0
30 November 2021
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No description of principal activity
2020-10-14
Sage Accounts Production Advanced 2021 - FRS102_2021
15,000,000
15,000,000
15,000,000
xbrli:pure
xbrli:shares
iso4217:GBP
12950203
2020-10-14
2020-12-23
12950203
2020-12-23
12950203
bus:Director1
2020-10-14
2020-12-23
12950203
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-10-14
2020-12-23
12950203
core:WithinOneYear
2020-12-23
12950203
core:ShareCapital
2020-12-23
12950203
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-23
12950203
bus:SmallEntities
2020-10-14
2020-12-23
12950203
bus:Audited
2020-10-14
2020-12-23
12950203
bus:FullAccounts
2020-10-14
2020-12-23
12950203
bus:SmallCompaniesRegimeForAccounts
2020-10-14
2020-12-23
12950203
bus:PrivateLimitedCompanyLtd
2020-10-14
2020-12-23
12950203
core:ParentEntities
2020-10-14
2020-12-23
COMPANY REGISTRATION NUMBER:
12950203
|
Filleted Financial Statements |
|
|
Statement of Financial Position |
|
23 December 2020
Fixed assets
|
Tangible assets |
4 |
|
15,000,000 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
(
14,999,900) |
|
|
--------------- |
|
|
Net current liabilities |
|
(
14,999,900) |
|
|
--------------- |
|
Total assets less current liabilities |
|
100 |
|
|
---- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
|
|
---- |
|
Shareholders funds |
|
100 |
|
|
---- |
|
|
|
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 statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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
30 November 2021
, and are signed on behalf of the board by:
Company registration number:
12950203
|
Notes to the Financial Statements |
|
Period from 14 October 2020 to 23 December 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There have been no judgements, estimates and assumptions in the year which materially affect the financial statements, other than those listed below.
Income tax
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 expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. For investment property that is measured at fair value, deferred tax is provided at the rate and allowances applicable to the sale of the property. 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.
Tangible assets
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - i. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and ii. No depreciation is provided in respect of investment properties applying the fair value model.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Freehold property |
|
£ |
|
Cost |
|
|
At 14 October 2020 |
– |
|
Additions |
15,000,000 |
|
--------------- |
|
At 23 December 2020 |
15,000,000 |
|
--------------- |
|
Carrying amount |
|
|
At 23 December 2020 |
15,000,000 |
|
--------------- |
|
|
5.
Creditors:
amounts falling due within one year
|
23 Dec 20 |
|
£ |
|
Amounts owed to group undertakings |
14,999,900 |
|
--------------- |
|
|
6.
Summary audit opinion
The auditor's report for the period dated
30 November 2021
was
unqualified
.
The senior statutory auditor was
Moshe Broner Cohen
, for and on behalf of
Cohen Arnold
.
7.
Related party transactions
Amounts owed to group undertakings referes to amounts due to Lowdale Properties Limited, the parent company.
8.
Controlling party
The company's parent company is Lowdale Properties Limited registered in England. Both companies have the same registered office. Group accounts are prepared by Lexton Investments Limited, the intermediate parent company. The ultimate parent company is Tury Real Estate Corporation, a company incorporated in Panama.
