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Registration number: 04676436

Saxon Hall Freehold Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Saxon Hall Freehold Limited

Contents

Company Information

1

Statement of Director's Responsibilities

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Saxon Hall Freehold Limited

Company Information

Director

Mr Michael Wrennall

Company secretary

Mr Giles Christopher Wrennall

Registered office

27 Saxon Hall
16 Palace Court
London
W2 4JA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Saxon Hall Freehold Limited

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' . Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Saxon Hall Freehold Limited

(Registration number: 04676436)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,689

13,139

Investment property

5

1,737,003

3,988,403

 

1,738,692

4,001,542

Current assets

 

Stocks

6

149,950

248,723

Debtors

7

462,295

545,647

Cash at bank and in hand

 

1,282,165

3,088

 

1,894,410

797,458

Creditors: Amounts falling due within one year

8

(1,219,771)

(885,078)

Net current assets/(liabilities)

 

674,639

(87,620)

Total assets less current liabilities

 

2,413,331

3,913,922

Provisions for liabilities

(405,954)

(740,386)

Net assets

 

2,007,377

3,173,536

Capital and reserves

 

Called up share capital

9

101,898

101,898

Other reserves

-

1,804,790

Retained earnings

1,905,479

1,266,848

Shareholders' funds

 

2,007,377

3,173,536

 

Saxon Hall Freehold Limited

(Registration number: 04676436)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 12 October 2023
 

.........................................

Mr Michael Wrennall
Director

 

Saxon Hall Freehold Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
27 Saxon Hall
16 Palace Court
London
W2 4JA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Saxon Hall Freehold Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Saxon Hall Freehold Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables,cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Saxon Hall Freehold Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

114,497

114,497

At 31 March 2023

114,497

114,497

Depreciation

At 1 April 2022

101,358

101,358

Charge for the year

11,450

11,450

At 31 March 2023

112,808

112,808

Carrying amount

At 31 March 2023

1,689

1,689

At 31 March 2022

13,139

13,139

5

Investment properties

2023
£

At 1 April

3,988,403

Disposals

(2,251,400)

At 31 March

1,737,003

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Work in progress

149,950

248,723

 

Saxon Hall Freehold Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

11

377,249

455,549

Other debtors

 

85,046

90,098

 

462,295

545,647

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

25,603

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1,038,791

863,602

Taxation and social security

 

149,415

-

Other creditors

 

5,962

21,476

 

1,219,771

885,078

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

101,898

101,898

101,898

101,898

         

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of Nil per each NewRow_0

 

111

 

222

         

Reconciliation to Dividends categories

Difference to be corrected

 

111

 

222

 

Saxon Hall Freehold Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

11

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr Michael Wrennall

Director loan

18,327

(18,327)

-

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr Michael Wrennall

Director loan

7,703

10,624

18,327

       
     

 

Summary of transactions with parent

Amount owed by parent company is £331,076 (2022: £361,876)
 The parent company is Palace Court Properties Limited
 

Summary of transactions with entities with joint control or significant interest


The amount owed to related parties with joint control or significant influence is £1,038,791 (2022: £863,602)

The amount owed by related parties with joint control or significant influence is £46,173 (2022: £93,673)