Company Registration No. 06516693 (England and Wales)
THE ENGLISH GARDEN PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
THE ENGLISH GARDEN PROPERTY LIMITED
COMPANY INFORMATION
Directors
R Corrigan
N Goodhew
S G Easthope
R T Corrigan
(Appointed 10 June 2021)
Secretary
N Goodhew
Company number
06516693
Registered office
11-15 Swallow Street
London
W1B 4DG
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
THE ENGLISH GARDEN PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
THE ENGLISH GARDEN PROPERTY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
106,181
Investment properties
4
6,689,787
6,689,787
Investments
5
5,100
5,100
6,801,068
6,694,887
Current assets
Debtors
6
1,789,012
925,397
Cash at bank and in hand
1,434,291
1,300,250
3,223,303
2,225,647
Creditors: amounts falling due within one year
7
(1,477,060)
(301,952)
Net current assets
1,746,243
1,923,695
Total assets less current liabilities
8,547,311
8,618,582
Creditors: amounts falling due after more than one year
8
(2,299,243)
(2,426,725)
Provisions for liabilities
(907,254)
(907,254)
Net assets
5,340,814
5,284,603
Capital and reserves
Called up share capital
9
1,000
1,000
Share premium account
1,300,902
1,300,902
Other reserves
3,867,766
3,867,766
Profit and loss reserves
171,146
114,935
Total equity
5,340,814
5,284,603
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE ENGLISH GARDEN PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 September 2022 and are signed on its behalf by:
S G Easthope
Director
Company Registration No. 06516693
THE ENGLISH GARDEN PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2020
1,000
1,300,902
68,710
1,370,612
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
3,913,991
3,913,991
Transfers
-
-
-
(3,867,766)
(3,867,766)
Other movements
-
3,867,766
-
3,867,766
Balance at 31 December 2020
1,000
1,300,902
3,867,766
114,935
5,284,603
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
-
56,211
56,211
Balance at 31 December 2021
1,000
1,300,902
3,867,766
171,146
5,340,814
THE ENGLISH GARDEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
The English Garden Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11-15 Swallow Street, London, W1B 4DG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The directors have concluded that the company will have sufficient funds to maintain its working capital requirements and enable it to settle its liabilities as and when they fall due for payment for the period of at least 12 months following the date of approval of these financial statements. Accordingly, the directors consider that it is appropriate to apply the goingtrue concern concept in preparing the financial statements.
1.3
Turnover
Turnover represents amounts due for rent receivable, net of VAT. Rental income is recognised in the period to which it relates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
THE ENGLISH GARDEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and at the bank.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include amounts owed by connected companies, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from connected companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE ENGLISH GARDEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
THE ENGLISH GARDEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
3
Tangible fixed assets
Leasehold improvements
£
Cost
At 1 January 2021
2,850
Additions
106,181
At 31 December 2021
109,031
Depreciation and impairment
At 1 January 2021 and 31 December 2021
2,850
Carrying amount
At 31 December 2021
106,181
At 31 December 2020
4
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
6,689,787
The Company holds two investment properties. The first comprises 10 Lincoln Street, London. The fair value of this investment property has been arrived at on the basis of a valuation carried out at 14 October 2020 by Matthews Goodman, Chartered Surveyors, who are not connected with the company. The second property comprises Virginia Park Lodge, Co Cavan. The fair value of this investment property has been arrived at on the basis of a valuation carried out at 29 July 2020 by Colliers International, Chartered Surveyors, who are not connected with the company. Both valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties and are deemed to be the fair value at the balance sheet date.
