Silverfin false false 30/09/2023 01/10/2022 30/09/2023 P A Callingham 05/02/2003 A D Curtis 05/02/2003 13 March 2024 The principal activity of the company during the year was that of a residential investment company. 04656997 2023-09-30 04656997 bus:Director1 2023-09-30 04656997 bus:Director2 2023-09-30 04656997 2022-09-30 04656997 core:CurrentFinancialInstruments 2023-09-30 04656997 core:CurrentFinancialInstruments 2022-09-30 04656997 core:Non-currentFinancialInstruments 2023-09-30 04656997 core:Non-currentFinancialInstruments 2022-09-30 04656997 core:ShareCapital 2023-09-30 04656997 core:ShareCapital 2022-09-30 04656997 core:RevaluationReserve 2023-09-30 04656997 core:RevaluationReserve 2022-09-30 04656997 core:RetainedEarningsAccumulatedLosses 2023-09-30 04656997 core:RetainedEarningsAccumulatedLosses 2022-09-30 04656997 2021-09-30 04656997 bus:OrdinaryShareClass1 2023-09-30 04656997 2022-10-01 2023-09-30 04656997 bus:FilletedAccounts 2022-10-01 2023-09-30 04656997 bus:SmallEntities 2022-10-01 2023-09-30 04656997 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 04656997 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04656997 bus:Director1 2022-10-01 2023-09-30 04656997 bus:Director2 2022-10-01 2023-09-30 04656997 2021-10-01 2022-09-30 04656997 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 04656997 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 04656997 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04656997 (England and Wales)

EALING ASSET MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

EALING ASSET MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

EALING ASSET MANAGEMENT LIMITED

BALANCE SHEET

As at 30 September 2023
EALING ASSET MANAGEMENT LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 8,899,076 8,899,076
8,899,076 8,899,076
Current assets
Debtors 4 1,402,363 1,620,270
Cash at bank and in hand 126,727 54,316
1,529,090 1,674,586
Creditors: amounts falling due within one year 5 ( 300,529) ( 290,454)
Net current assets 1,228,561 1,384,132
Total assets less current liabilities 10,127,637 10,283,208
Creditors: amounts falling due after more than one year 6 ( 5,290,000) ( 5,153,206)
Provision for liabilities 7 ( 596,100) ( 596,100)
Net assets 4,241,537 4,533,902
Capital and reserves
Called-up share capital 8 1 1
Revaluation reserve 2,077,204 2,077,204
Profit and loss account 2,164,332 2,456,697
Total shareholder's funds 4,241,537 4,533,902

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ealing Asset Management Limited (registered number: 04656997) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P A Callingham
Director

13 March 2024

EALING ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
EALING ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ealing Asset Management 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 Langley House, Park Road, London, N2 8EY, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover

Turnover comprises rental income, service charges and other recoveries from tenants of the company’s investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
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.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 October 2022 8,899,076
As at 30 September 2023 8,899,076

Valuation

The 2023 valuations were made by the directors, on an open market value for existing use basis.

4. Debtors

2023 2022
£ £
Trade debtors 5,680 3,635
Amounts owed by Group undertakings 1,185,126 1,222,478
Amounts owed by directors 0 293,649
Prepayments and accrued income 111,635 1,401
Other debtors 99,922 99,107
1,402,363 1,620,270

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 369 5,897
Accruals and deferred income 8,299 3,600
Corporation tax 99,107 99,107
Other creditors 192,754 181,850
300,529 290,454

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 5,290,000 5,153,206

The bank loan is secured by a charge over the company's investment properties.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 596,100) ( 619,253)
Credited to the Statement of Income and Retained Earnings 0 23,153
At the end of financial year ( 596,100) ( 596,100)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

As at the balance sheet date the directors owed the company amounts totalling £Nil (2022: £293,649).

10. Ultimate controlling party

Parent Company:

Roselodge Investments Limited
Langley House
Park Road
London
N2 8EY