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Registered number: 03935489









OPENARCH TOWERVIEW LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
OPENARCH TOWERVIEW LIMITED
REGISTERED NUMBER: 03935489

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
4,207
54,870

Investment property
 5 
32,273,066
32,243,490

  
32,277,273
32,298,360

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
139,034
100,524

Cash at bank and in hand
  
20,306
61,811

  
159,340
162,335

Creditors: amounts falling due within one year
 7 
(19,741,350)
(20,168,824)

NET CURRENT LIABILITIES
  
 
 
(19,582,010)
 
 
(20,006,489)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
12,695,263
12,291,871

Creditors: amounts falling due after more than one year
 8 
(1,027,267)
(1,241,317)

NET ASSETS
  
11,667,996
11,050,554


CAPITAL AND RESERVES
  

Called up share capital 
 9 
50
50

Investment property reserve
  
7,702,255
7,339,059

Profit and loss account
  
3,965,691
3,711,445

  
11,667,996
11,050,554


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
OPENARCH TOWERVIEW LIMITED
REGISTERED NUMBER: 03935489
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Horan
Director

Date: 6 October 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
OPENARCH TOWERVIEW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

OpenArch Towerview Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is The Grange, Market Street, Swavesey, Cambridge, Cambridgeshire, CB24 4QG.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have considered the Company’s financial resources at the time of approving the financial statements, as well as anticipated future activity and financial results.
The global uncertainty caused by the turbulent socio-economic environment and subsequent general economic downturn has had a negative impact on many of the Company's tenants across all rental sectors; commercial, residential and student. Despite this, occupancy remains high and efforts are being made to mitigate against cost increases. During the year a number of hedging arrangements have been entered into mitigating the risk of rising interest rates. These provide the directors with further comfort over the ongoing continuance of the Company. The directors have assessed the Company's liquidity requirements and are confident sufficient working capital is available to support any downturn in cash collection from tenants. The directors regularly review the liquidity position in order to safeguard the business during the current uncertainty and beyond.
On the basis of their review and given the Company’s strong net asset and cash position the directors believe they are well placed to manage the Company's business risks successfully in the current economic climate and remain satisfied that the going concern assessment is appropriate.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of rental income during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised as the fair value of the consideration received or receivable and is recognised over the period to which the rental income relates.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 3

 
OPENARCH TOWERVIEW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INTEREST INCOME

Interest income is recognised in the Profit and Loss Account using the effective interest method.

 
2.6

INTEREST EXPENSE

Interest expenditure is charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.7

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
OPENARCH TOWERVIEW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings
-
6 years straight line
Refurbishment costs
-
5-7 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

INVESTMENT PROPERTY

Investment property is 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 and changes in fair value are recognised in the Profit and Loss Account.

 
2.10

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.11

CASH AT BANK AND IN HAND

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 5

 
OPENARCH TOWERVIEW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


TANGIBLE FIXED ASSETS





Fixtures and fittings
Refurbish-ment costs
Total

£
£
£



COST


At 1 April 2022
295,472
211,515
506,987


Disposals
(2,545)
-
(2,545)



At 31 March 2023

292,927
211,515
504,442



DEPRECIATION


At 1 April 2022
285,604
166,513
452,117


Charge for the year on owned assets
6,490
41,628
48,118



At 31 March 2023

292,094
208,141
500,235



NET BOOK VALUE



At 31 March 2023
833
3,374
4,207



At 31 March 2022
9,868
45,002
54,870

Page 6

 
OPENARCH TOWERVIEW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2022
32,243,490


Additions at cost
17,025


Disposals
(500,000)


Surplus on revaluation
512,551



AT 31 MARCH 2023
32,273,066


COMPRISING


Cost
25,776,151

Annual revaluation surplus/(deficit):


2021 and previous
4,751,874

2022
1,232,490

2023
512,551

At 31 March 2023
32,273,066

The 2023 valuations were made by the directors, on an open market value for existing use basis.





6.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade debtors
31,792
20,319

Other debtors
89,175
57,210

Prepayments and accrued income
18,067
22,995

139,034
100,524


Page 7

 
OPENARCH TOWERVIEW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
229,779
242,749

Trade creditors
136,990
106,468

Amounts owed to group undertakings
19,284,650
19,651,497

Corporation tax
-
71,291

Other taxation and social security
17,278
17,901

Other creditors
4,151
3,391

Accruals and deferred income
68,502
75,527

19,741,350
20,168,824


Bank loans are secured on investment properties owned by the Company. Bank loans with a total balance falling due within one year of £229,779 (2022 - £242,749) are also secured by personal guarantees from Mr D K Whitfield, Mrs S E Whitfield and Mr J P Whitfield.


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
1,027,267
1,241,317


Bank loans are secured on investment properties owned by the Company. Bank loans with a total balance falling due after more than one year of £1,027,267 (2022 - £1,241,317) are also secured by personal guarantees from Mr D K Whitfield, Mrs S E Whitfield and Mr J P Whitfield.


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



300 (2022 - 300) Ordinary shares of £0.16667 each
50
50



10.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 6 October 2023 by Warren Tilbury (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
Page 8