| Old Steine Apartments Limited |
| Registered number: |
11109927 |
| Balance Sheet |
| as at 30 December 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Investment properties |
3 |
|
|
1,875,000 |
|
|
1,875,000 |
|
| Current assets |
| Debtors |
4 |
|
14,624 |
|
|
23,336 |
| Cash at bank and in hand |
|
|
15,881 |
|
|
19,149 |
|
|
|
30,505 |
|
|
42,485 |
|
| Creditors: amounts falling due within one year |
5 |
|
(32,438) |
|
|
(35,955) |
|
| Net current (liabilities)/assets |
|
|
|
(1,933) |
|
|
6,530 |
|
| Total assets less current liabilities |
|
|
|
1,873,067 |
|
|
1,881,530 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(1,898,293) |
|
|
(1,898,293) |
|
|
|
| Net liabilities |
|
|
|
(25,226) |
|
|
(16,763) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(25,326) |
|
|
(16,863) |
|
| Shareholder's funds |
|
|
|
(25,226) |
|
|
(16,763) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| A I Spencer |
| Director |
| Approved by the board on 19 September 2022 |
|
| Old Steine Apartments Limited |
| Notes to the Accounts |
| for the year ended 30 December 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Going concern |
|
The financial statements have been prepared on a going concern basis. During the year the company made a loss of £8,463 and at the balance sheet date it had net liabilities of £25,226. The director considers the going concern basis to be appropriate because he intends to provide sufficient funding to enable it to meet its obligations in the foreseeable future. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration receivable, for the rental of the investment properties. |
|
|
Investment properties |
|
Investment properties are included at fair value. Gains and losses on revaluation are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Fair value |
|
At 31 December 2020 |
1,875,000 |
|
At 30 December 2021 |
1,875,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 December 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 December 2021 |
1,875,000 |
|
At 30 December 2020 |
1,875,000 |
|
The valuation of the investment properties was made by the director as at 30 December 2021 on an open market basis. On a historical note basis the properties would have been included at an original cost of £1,889,624 (2020: 1,889,624). |
|
|
| 4 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Other debtors |
14,624 |
|
23,336 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Trade creditors |
1,225 |
|
672 |
|
Other creditors |
31,213 |
|
35,283 |
|
|
|
|
|
|
32,438 |
|
35,955 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
1,287,051 |
|
1,287,051 |
|
Other creditors |
611,242 |
|
611,242 |
|
|
|
|
|
|
1,898,293 |
|
1,898,293 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2021 |
|
2020 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
1,287,051 |
|
1,287,051 |
|
|
|
|
|
|
|
|
|
|
The bank loan of £1,265,000 is secured by a fixed and floating charge over the investment property and the additional loan of £22,051 by a UK Government guarantee under the Bounce Back Loan Scheme. |
|
|
| 8 |
Controlling party |
|
|
A I Spencer is the ultimate controlling party. |
|
|
| 9 |
Other information |
|
|
Old Steine Apartments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
7 Manchester Square |
|
London |
|
W1U 3PQ |
