Company Registration No. 04144939 (England and Wales)
Diana Corbett Limited
Unaudited accounts
for the year ended 31 March 2022
Diana Corbett Limited
Statement of financial position
as at 31 March 2022
Investment property
3,285,000
3,285,000
Cash at bank and in hand
11,663
10,431
Creditors: amounts falling due within one year
(88,199)
(68,724)
Net current assets
177,214
175,867
Total assets less current liabilities
3,462,214
3,460,867
Creditors: amounts falling due after more than one year
(1,498,080)
(1,528,428)
Provisions for liabilities
Deferred tax
(463,194)
(463,194)
Net assets
1,500,940
1,469,245
Called up share capital
100
100
Profit and loss account
1,500,840
1,469,145
Shareholders' funds
1,500,940
1,469,245
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 January 2023 and were signed on its behalf by
Peter Greene
Director
Company Registration No. 04144939
Diana Corbett Limited
Notes to the Accounts
for the year ended 31 March 2022
Diana Corbett Limited is a private company, limited by shares, registered in England and Wales, registration number 04144939. The registered office is 14 Holywell Row, London, EC2A 4JB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies.
The accounts are presented in £ sterling.
The director believes that the company Diana Corbett Limited has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of rental services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement.
The prior year has been restated to include recognition of a deferred tax liability in respect of fair value gains on the investment property. This resulted in a reduction in the profit and loss account of £463,194 as at 1 April 2020 and 31 March 2021 respectively.
Fair value at 1 April 2021
3,285,000
At 31 March 2022
3,285,000
The director valued the investment property at 31 March 2022 and considered it appropriate.
The profit and loss account includes an amount of £1,389,581 in respect of accumulated fair value gains on investment property net of deferred tax (2021: £1,389,581).
Diana Corbett Limited
Notes to the Accounts
for the year ended 31 March 2022
Amounts falling due within one year
Amounts due from group undertakings etc.
233,561
233,162
Accrued income and prepayments
20,138
598
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
30,347
29,073
Trade creditors
21,146
9,764
Amounts owed to group undertakings and other participating interests
9,076
9,662
Taxes and social security
13,604
6,088
Other creditors
7,346
7,346
7
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
1,498,080
1,528,428
Security on the bank loans is provided by way of fixed and floating charge over property held by the company.
8
Deferred taxation
2022
2021
Revaluation of investment property
463,194
463,194
Provision at start of year
463,194
463,194
Provision at end of year
463,194
463,194
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
Debtors includes amounts due from connected companies of £233,561 (2021: £233,162), and creditors includes amounts due to connected companies of £9,076 (2021: £9,662).
Diana Corbett Limited
Notes to the Accounts
for the year ended 31 March 2022
11
Average number of employees
During the year the average number of employees was 0 (2021: 0).
