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Registered number: 02951712














CAPITALBOND LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CAPITALBOND LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 7


 
CAPITALBOND LIMITED
REGISTERED NUMBER:02951712

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
200,000
200,000

Investment property
 5 
18,700,000
15,935,286

  
18,900,000
16,135,286

Current assets
  

Debtors: amounts falling due within one year
 6 
9,897,983
9,747,521

Bank and cash balances
  
54,601
83,535

  
9,952,584
9,831,056

Creditors: amounts falling due within one year
 7 
(697,154)
(737,742)

Net current assets
  
 
 
9,255,430
 
 
9,093,314

Total assets less current liabilities
  
28,155,430
25,228,600

Provisions for liabilities
  

Deferred tax
 8 
(4,017,269)
(3,326,090)

Net assets
  
24,138,161
21,902,510


Capital and reserves
  

Called up share capital 
 9 
2
2

Revaluation reserve
  
12,297,085
10,223,550

Profit and loss account
  
11,841,074
11,678,958

  
24,138,161
21,902,510


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

Page 1

 
CAPITALBOND LIMITED
REGISTERED NUMBER:02951712
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 17 June 2024.




C G Rifkind
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CAPITALBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Capitalbond Limited is a private limited liability company incorporated in England and Wales with its principal place of business and registered office address at The Tea House, 17 Hall Road, London, NW8 9RF.
The principal activity of the company continued to be that of property investment.
The company's functional and presentational currency is £ Sterling.

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

Turnover

Turnover comprises rent receivable exclusive of VAT. Insurance recoveries are offset against the related expense.
Rents are recognised in the period to which they relate. 

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
CAPITALBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 Statement of Financial Position 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.

 
2.6

Intangible asset - rights to income

Rights to income are stated at cost, less any impairment.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the director 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 the Statement of Comprehensive Income.

 
2.8

Debtors

Short term debtors are measured at the 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.

 
2.9

Cash and cash equivalents

Cash is represented by deposits with financial institutions.

 
2.10

Creditors

Short term creditors are measured at the transaction price.

Page 4

 
CAPITALBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
74,000
88,740

Social security costs
7,702
9,612

81,702
98,352


The average monthly number of employees, including the director, during the year was 4 (2022 - 4).


4.


Intangible assets




Rights to income

£



Cost


At 1 January 2023
200,000



At 31 December 2023

200,000






Net book value



At 31 December 2023
200,000



At 31 December 2022
200,000

The intangible assets comprise a right to income in respect of ground rents for a 125 year lease which commenced in 2001.



Page 5

 
CAPITALBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 January 2023
15,935,286


Surplus on revaluation
2,764,714



At 31 December 2023
18,700,000

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




6.


Debtors

2023
2022
£
£

Trade debtors
10,325
56,058

Amounts owed by group undertakings
9,712,494
9,677,901

Other debtors
175,164
13,562

9,897,983
9,747,521



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
716
1,972

Amounts owed to group undertakings
-
1,141

Taxation and social security
1,088
1,453

Other creditors
44,935
84,477

Accruals and deferred income
650,415
648,699

697,154
737,742


Page 6

 
CAPITALBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
3,326,090


Charged to profit or loss
691,179



At end of year
4,017,269

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value adjustments
4,017,269
3,326,090


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1 each
2
2



10.


Related party transactions

The company has taken advantage of the exemption under FRS102 33.1A Related arty Disclosures not to disclose transactions entered into between two or members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


11.


Controlling party

The company is a wholly owned subsidiary of Carlton Gate Sales Limited, a company registered in England and Wales. The director regard Teahouse Associates Limited, a company registered in England and Wales, as the ultimate parent company. C G Rifkind, a director of the company is the ultimate controlling party.

 
Page 7