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Registered number: 13207774









BROADSIDE HOLDINGS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BROADSIDE HOLDINGS LIMITED
REGISTERED NUMBER: 13207774

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
11,008,481
10,382,998

  
11,008,481
10,382,998

Current assets
  

Debtors: amounts falling due within one year
 5 
562,355
1,908,614

Cash at bank and in hand
 6 
1,735,534
1,112,073

  
2,297,889
3,020,687

Creditors: amounts falling due within one year
 7 
(501,080)
(474,103)

Net current assets
  
 
 
1,796,809
 
 
2,546,584

Total assets less current liabilities
  
12,805,290
12,929,582

Creditors: amounts falling due after more than one year
 8 
(6,492,997)
(5,877,541)

  

Net assets
  
6,312,293
7,052,041


Capital and reserves
  

Called up share capital 
 10 
7,500,000
7,500,000

Profit and loss account
  
(1,187,707)
(447,959)

  
6,312,293
7,052,041


Page 1

 
BROADSIDE HOLDINGS LIMITED
REGISTERED NUMBER: 13207774
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




J C Burgess
Director

Date: 6 November 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BROADSIDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Broadside Holdings Limited is a private company, limited by shares and incorporated in England and Wales (registered number: 13207774). 
Its registered office is 101 New Cavendish Street,1st Floor South, London, W1W 6XH, and the principal place of business address is 7 Trebeck Street, London, W1J 7LU.
The principal activity of the company continued to be that of property investment.
The financial statements are presented in Sterling, which is the functional currency of the Company.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
BROADSIDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors 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. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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 average monthly number of employees, including directors, during the year was 3 (2021 - 3).

Page 4

 
BROADSIDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2022
10,382,998


Additions at cost
625,483



At 31 December 2022
11,008,481

The 2022 valuations were made by the directors, on an open market value for existing use basis.

Loans are secured against the freehold property by way of fixed and floating charges over all the property and undertakings of the company.




5.


Debtors

2022
2021
£
£


Trade debtors
63,118
234,297

Amounts owed by group undertakings
-
1,500,000

Other debtors
67,132
11,253

Prepayments and accrued income
432,105
163,064

562,355
1,908,614



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,735,534
1,112,073

1,735,534
1,112,073


Page 5

 
BROADSIDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
290,313
273,874

Other creditors
43,723
23,770

Accruals and deferred income
167,044
176,459

501,080
474,103



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
6,492,997
5,877,541

6,492,997
5,877,541



9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£


Amounts falling due 1-2 years

Bank loans
6,492,997
5,877,541


6,492,997
5,877,541



6,492,997
5,877,541


Page 6

 
BROADSIDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



7,499,000 (2021 - 0 ) 6% Preference shares of £1.000 each
7,499,000
-
170,835 (2021 - 170,840) A Ordinary shares of £0.001 each
171
171
170,835 (2021 - 170,840) B Ordinary shares of £0.001 each
171
171
200,000 (2021 - 200,000) C Ordinary shares of £0.001 each
200
200
425,000 (2021 - 425,000) D Ordinary shares of £0.001 each
425
425
33,300 (2021 - 33,300) E Ordinary shares of £0.001 each
33
33

7,500,000

1,000

Allotted, called up and partly paid



 (2021 - 7,499,000) 6% Preference shares of £1.000 each
-
7,499,000




 
Page 7