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Company No: 14320904 (England and Wales)

7 HATTON STREET LIMITED

Unaudited Financial Statements
For the financial period from 26 August 2022 to 30 September 2023
Pages for filing with the registrar

7 HATTON STREET LIMITED

Unaudited Financial Statements

For the financial period from 26 August 2022 to 30 September 2023

Contents

7 HATTON STREET LIMITED

COMPANY INFORMATION

For the financial period from 26 August 2022 to 30 September 2023
7 HATTON STREET LIMITED

COMPANY INFORMATION (continued)

For the financial period from 26 August 2022 to 30 September 2023
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
7 HATTON STREET LIMITED

BALANCE SHEET

As at 30 September 2023
7 HATTON STREET LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 30.09.2023
£
Fixed assets
Tangible assets 3 63,544
Investment property 4 3,500,000
3,563,544
Current assets
Debtors 5 157,373
Cash at bank and in hand 6 307,634
465,007
Creditors: amounts falling due within one year 7 ( 366,475)
Net current assets 98,532
Total assets less current liabilities 3,662,076
Creditors: amounts falling due after more than one year 8 ( 2,220,000)
Provision for liabilities 9, 10 ( 379,625)
Net assets 1,062,451
Capital and reserves
Called-up share capital 0
Profit and loss account 1,062,451
Total shareholders' funds 1,062,451

For the financial period 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 7 Hatton Street Limited (registered number: 14320904) were approved and authorised for issue by the Board of Directors on 08 April 2024. They were signed on its behalf by:

Saul Sutton
Director
7 HATTON STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 26 August 2022 to 30 September 2023
7 HATTON STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 26 August 2022 to 30 September 2023
1. Accounting policies

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

General information and basis of accounting

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 £.

Going concern

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.

Turnover

Turnover is recognised at the fair value of rent received or receivable, and is shown net of VAT and other sales related taxes.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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 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 instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

Period from
26.08.2022 to
30.09.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 26 August 2022 0 0
Additions 75,521 75,521
At 30 September 2023 75,521 75,521
Accumulated depreciation
At 26 August 2022 0 0
Charge for the financial period 11,977 11,977
At 30 September 2023 11,977 11,977
Net book value
At 30 September 2023 63,544 63,544

4. Investment property

Investment property
£
Valuation
As at 26 August 2022 0
Additions 1,989,388
Fair value movement 1,510,612
As at 30 September 2023 3,500,000

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

5. Debtors

30.09.2023
£
Trade debtors 108,000
Other debtors 49,373
157,373

6. Cash and cash equivalents

30.09.2023
£
Cash at bank and in hand 307,634

7. Creditors: amounts falling due within one year

30.09.2023
£
Trade creditors 43,349
Amounts owed to connected persons 592
Other taxation and social security 52,534
Other creditors 270,000
366,475

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

30.09.2023
£
Bank loans (secured) 2,000,000
Other creditors 220,000
2,220,000

The Company's mortgage with UBP SA is secured by a first legal mortgage over the Company's leasehold property and by fixed and floating charge over all of the other assets of the Company.

9. Provision for liabilities

30.09.2023
£
Deferred tax 379,625

10. Deferred tax

30.09.2023
£
At the beginning of financial period 0
Charged to the Profit and Loss Account ( 379,625)
At the end of financial period ( 379,625)

11. Related party transactions

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.

12. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial period.