Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31truetruetruetruetrue2023-02-01falseto redevelop the property located at 9 - 11 Richmond Buildings, London, W1D 3HF.22truetruefalse 09031745 2023-02-01 2024-01-31 09031745 1 2023-02-01 2024-01-31 09031745 2022-02-01 2023-01-31 09031745 2024-01-31 09031745 2023-01-31 09031745 d:Director1 2023-02-01 2024-01-31 09031745 c:FreeholdInvestmentProperty 2023-02-01 2024-01-31 09031745 c:FreeholdInvestmentProperty 2024-01-31 09031745 c:FreeholdInvestmentProperty 2023-01-31 09031745 c:FreeholdInvestmentProperty 2 2023-02-01 2024-01-31 09031745 c:CurrentFinancialInstruments 2024-01-31 09031745 c:CurrentFinancialInstruments 2023-01-31 09031745 c:Non-currentFinancialInstruments 2024-01-31 09031745 c:Non-currentFinancialInstruments 2023-01-31 09031745 c:CurrentFinancialInstruments c:WithinOneYear 2024-01-31 09031745 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-31 09031745 c:Non-currentFinancialInstruments c:AfterOneYear 2024-01-31 09031745 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-31 09031745 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-01-31 09031745 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-01-31 09031745 c:ShareCapital 2024-01-31 09031745 c:ShareCapital 2023-01-31 09031745 c:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 09031745 c:RetainedEarningsAccumulatedLosses 2024-01-31 09031745 c:RetainedEarningsAccumulatedLosses 2023-01-31 09031745 c:AcceleratedTaxDepreciationDeferredTax 2024-01-31 09031745 c:AcceleratedTaxDepreciationDeferredTax 2023-01-31 09031745 c:TaxLossesCarry-forwardsDeferredTax 2024-01-31 09031745 c:TaxLossesCarry-forwardsDeferredTax 2023-01-31 09031745 d:OrdinaryShareClass1 2023-02-01 2024-01-31 09031745 d:OrdinaryShareClass1 2024-01-31 09031745 d:OrdinaryShareClass1 2023-01-31 09031745 d:FRS102 2023-02-01 2024-01-31 09031745 d:Audited 2023-02-01 2024-01-31 09031745 d:FullAccounts 2023-02-01 2024-01-31 09031745 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09031745 d:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09031745 f:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09031745










ALMONDBOX PROPERTY LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
ALMONDBOX PROPERTY LTD
REGISTERED NUMBER: 09031745

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
21,100,000
23,000,000

Current assets
  

Debtors: amounts falling due within one year
 6 
1,000
1,000

Creditors: amounts falling due within one year
 7 
(22,145,558)
(33,582,887)

Net current liabilities
  
 
 
(22,144,558)
 
 
(33,581,887)

Total assets less current liabilities
  
(1,044,558)
(10,581,887)

Creditors: amounts falling due after more than one year
 8 
(12,000,000)
-

Provisions for liabilities
  

Deferred tax
 10 
(412,841)
(245,634)

  
 
 
(412,841)
 
 
(245,634)

Net liabilities
  
(13,457,399)
(10,827,521)


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
 12 
(13,458,399)
(10,828,521)

  
(13,457,399)
(10,827,521)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


T J R Kemp
Director

Date: 25 July 2024

The notes on pages 2 to 10 form part of these financial statements.
Page 1

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Almondbox Property Limited is a private company, limited by shares, incorporated and registered in England and Wales under the Companies Act. The company's registered office is 18 Thurloe Place, London, SW7 2SP. 
The nature of the company's operations and its principal activity is the ownership and lease of property located at 9 - 11 Richmond Buildings, London, W1D 3HF.
The Company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Firmdale Holdings Limited as at 31 January 2024 and these financial statements may be obtained from the Registrar of Companies.

