Somerset Land And Property Ltd 14472782 false 2022-11-09 2023-12-31 2023-12-31 The principal activity of the company is Other letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true false true 14472782 2022-11-09 2023-12-31 14472782 2023-12-31 14472782 core:CurrentFinancialInstruments 2023-12-31 14472782 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14472782 core:Non-currentFinancialInstruments 2023-12-31 14472782 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 14472782 bus:SmallEntities 2022-11-09 2023-12-31 14472782 bus:AuditExemptWithAccountantsReport 2022-11-09 2023-12-31 14472782 bus:FilletedAccounts 2022-11-09 2023-12-31 14472782 bus:SmallCompaniesRegimeForAccounts 2022-11-09 2023-12-31 14472782 bus:RegisteredOffice 2022-11-09 2023-12-31 14472782 bus:Director2 2022-11-09 2023-12-31 14472782 bus:Director4 2022-11-09 2023-12-31 14472782 bus:Director5 2022-11-09 2023-12-31 14472782 bus:Director6 2022-11-09 2023-12-31 14472782 bus:PrivateLimitedCompanyLtd 2022-11-09 2023-12-31 14472782 1 2022-11-09 2023-12-31 14472782 countries:EnglandWales 2022-11-09 2023-12-31 14472782 countries:Netherlands 2022-11-09 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 14472782

Somerset Land And Property Ltd

Unaudited Filleted Financial Statements

for the Period from 9 November 2022 to 31 December 2023

 

Somerset Land And Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Somerset Land And Property Ltd

Company Information

Directors

Mr Elisha Sjemtov Evers

Mr Aren Van Dam

Mr Cornelis Maartinus Verkade

Mr Arie Johannes Maarten Van Dam

Registered office

8 Rodborough Road
London
London
NW11 8RY

Accountants

GILBERT ALLAN & CO
8 Rodborough Road
London
London
NW11 8RY

 

Somerset Land And Property Ltd

(Registration number: 14472782)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Investment property

4

14,630,000

Current assets

 

Debtors

5

343,801

Cash at bank and in hand

 

135,237

 

479,038

Creditors: Amounts falling due within one year

6

(336,424)

Net current assets

 

142,614

Total assets less current liabilities

 

14,772,614

Creditors: Amounts falling due after more than one year

6

(16,521,712)

Net liabilities

 

(1,749,098)

Capital and reserves

 

Called up share capital

5

Retained earnings

(1,749,103)

Shareholders' deficit

 

(1,749,098)

For the financial period ending 31 December 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 period 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.

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 8 August 2024 and signed on its behalf by:
 

 

Somerset Land And Property Ltd

(Registration number: 14472782)
Balance Sheet as at 31 December 2023

.........................................
Mr Elisha Sjemtov Evers
Director

.........................................
Mr Aren Van Dam
Director

 

Somerset Land And Property Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 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:
8 Rodborough Road
London
London
NW11 8RY
United Kingdom

These financial statements were authorised for issue by the Board on 8 August 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 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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

 

Somerset Land And Property Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 2023

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.

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 period, was 4.

4

Investment properties

 

Somerset Land And Property Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 2023

2023
£

Additions

14,630,000

At 31 December

14,630,000


An independent firm of professional valuers has been instructed to carry out a valuation of the investment property at Somerset House, 37 Temple Street, Birmingham B2 5DP at the year of the financial year, and a valuation report showed the fair value of the property was £14,630,000.

Impairment of investment property

The amount of impairment loss included in profit or loss is £1,673,760.

5

Debtors

Current

2023
£

Trade debtors

84,755

Other debtors

259,046

 

343,801

 

Somerset Land And Property Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Taxation and social security

8,838

Accruals and deferred income

280,565

Other creditors

47,021

336,424

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

7

16,521,712

7

Loans and borrowings

Non-current loans and borrowings

2023
£

Bank borrowings

4,771,143

Other borrowings

11,750,569

16,521,712

8

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is New Amsterdam Invest N.V., incorporated in Netherlands.

The address of New Amsterdam Invest N.V. is:
Herengracht 280, 1016BX Amsterdam