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
5,100
5,100
The £5,100 investment held is a 25% share in Oyster Boy Limited.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,091
21,118
Other debtors
1,781,921
904,279
1,789,012
925,397
THE ENGLISH GARDEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4,595
5,600
Corporation tax
4,152
23,052
Other taxation and social security
10,888
Other creditors
1,468,313
262,412
1,477,060
301,952
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
2,299,243
2,426,725
2,299,243
2,426,725
Bank loans and overdrafts are secured by a mortgage debenture over the assets of the company and a first legal charge over 11-15 Swallow Street, London, W1B 4DG. An intercompany guarantee exists for the bank loans and overdrafts of Richard Corrigan Restaurants Limited, Bentley's Seafood Restaurants Limited, Virginia Park Lodge Limited and The English Garden Property Limited.
Bank loans include a government Coronavirus Business Interruption Scheme (CBILS) loan of £1,350,000. The government provides a guarantee for 80% of the loan and also provides business interruption payments whereby interest payments and any fees levied by the Lender are covered for the first year.
The loan is fully repayable after 72 months, by monthly instalments, commencing 13 months after the drawdown date.
9
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
THE ENGLISH GARDEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
10
Related party transactions
At the balance sheet date, the company owed £1,334,803 (2020: £125,943) to Bentley's Seafood Restaurants Limited, a related party by virtue of common ownership and control.
At the balance sheet date, the company was owed £656,045 (2020: £666,915) inclusive of interest, by Virginia Park Lodge Limited and £1,030,454 (2020: £160,454) by Richard Corrigan Restaurants Limited. Both companies are related parties by virtue of common ownership and control.
At the balance sheet date, the company was owed £60,000 (2020: £45,000) by Oyster Boy Limited, an associate company.
At the balance sheet date, the company owed £4,600 (2020: £4,600) to R Corrigan, a director and owner of the company.
At the balance sheet date, the company was owed £500 (2020: £500) by Goodhew SCR Limited, a related party by virtue of common ownership and control.
2021-12-312021-01-01false14 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityR CorriganN GoodhewS G EasthopeR T CorriganN Goodhew065166932021-01-012021-12-3106516693bus:Director12021-01-012021-12-3106516693bus:Director22021-01-012021-12-3106516693bus:Director32021-01-012021-12-3106516693bus:Director42021-01-012021-12-3106516693bus:CompanySecretary12021-01-012021-12-3106516693bus:RegisteredOffice2021-01-012021-12-31065166932021-12-31065166932020-12-3106516693core:OtherPropertyPlantEquipment2021-12-3106516693core:OtherPropertyPlantEquipment2020-12-3106516693core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3106516693core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3106516693core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3106516693core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3106516693core:CurrentFinancialInstruments2021-12-3106516693core:CurrentFinancialInstruments2020-12-3106516693core:Non-currentFinancialInstruments2021-12-3106516693core:Non-currentFinancialInstruments2020-12-3106516693core:ShareCapital2021-12-3106516693core:ShareCapital2020-12-3106516693core:SharePremium2021-12-3106516693core:SharePremium2020-12-3106516693core:OtherMiscellaneousReserve2021-12-3106516693core:OtherMiscellaneousReserve2020-12-3106516693core:RetainedEarningsAccumulatedLosses2021-12-3106516693core:RetainedEarningsAccumulatedLosses2020-12-3106516693core:ShareCapital2019-12-3106516693core:SharePremium2019-12-3106516693core:OtherMiscellaneousReserve2019-12-3106516693core:RetainedEarningsAccumulatedLosses2019-12-31065166932019-12-3106516693core:RetainedEarningsAccumulatedLosses2020-01-012020-12-31065166932020-01-012020-12-3106516693core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3106516693core:SharePremium12020-01-012020-12-3106516693core:FurnitureFittings2021-01-012021-12-3106516693core:OtherPropertyPlantEquipment2020-12-3106516693core:OtherPropertyPlantEquipment2021-01-012021-12-31065166932020-12-3106516693core:WithinOneYear2021-12-3106516693core:WithinOneYear2020-12-3106516693bus:PrivateLimitedCompanyLtd2021-01-012021-12-3106516693bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3106516693bus:FRS1022021-01-012021-12-3106516693bus:AuditExemptWithAccountantsReport2021-01-012021-12-3106516693bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP