholders funds
|
1,408,886
|
|
------------
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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 profit and loss account has not been delivered.
For the period ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act 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
5 October 2021
, and are signed on behalf of the board by:
P S Durman
|
N Durman
|
Director
|
Director
|
|
|
Company registration number:
12539405
NOTES TO THE FINANCIAL STATEMENTS
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|
PERIOD ENDED 31 MARCH 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 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rents receivable during the year.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment properties FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" requires properties held for investment to be included in the Balance Sheet at their fair value when it can be measured reliably without undue cost or effort. lent to their cost and therefore the depreciation rate, subject to consideration of impairment, is zero.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
.
5.
Tangible assets
|
Freehold property
|
|
£
|
Cost
|
|
At 30 March 2020
|
–
|
Additions
|
1,440,000
|
Disposals
|
(
750,000)
|
|
------------
|
At 31 March 2021
|
690,000
|
|
------------
|
Depreciation
|
|
At 30 March 2020 and 31 March 2021
|
–
|
|
------------
|
Carrying amount
|
|
At 31 March 2021
|
690,000
|
|
------------
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|
|
The above properties are investment properties.
6.
Debtors
|
2021
|
|
£
|
Called up share capital not paid
|
100
|
Prepayments and accrued income
|
3,000
|
Directors loan account
|
34,862
|
|
------------
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|
37,962
|
|
------------
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|
The debtors above include the following amounts falling due after more than one year:
|
2021
|
|
£
|
Other debtors
|
12,200
|
|
------------
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021
|
|
£
|
Accruals and deferred income
|
2,400
|
Corporation tax
|
4,841
|
Other creditors
|
2,465
|
|
------------
|
|
9,706
|
|
------------
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|
|
8.
Called up share capital
Issued, called up and fully paid
|
2021
|
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
Redeemable shares of £ 1 each
|
1,200,000
|
1,200,000
|
|
------------
|
------------
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|
1,200,100
|
1,200,100
|
|
------------
|
------------
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|
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Shares issued and fully paid
|
2021
|
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
Redeemable shares of £ 1 each
|
1,200,000
|
1,200,000
|
|
------------
|
------------
|
|
1,200,100
|
1,200,100
|
|
------------
|
------------
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|
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Shares issued and partly paid
During the year 100 ordinary shares of £1 each were issued fully paid for cash at par. During the year, 1,200,000 redeemable shares of £1 each were issued for an aggregate consideration of £1,452,000.
9.
Directors' advances, credits and guarantees
Included in debtors is a loan to the directors, amounting to : £ Amount outstanding at end of the year 34,862 Amount outstanding at beginning of the year - Maximum outstanding during the year 34,862 The loan is unsecured and interest is being charged at HM Revenue & Customs official rate of interest.
10.
Related party transactions
The company is controlled by the directors.