General Information
52 Moxon Street Limited is a private company, limited by shares , registered in England and Wales , registration number 08440636 , registration address Suite 5 103-105 Harley Street, London, W1G 6AJ.
| 1. |
Accounting policies
Accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).
Turnover
Turnover comprises of rental income receivable. Rental income from investment property is recognised in the profit & loss account (on an accrual basis).
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. The deferred tax balance has not been discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
5% Straight Line
|
| Fixtures and Fittings |
10% Straight Line
|
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Fixtures and Fittings |
|
Investment properties |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2019 |
3,213,203 |
|
46,969 |
|
5,300,000 |
|
8,560,172 |
| Additions |
- |
|
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2020 |
3,213,203 |
|
46,969 |
|
5,300,000 |
|
8,560,172 |
| Depreciation |
| At 01 April 2019 |
531,970 |
|
32,660 |
|
- |
|
564,630 |
| Charge for year |
160,660 |
|
4,697 |
|
- |
|
165,357 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2020 |
692,630 |
|
37,357 |
|
- |
|
729,987 |
| Net book values |
| Closing balance as at 31 March 2020 |
2,520,573 |
|
9,612 |
|
5,300,000 |
|
7,830,185 |
| Opening balance as at 01 April 2019 |
2,681,233 |
|
14,309 |
|
5,300,000 |
|
7,995,542 |
The 2020 valuations were made by the directors, on an open market value for existing use basis. The cost of investment properties as at 31 March 2020 was £2,520,407 (2019: £2,520,407).
|
| 3. |
Debtors: amounts falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Debtors |
138,864 |
|
- |
| Prepayments |
2,750 |
|
2,750 |
| Other Debtors |
- |
|
132,595 |
|
141,614 |
|
135,345 |
|
| 4. |
Creditors: amount falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Creditors |
2,750 |
|
- |
| Bank Loans (Secured) |
190,979 |
|
176,049 |
| Accrued Expenses |
1,218 |
|
1,810 |
| Deferred income |
128,183 |
|
125,048 |
| Other Creditors |
2,297,028 |
|
2,576,029 |
|
2,620,158 |
|
2,878,936 |
|
| 5. |
Creditors: amount falling due after more than one year
|
2020
£ |
|
2019
£ |
| Bank Loans (secured) due between 2-5 years |
1,962,641 |
|
2,169,271 |
|
1,962,641 |
|
2,169,271 |
Bank loans are secured by way of a fixed charge over the property, dated 27 September 2013.
|
| 6. |
Provisions for liabilities
|
2020
£ |
|
2019
£ |
| Deferred Tax |
635,962 |
|
519,502 |
|
635,962 |
|
519,502 |
|
| 7. |
Share Capital
Allotted, called up and fully paid
|
2020
£ |
|
2019
£ |
|
10,000
Ordinary shares of £1.00 each |
10,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
| 8. |
Reserves
|
2020
£ |
|
2019
£ |
| Revaluation Reserve b/fwd |
2,307,093 |
|
- |
| Revaluation of Fixed Assets |
- |
|
2,307,093 |
| Transfer to Profit and Loss Account |
(55,623) |
|
- |
|
2,251,470 |
|
2,307,093 |
Increases in fair value of investment properties and decreases to the extent that such decreases relate to the increase on the same asset. The figure is stated net of the associated deferred tax liability and is not distributable. |
| 9. |
Average number of employees
The average monthly number of employees, including directors, during the year/period was 2 (2019 : 2)
|
| 10. |
Deferred Taxation
| Deferred Taxation |
|
2020
£ |
|
2019
£ |
| Provision at the start of the period |
|
(519,502) |
|
(1,553) |
| Gain on investment properties |
|
- |
|
(472,500) |
| Accelerated capital allowances |
|
(20,350) |
|
4,687 |
| Unrelieved taxation losses |
|
(40,487) |
|
(50,136) |
| Gain on investment properties prior year adjustment |
|
(55,623) |
|
- |
| Provision at the end of the period |
|
(635,962) |
|
(519,502) |
The prior year deferred tax adjustment relates to the enacted change in tax rates during the year which were expected to apply.
|
| 11. |
Related party transactions
Included within creditors due within one year is £2,297,015 (2019: £2,576,015) due to the shareholders of the company.
During the year management fees of £11,000 (2019: £10,250) were charged by a company with a director and shareholder in common.
|
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