REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Samson Properties (Lexham Mews) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Samson Properties (Lexham Mews) Limited |
Samson Properties (Lexham Mews) Limited (Registered number: 02922171) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Chartered Accountants' Report | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Samson Properties (Lexham Mews) Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Samson Properties (Lexham Mews) Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Samson Properties (Lexham Mews) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Samson Properties (Lexham Mews) Limited and state those matters that we have agreed to state to the Board of Directors of Samson Properties (Lexham Mews) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Samson Properties (Lexham Mews) Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Samson Properties (Lexham Mews) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Samson Properties (Lexham Mews) Limited. You consider that Samson Properties (Lexham Mews) Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Samson Properties (Lexham Mews) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
2nd Floor, Heathmans House |
19 Heathmans Road |
London |
SW6 4TJ |
Samson Properties (Lexham Mews) Limited (Registered number: 02922171) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Samson Properties (Lexham Mews) Limited (Registered number: 02922171) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Samson Properties (Lexham Mews) Limited (Registered number: 02922171) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Samson Properties (Lexham Mews) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02922171 and its registered address is 60 Pembroke road, London, England, W8 6NX. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements. |
Turnover |
Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Samson Properties (Lexham Mews) Limited (Registered number: 02922171) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The valuations of investment properties were made as at 31 March 2023 by the directors of the company on an open market basis. Following the assessment, the directors were of the opinion that the values of the properties remain the same during the year end. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 8) |
Samson Properties (Lexham Mews) Limited (Registered number: 02922171) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
During the year, the company successfully refinanced a loan totalling £4,900,000. NatWest Plc, the appointed bankers, secured a first legal charge over the company's investment property assets as part of the restructuring process. |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 March 2023 |
10. | RELATED PARTY DISCLOSURES |
As at the year-end date, an amount of £Nil (2022: £1,609,683) was owed by Watergate Properties Ltd, a company jointly owned by the directors but with no controlling party. During the current year, a repayment of £1,250,000 was made, and the remaining balance of £367,816 written off. |
As at the year-end date, a sum of £19,510 (2022: £20,489) in respect of management fees was owed to Marrick House Ltd, a company under the control of the director P Thompson. This amount is unsecured, not subject to interest, and repayable on demand. |
As at the year-end date, a sum of £90,745 (2022: £160,822) in respect of management fees was owed by Tableswitch Ltd, a company under the control of J Samuel. This amount is unsecured, not subject to interest, and repayable on demand. |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Samson Properties Limited, a company incorporated in England and Wales. Their registered address is 60 Pembroke Road, London, England, W8 6NX. |
Samson Properties Limited and its subsidiaries are a small group and therefore exempt from the requirement to prepare group accounts. |