Holland House TW7 Limited
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 11271912 (England and Wales)
Holland House TW7 Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Holland House TW7 Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,950,000
1,950,000
Current assets
Debtors
5
11,734
12,801
Cash at bank and in hand
57,637
53,719
69,371
66,520
Creditors: amounts falling due within one year
6
(1,415,350)
(1,477,594)
Net current liabilities
(1,345,979)
(1,411,074)
Total assets less current liabilities
604,021
538,926
Provisions for liabilities
(49,018)
(49,018)
Net assets
555,003
489,908
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
555,001
489,906
Total equity
555,003
489,908
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 March 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
For the financial year ended 31 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.
Holland House TW7 Limited
Balance Sheet (Continued)
As at 31 March 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
D Gomez-Evans
Director
Company Registration No. 11271912
Holland House TW7 Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information
Holland House TW7 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Holland House, 6 Church Street, Isleworth, Middlesex, United Kingdom, TW7 6XB.
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 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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company relies upon the continued support of its parent company Concept Bespoke Interiors Limited to meet its day to day working capital requirements. As part of its going concern assessment, the directors have assessed the Company’s financial position, forecasts, anticipated cash flows, future plans and the impact of other external factors and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements. true
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of any rent receivable on properties held as investment property. Rent receivable is recognised in the period in which the income relates.
1.4
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Holland House TW7 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
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.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment property
Judgement is exercised when determining the carrying value of investment property. The key assumptions and inputs include rental income and expense, related rental income and expense growth rates, occupancy levels, capital improvement rates, discount rates and capitalisation rates.
Holland House TW7 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 5
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
1,950,000
The valuation was made by the directors, on an open market value for existing use basis.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
11,734
12,801
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,197,426
1,277,339
Amounts owed to group undertakings
177,848
158,488
Corporation tax
34,326
38,267
Accruals and deferred income
5,750
3,500
1,415,350
1,477,594
The company's bank loan is secured via a fixed and floating charge over the property held by the company, including the fixtures and plant and machinery contained within.
Holland House TW7 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property
49,018
49,018
There were no deferred tax movements in the year.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Related party transactions
The disclosure exemption conferred by FRS 102 Section 33:1A has been utilised, whereby the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
10
Parent company
The immediate and ultimate parent company is Concept Bespoke Interiors Limited by virtue of its 100% paid up share capital, a company incorporated in England and Wales. The parent company prepares consolidated accounts that incorporate the results of this company. These accounts are accessible on the Companies House website.