Company No:
Contents
DIRECTORS | Gabriel Chipperfield |
Saul Sutton |
REGISTERED OFFICE | 7 Hatton Street |
London | |
NW8 8PL | |
England | |
United Kingdom |
COMPANY NUMBER | 14320904 (England and Wales) |
ACCOUNTANT | Praxis |
1 Poultry | |
London | |
EC2R 8EJ |
Note | 30.09.2023 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
|
Investment property | 4 |
|
3,563,544 | ||
Current assets | ||
Debtors | 5 |
|
Cash at bank and in hand | 6 |
|
465,007 | ||
Creditors: amounts falling due within one year | 7 | (
|
Net current assets | 98,532 | |
Total assets less current liabilities | 3,662,076 | |
Creditors: amounts falling due after more than one year | 8 | (
|
Provision for liabilities | 9, 10 | (
|
Net assets |
|
|
Capital and reserves | ||
Called-up share capital |
|
|
Profit and loss account |
|
|
Total shareholders' funds |
|
Directors' responsibilities:
The financial statements of 7 Hatton Street Limited (registered number:
Saul Sutton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
7 Hatton Street Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Hatton Street, London, NW8 8PL, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £1,062,451. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery etc. |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 26.08.2022 to 30.09.2023 |
|
Number | |
Monthly average number of persons employed by the Company during the period, including directors |
|
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 26 August 2022 |
|
|
|
Additions |
|
|
|
At 30 September 2023 |
|
|
|
Accumulated depreciation | |||
At 26 August 2022 |
|
|
|
Charge for the financial period |
|
|
|
At 30 September 2023 |
|
|
|
Net book value | |||
At 30 September 2023 |
|
|
Investment property | |
£ | |
Valuation | |
As at 26 August 2022 |
|
Additions | 1,989,388 |
Fair value movement | 1,510,612 |
As at 30 September 2023 |
|
Valuation
A full market valuation of investment property was completed by Savills in March 2023.
For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
30.09.2023 | |
£ | |
Historic cost | 2,129,388 |
30.09.2023 | |
£ | |
Trade debtors |
|
Other debtors |
|
|
30.09.2023 | |
£ | |
Cash at bank and in hand |
|
30.09.2023 | |
£ | |
Trade creditors |
|
Amounts owed to connected persons |
|
Other taxation and social security |
|
Other creditors |
|
|
30.09.2023 | |
£ | |
Bank loans (secured) |
|
Other creditors |
|
|
30.09.2023 | |
£ | |
Deferred tax |
|
30.09.2023 | |
£ | |
At the beginning of financial period |
|
Charged to the Profit and Loss Account | (
|
At the end of financial period | (
|
Transactions with the entity's directors
30.09.2023 | |
£ | |
Long term loans from the directors | 220,000 |
The loans are interest free, unsecured and repayable in over 12 months.
Other related party transactions
30.09.2023 | |
£ | |
Loans from related entities | 270,000 |
The loans are interest free, unsecured and repayable on demand.