112 Upper Street Limited
112 Upper Street Limited
Registered number: 10611447
Unaudited Financial Statements
For The Year Ended
28 February 2023
112 Upper Street Limited
Unaudited Financial Statements
For The Year Ended
28 February 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—5 |
Page 1
112 Upper Street Limited
Company Information
For The Year Ended
28 February 2023
Company Information
| Directors |
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| Company Number |
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| Registered Office | 119 High Street |
| Loughton | |
| Essex | |
| IG10 4LT | |
| Accountants |
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| 177-178 Tottenham Court Road | |
| London | |
| W1T 7AF | |
Page 1
Page 2
112 Upper Street Limited
Balance Sheet
As At
28 February 2023
Balance Sheet
Registered number:
10611447
For the year ending 28 February 2023 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investment Properties | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,160,269 | 1,116,832 | |||
Page 2
Page 3
112 Upper Street Limited
Balance Sheet (continued)
As At
28 February 2023
The financial statements were approved by the board of directors on 28 November 2023 and were signed on its behalf by:
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Director
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The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
112 Upper Street Limited
Notes to the Financial Statements
For The Year Ended
28 February 2023
Notes to the Financial Statements
1.
General Information
112 Upper Street Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10611447
. The registered office is 119 High Street, Loughton, Essex, IG10 4LT.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover represents amounts receivable for rental of the property.
2.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
4.
Investment Property
| 2023 | |
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| £ | |
| Fair Value | |
| As at
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| 2023 | 2022 | ||
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| £ | £ | ||
| Cost | 1,735,500 | 1,735,500 | |
The investment properties are measured at fair value,by the directors of the company.The directors are of the opinion that the fair value of the investment property has not changed materially from the cost price.
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112 Upper Street Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2023
5.
Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Amounts owed by group undertakings | 120,000 | - | |
| Other debtors | 2,785 | 2,059 | |
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6.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Other creditors | 3,553 | 3,369 | |
| Taxation and social security |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Bank loans |
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| Amounts owed to participating interests |
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| Other creditors | 8,197 | 8,197 | |
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The bank loan is secured by a fixed and floating charge over the company's assets
| 2023 | 2022 | ||
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| £ | £ | ||
| Bank loans |
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8.
Share Capital
| 2023 | 2022 | ||
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| £ | £ | ||
| Allotted, Called up and fully paid |
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Page 5