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Registration number: 06722466

EARLYWORLD PROPERTY HOLDINGS LTD

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2023

 

EARLYWORLD PROPERTY HOLDINGS LTD

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

EARLYWORLD PROPERTY HOLDINGS LTD

Company Information

Directors

Mr L Sidoli

Mr MAG Sidoli

Registered office

Bond House
19/20 Woodstock Street
London
W1C 2AN

Accountants

Mawson Breskal & Co
Chartered Accountants
6 Parkgate Avenue
Barnet
Herts
EN4 0NR

 

EARLYWORLD PROPERTY HOLDINGS LTD

(Registration number: 06722466)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1

280

Investment property

3,329,671

3,329,671

Investments

5

1

1

 

3,329,673

3,329,952

Current assets

 

Debtors

6

1,075

1,075

Cash at bank and in hand

 

462,026

302,104

 

463,101

303,179

Prepayments and accrued income

 

35,290

32,604

Creditors: Amounts falling due within one year

1,799,441

1,808,434

Net current assets

 

2,297,832

2,144,217

Total assets less current liabilities

 

5,627,505

5,474,169

Accruals and deferred income

 

(28,505)

(26,498)

Net assets

 

5,599,000

5,447,671

Capital and reserves

 

Called up share capital

7

40,465

40,465

Share premium reserve

4,848,535

4,848,535

Retained earnings

710,000

558,671

Shareholders' funds

 

5,599,000

5,447,671

For the financial year ending 30 November 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

EARLYWORLD PROPERTY HOLDINGS LTD

(Registration number: 06722466)
Abridged Balance Sheet as at 30 November 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 February 2024 and signed on its behalf by:
 

.........................................
Mr L Sidoli
Director

 

EARLYWORLD PROPERTY HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bond House
19/20 Woodstock Street
London
W1C 2AN

The principal place of business is:
36 Greenway
London
N20 8ED
United Kingdom

These financial statements were authorised for issue by the Board on 7 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

EARLYWORLD PROPERTY HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

EARLYWORLD PROPERTY HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

EARLYWORLD PROPERTY HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

1,122

1,122

At 30 November 2023

1,122

1,122

Depreciation

At 1 December 2022

842

842

Charge for the year

279

279

At 30 November 2023

1,121

1,121

Carrying amount

At 30 November 2023

1

1

At 30 November 2022

280

280

Investment properties

2023
£

At 1 December

3,329,671

There has been no valuation of investment property by an independent valuer.

5

Investments

Total
£

Cost or valuation

At 1 December 2022

3,039,120

Provision

At 1 December 2022

3,039,119

Carrying amount

At 30 November 2023

1

 

EARLYWORLD PROPERTY HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Associates

Sologlade Mezzco Ltd

49 Welbeck St,London,W1G 9XN

Ordinary

25%

25%

 

England

     

Associates

Sologlade Mezzco Ltd

The principal activity of Sologlade Mezzco Ltd is a holding company..

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

40,465

40,465

40,465

40,465

         

8

Related party transactions

Loans to related parties

2023

Associates
£

Total
£

At start of period

255,000

255,000

At end of period

255,000

255,000

 

EARLYWORLD PROPERTY HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

2022

Associates
£

Total
£

At start of period

255,000

255,000

At end of period

255,000

255,000

Terms of loans to related parties

The terms of the loan to Sologlade Mezzco Ltd, in which the company holds a participating interest, are such that the company is entitled to a return by way of interest equivalent to a 25% internal rate of return. The loan is considered to be quasi-equity for corporation tax purposes. The amount owing at the year end was £212,500. A further loan amount of £20,000 bears cumulative interest at 7% pa. No interest has been accrued to date as payment of the interest is currently very unlikely given the financial position of Sologlade Mezzco Ltd. A further loan of £22,500 is owed by Sologlade Ltd, a 100% subsidiary of Sologlade Holdco Ltd who in turn is a 100% subsidiary of Sologlade Mezzco Ltd. This loan is interest free and repayable on demand.
 

Loans from related parties

2023

Associates
£

Total
£

At start of period

400,000

400,000

At end of period

400,000

400,000

2022

Associates
£

Total
£

At start of period

400,000

400,000

At end of period

400,000

400,000

Terms of loans from related parties

Owed to Sologlade Ltd and is an interest free loan, repayable on demand.
 

 

EARLYWORLD PROPERTY HOLDINGS LTD