Page 2

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors view the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
The outbreak of the global Covid-19 pandemic in early 2020 had a very significant impact on the operations of the group in common with the majority of businesses worldwide, and the hospitality sector in particular. Following the elimination of all material UK restrictions with effect from 19th July 2021, and the gradual restoration of international travel thereafter, trading demand recovered quickly and since March 2022 both Revenues and Earnings have exceeded those achieved in pre-Covid 2019, a significant milestone in recovery. The continuing growth led to record profitability for the Group in the financial year to January 2023. Furthermore, rising interest rates have not had a significant impact on the Group given that 67% of group debt is fixed and a further 31% has the benefit of an interest rate cap should LIBOR exceed 3.5%. 
The trading results for the first six months of the new financial year are slightly ahead of budget and the outlook for the remainder of the year and beyond remains positive. The lenders remained very supportive during the Covid period and the relationships remain strong with comfortable delivery of financial covenant hurdles now firmly re-established. 
The Board will continue to monitor developments closely and adjust their forecasting assumptions as required, but have a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts.
Despite generating a loss before tax in the year to 31 January 2024 of £2,462,671 (2023: £9,237,880) net current liabilities at the reporting date of £22,144,558 (2023: £33,581,887) and net liabilities of £13,457,399 (2023: £10,827,521), the directors consider the company to remain a going concern. The company commenced trading during the year and the loss generated included a negative fair value adjustment of £2,374,453. The company is expected to be profitable in the year to January 2025.  The net current liabilities and net liabilities position is largely driven by amounts due to fellow companies, who have confirmed this amount will not be recalled to the detriment of other creditors or the operations of the company. The directors therefore consider the going concern basis to remain appropriate. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

Borrowing costs

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

Page 3

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Property under construction is held at cost until such time as the fair value becomes reliably determinable or construction is complete.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.




 
Page 5

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 6

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The following judgements (including the key areas of estimation uncertainty) have had the most significant effect on amounts recognised in the financial statements:
Fair value of investment property
Investment property is held at fair value based on valuations completed by independent valuation specialists. These valuers hold recognised and relevant professional qualifications. The valuations are based on prime office and residential yields in the surrounding area to the property which includes judgements relating to various market factors and conditions.


4.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
23,000,000


Additions at cost
474,453


Surplus on revaluation
(2,374,453)



At 31 January 2024
21,100,000

The 2024 valuations were made by independent valuers, Cushman & Wakefield, Chartered Surveyors, on an open market value for existing use basis. 
Cushman & Wakefield are an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the property being valued.  An assessment of the valuation has been carried out by the directors with guidance from Cushman & Wakefield as at 31 January 2024, on the basis of fair value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,000
1,000


Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are payable on demand.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
21,986,846
33,566,671

Accruals and deferred income
158,712
16,216

22,145,558
33,582,887


Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are payable on demand.

Page 8

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,000,000
-



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due 2-5 years

Bank loans
12,000,000
-



During the year, the company obtained a loan from Investec Bank. The loan is secured by fixed and floating charges over property of the company. Interest is incurred at base rate + 2.75% margin. 
The repayment date of the bank loan is January 2026. 


10.


Deferred taxation




2024


£






At beginning of year
(245,634)


Charged to profit or loss
(167,207)



At end of year
(412,841)

The deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(674,242)
(502,041)

Tax losses carried forward
261,401
256,407

(412,841)
(245,634)

Page 9

 
ALMONDBOX PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary share shares of £1.00 each
1,000
1,000

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not cover any rights of redemption.



12.


Reserves

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.


13.


Related party transactions

The company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.


14.


Controlling party

The immediate parent and controlling company is Firmdale Holdings Limited, a company registered in England and Wales.
The company is included within the consolidation of the Firmdale Holdings Limited group and this is the parent of the smallest and largest group which draws up consolidated financial statements. Firmdale Holdings Limited registered office address is 18 Thurloe Place, London, SW7 2SP. The consolidated accounts of this group are publicly available from the Registrar of Companies.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 31 July 2024 by Rajeev Shaunak BSc FCA (Senior statutory auditor) on behalf of MHA.

 
Page 10