Company registration number 04400154 (England and Wales)
12-18 HILL STREET FREEHOLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
12-18 HILL STREET FREEHOLD LIMITED
COMPANY INFORMATION
Directors
C S J Brydon
A M Jaidah
Company number
04400154
Registered office
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
12-18 HILL STREET FREEHOLD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
12-18 HILL STREET FREEHOLD LIMITED
BALANCE SHEET
AS AT
24 MARCH 2023
24 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
900,000
900,000
Current assets
Debtors
6
6,750
515
Cash at bank and in hand
18,051
60,544
24,801
61,059
Creditors: amounts falling due within one year
7
(30,600)
(1,090)
Net current (liabilities)/assets
(5,799)
59,969
Total assets less current liabilities
894,201
959,969
Provisions for liabilities
8
(149,906)
(149,906)
Net assets
744,295
810,063
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
744,195
809,963
Total equity
744,295
810,063
12-18 HILL STREET FREEHOLD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
24 MARCH 2023
24 March 2023
- 2 -

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 24 March 2023 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 financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
C S J Brydon
Director
Company Registration No. 04400154
12-18 HILL STREET FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2023
- 3 -
1
Accounting policies
Company information

12-18 Hill Street Freehold Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

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 on the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Ground rent receivable

1.3
Investment properties

Investment property is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

12-18 HILL STREET FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Investment property
2023
£
Fair value
At 25 March 2022 and 24 March 2023
900,000
12-18 HILL STREET FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2023
4
Investment property
(Continued)
- 5 -

a) The company owns legally and beneficially the freehold reversion to:

 

i) Flats 1, 2 and 4-15 at 12-18 Hill Street, London, W1, all of which are subject to 999 year leases granted from 8 July 2002; and

 

ii) Garages 1, 6, 7, 8, 10, 11, 12, 14, 15, 17, 19 and 20, at 12-18 Hill Street, London, W1, all of which are subject to 999 year leases granted from 8 July 2002 and Garage 16 which is subject to a 99 year lease from 8 July 2002.

 

b) The company is the legal owner of:

 

i) The freehold reversion to Garages 2, 3, 4, 5, 9, 13 and 18, at 12-18 Hill Street, London, W1, which it holds as trustee for 12-18 Hill Street Investments Limited.

 

ii) The freehold of the airspace forming part of 12-18 Hill Street, London, W1, which it holds as trustee for 12-18 Hill Street Investments Limited.

 

iii) The freehold of Flat 3, the company had a valuation undertaken after the year end. Any adjustment will be reflected in the next appropriate year end.

 

5
Fixed asset investments
2023
2022
£
£
Investments in subsidiary
-
-
-
0
-
0

The company holds 100% of the ordinary share capital of 12-18 Hill Street Management Company Limited, a dormant company registered in England and Wales.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
20
Other debtors
-
0
495
Prepayments and accrued income
6,750
-
0
6,750
515
12-18 HILL STREET FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
30,000
490
Accruals and deferred income
600
600
30,600
1,090
8
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property
149,906
149,906
There were no deferred tax movements in the year.

 

9
Related party transactions

At 24 March 2023, 36.28% (2021: 36.28%) of the issued share capital was owned by the directors or persons connected with them.

 

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