Company registration number 05236078 (England and Wales)
10 FITZROY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
10 FITZROY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
10 FITZROY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,660,373
4,700,353
Current assets
Debtors
4
267,223
260,213
Cash at bank and in hand
498,659
511,126
765,882
771,339
Creditors: amounts falling due within one year
5
(1,647,681)
(1,449,660)
Net current liabilities
(881,799)
(678,321)
Total assets less current liabilities
3,778,574
4,022,032
Creditors: amounts falling due after more than one year
6
(56,125)
(194,375)
Provisions for liabilities
Deferred tax liability
8
65,943
68,281
(65,943)
(68,281)
Net assets
3,656,506
3,759,376
Capital and reserves
Called up share capital
9
75,000
75,000
Other reserves
6,375
18,125
Profit and loss reserves
10
3,575,131
3,666,251
Total equity
3,656,506
3,759,376

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements in accordance with Section 444 (5A) of the Companies Act 2006.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

10 FITZROY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
P H M Fitzpatrick
K Williams
Director
Director
Company registration number 05236078 (England and Wales)
10 FITZROY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

10 Fitzroy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Fitzroy Square, London, W1T 5HP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Straight line over 50 years
Land and buildings Leasehold
Straight line over lease term
Plant and machinery
Straight line over 10 years
Fixtures, fittings & equipment
Straight line over 3 years

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

10 FITZROY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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.

Classification of financial liabilities

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.

10 FITZROY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

10 FITZROY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Land and Buildings

The balance includes freehold property with a cost of £5,863,933. In calculating the depreciation an estimation has been made of the residual value. There remains a risk that the residual value will change over time.

Borrowings

In computing the NPV of future cash outflows represented by interest free loans shown as other borrowings, a discount rate of 4% is used and is considered to be a market rate equivalent.

10 FITZROY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
5,047,668
816,265
137,236
349,200
6,350,369
Additions
-
0
-
0
-
0
12,822
12,822
At 31 December 2023
5,047,668
816,265
137,236
362,022
6,363,191
Depreciation and impairment
At 1 January 2023
359,769
810,632
137,236
342,379
1,650,016
Depreciation charged in the year
40,953
4,059
-
0
7,790
52,802
At 31 December 2023
400,722
814,691
137,236
350,169
1,702,818
Carrying amount
At 31 December 2023
4,646,946
1,574
-
0
11,853
4,660,373
At 31 December 2022
4,687,899
5,633
-
0
6,821
4,700,353
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
125,818
101,238
Other debtors
302
302
Prepayments and accrued income
141,103
158,673
267,223
260,213
5
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
7
411,233
395,811
Trade creditors
859,612
713,962
Corporation tax
1
1
Other taxation and social security
67,393
54,849
Other creditors
226,475
196,370
Accruals and deferred income
82,967
88,667
1,647,681
1,449,660
10 FITZROY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
7
56,125
194,375
7
Loans and overdrafts
2023
2022
£
£
Loans from related parties
261,233
245,811
Other loans
206,125
344,375
467,358
590,186
Payable within one year
411,233
395,811
Payable after one year
56,125
194,375
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
65,943
68,281
2023
Movements in the year:
£
Liability at 1 January 2023
68,281
Credit to profit or loss
(2,338)
Liability at 31 December 2023
65,943
9
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
75,000
75,000
75,000
75,000
10 FITZROY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
3,666,251
3,723,096
Loss for the year
(38,925)
(74,595)
Dividends declared and paid in the year
(63,945)
-
Other
11,750
17,750
At the end of the year
3,575,131
3,666,251

 

 

11
Capital contribution
2023
2022
£
£
At the beginning of the year
18,125
35,875
Other movements
(11,750)
(17,750)
At the end of the year
6,375
18,125

The capital contribution reserve relates to a present value adjustment on an interest free loan from a shareholder.

 

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
530,651
528,341
Between two and five years
187,707
718,358
718,358
1,246,699
10 FITZROY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
13
Related party transactions

Fitzpatrick International Limited ceased trading on 31 July 2023. On liquidation, a loan to 10 Fitzroy Limited of £250,848 was transferred from Fitzpatrick International to Fitzpatrick Projects Limited, its parent company. Included in creditors at the balance sheet date is an amount now due to Fitzpatrick International Limited is £nil (2022: £245,811), The parties are related by virtue of common directors and the same significant shareholder, The Fitzpatrick Family Discretionary Settlement 2014. During the year, interest of £15,423 (2022: £14,515) was charged on the loan.

During the year, Fitzpatrick Projects Limited charged rent of £188,000 (2022: £184,083) to 10 Fitzroy Limited. During the year, 10 Fitzroy Limited recharged costs of £23,988 (2022: £11,760) to Fitzpatrick Projects Limited. At 31 December 2023, £691,940 (2022: £266,695) was outstanding to that company.

During the year, rent totalling £141,400 (2022: £138,454) was charged by The Fitzpatrick Family Discretionary Settlement 2014, a significant shareholder of the company. During the year, 10 Fitzroy Limited recharged costs of £6,890 (2022: £2,160) to The Fitzpatrick Family Discretionary Settlement 2014. At 31 December 2023, £202,869 (2022: £245,109) was due to the Fitzpatrick Family Discretionary Settlement 2014.

During the year, the company incurred expenditure totalling £2,413 (2022: £2,470) on behalf of P H M Fitzpatrick, a director, and £2,402 (2022: £2,402) was repaid during the year. At the balance sheet date £1,068 (2022: £1,057) was due to P H M Fitzpatrick.

At the balance sheet date £206,125 (2022: £344,375) of the loan advanced to 10 Fitzroy Limited by A C Fitzpatrick, the late mother of P H M Fitzpatrick, was outstanding. The loan was arranged in 2015 over a 10 year period and interest imputed during the year was £11,750 (2022: £17,750). A present value adjustment has been made relating to the loan in accordance with applicable accounting standards. The loan is repayable over a remaining period of 4 years.

During the year, the company received income from Mayford James Limited of £4,729 (2022: £13,595). At the balance sheet date £178 (2022: £129) was due to 10 Fitzroy from Mayford James Limited. Also, during the year, £3,648 (2022: £4,032) was invoiced by Mayford James Limited to the company for the supply of temporary work. At the balance sheet date £Nil (2021: £Nil) was owed by the company. Mayford James Limited is controlled by S Williams.

14
Ultimate controlling party

There is no single ultimate controlling party.

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