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Company registration number: 09575770
Belgravia Investments International Limited
Unaudited filleted financial statements
31 August 2022
Belgravia Investments International Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Belgravia Investments International Limited
Directors and other information
Directors Sundeep Gohil (Resigned 12 October 2021)
Neil Vitale (Appointed 12 October 2021)
Kalu Vitale
Company number 09575770
Registered office 402 Hayley Court
Linford Wood
Milton Keynes
MK14 6GD
Accountants Nagle James Associates Limited
4th Floor, Amba House
15 College Road
Harrow
HA1 1BA
Belgravia Investments International Limited
Statement of financial position
31 August 2022
31/08/22 31/05/21
Note £ £ £ £
Fixed assets
Investments 4 10,825,001 7,324,936
_______ _______
10,825,001 7,324,936
Current assets
Debtors 5 4,142,400 3,586,748
Cash at bank and in hand 7,299 31,346
_______ _______
4,149,699 3,618,094
Creditors: amounts falling due
within one year 6 ( 15,369,742) ( 12,892,433)
_______ _______
Net current liabilities ( 11,220,043) ( 9,274,339)
_______ _______
Total assets less current liabilities ( 395,042) ( 1,949,403)
Provisions for liabilities ( 665,012) -
_______ _______
Net liabilities ( 1,060,054) ( 1,949,403)
_______ _______
Capital and reserves
Called up share capital 2,500 1,000
Share premium account 99,255 99,255
Fair Value Reseve 2,835,052 -
Profit and loss account ( 3,996,861) ( 2,049,658)
_______ _______
Shareholders deficit ( 1,060,054) ( 1,949,403)
_______ _______
For the period ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Neil Vitale
Director
Company registration number: 09575770
Belgravia Investments International Limited
Statement of changes in equity
Period ended 31 August 2022
Called up share capital Share premium account Fair Value Reseve Profit and loss account Total
£ £ £ £ £
At 1 June 2020 1,000 99,255 - ( 52,949) 47,306
Profit/(loss) for the period ( 1,996,709) ( 1,996,709)
_______ _______ _______ _______ _______
Total comprehensive income for the period - - - ( 1,996,709) ( 1,996,709)
_______ _______ _______ _______ _______
At 31 May 2021 and 1 June 2021 1,000 99,255 - (2,049,659) (1,949,404)
Profit/(loss) for the period 887,850 887,850
Other comprehensive income for the period:
Non distributable profit - - 2,835,052 ( 2,835,052) -
_______ _______ _______ _______ _______
Total comprehensive income for the period - - 2,835,052 ( 1,947,202) 887,850
Issue of shares 1,500 - 1,500
_______ _______ _______ _______ _______
Total investments by and distributions to owners 1,500 - - - 1,500
_______ _______ _______ _______ _______
At 31 August 2022 2,500 99,255 2,835,052 ( 3,996,861) ( 1,060,054)
_______ _______ _______ _______ _______
Belgravia Investments International Limited
Notes to the financial statements
Period ended 31 August 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 402 Hayley Court, Linford Wood, Milton Keynes, MK14 6GD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost or valuation
At 1 June 2021 3,173,443 4,151,493 7,324,936
Revaluations 2,451,558 1,048,507 3,500,065
_______ _______ _______
At 31 August 2022 5,625,001 5,200,000 10,825,001
_______ _______ _______
Impairment
At 1 June 2021 and 31 August 2022 - - -
_______ _______ _______
Carrying amount
At 31 August 2022 5,625,001 5,200,000 10,825,001
_______ _______ _______
At 31 May 2021 3,173,443 4,151,493 7,324,936
_______ _______ _______
The directors has valued the investments based on assistance from prefessional valuers.
5. Debtors
31/08/22 31/05/21
£ £
Amounts owed by undertakings in which the company has a participating interest 4,142,400 3,586,748
_______ _______
6. Creditors: amounts falling due within one year
31/08/22 31/05/21
£ £
Other loans 11,690,496 9,632,608
Amounts owed to undertakings in which the company has a participating interest 681,350 629,350
Accruals and deferred income 29,586 19,875
Director loan accounts 2,968,310 2,610,600
_______ _______
15,369,742 12,892,433
_______ _______
Other loans includes £4,749,142 secured on assets owned by the company.
7. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/08/22
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Neil Vitale ( 2,610,600) ( 357,710) ( 2,968,310)
_______ _______ _______
Year ended 31/05/21
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Neil Vitale ( 1,899,999) ( 710,601) ( 2,610,600)
_______ _______ _______
8. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value
Period Year
ended ended
31/08/22 31/05/21
£ £
Fairmont Property Developers UK Ltd 611,350 611,350
_______ _______