Company registration number 03217494 (England and Wales)
DE LIJSTER PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DE LIJSTER PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Rathbone Directors Limited
B Newbigging
J Hurrell
Secretary
Rathbone Secretaries Limited
Company number
03217494
Registered office
30 Gresham Street
London
EC2V 7QN
DE LIJSTER PROPERTIES LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
DE LIJSTER PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of an investment holding company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Rathbone Directors Limited
B Newbigging
J Hurrell
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Rathbone Directors Limited
Director
18 September 2024
DE LIJSTER PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
2023
2022
Notes
Euro
Euro
Administrative expenses
(11,055)
(9,534)
Interest receivable and similar income
55
Loss before taxation
(11,000)
(9,534)
Tax on loss
4
Loss for the financial year
(11,000)
(9,534)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DE LIJSTER PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
Euro
Euro
Euro
Euro
Fixed assets
Investments
5
4,201,121
4,201,121
Current assets
Cash at bank and in hand
32,758
43,758
Net current assets
32,758
43,758
Net assets
4,233,879
4,244,879
Capital and reserves
Called up share capital
4,242,690
4,242,690
Profit and loss reserves
(8,811)
2,189
Total equity
4,233,879
4,244,879
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 member has 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Rathbone Directors Limited
Director
Company registration number 03217494 (England and Wales)
DE LIJSTER PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Share capital
Profit and loss reserves
Total
Euro
Euro
Euro
Balance at 1 January 2022
4,242,690
11,723
4,254,413
Year ended 31 December 2022:
Loss and total comprehensive income
-
(9,534)
(9,534)
Balance at 31 December 2022
4,242,690
2,189
4,244,879
Year ended 31 December 2023:
Loss and total comprehensive income
-
(11,000)
(11,000)
Balance at 31 December 2023
4,242,690
(8,811)
4,233,879
DE LIJSTER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
De Lijster Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Gresham Street, London, EC2V 7QN.
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 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest Euro.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
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.
1.4
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.
DE LIJSTER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
1.5
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.
1.6
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.
1.7
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
DE LIJSTER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Taxation
The main rate of UK corporate tax was increased on 1 April 2023 from 19% to 25% of chargeable profits. This has the effect of increasing the effective rate of corporation tax to 23.5% for this year.
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
Euro
Euro
Loss before taxation
(11,000)
(9,534)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
(2,585)
(1,811)
Unutilised tax losses carried forward
2,585
1,811
Taxation charge for the year
-
-
5
Fixed asset investments
2023
2022
Euro
Euro
Shares in group undertakings and participating interests
4,201,121
4,201,121
Fixed asset investments not carried at market value
Investments are held at historic cost.
DE LIJSTER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
Euro
Cost or valuation
At 1 January 2023 & 31 December 2023
4,201,121
Carrying amount
At 31 December 2023
4,201,121
At 31 December 2022
4,201,121
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Darnell B.V
The Netherlands
Investment Company
Ordinary shares
-
100.00
Financiering- en Beleggingmaatschappij de Lijster N.V
The Netherlands
Investment Company
Ordinary shares
100.00
-
Registered Office addresses:
Financiering- en Beleggingmaatschappij de Lijster N.V.
Parkstraat 99, 2514 JH, The Hague, The Netherlands
Darnell B.V
Parkstraat 99, 2514 JH, The Hague, The Netherlands
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
Euro
Euro
Darnell B.V
70,389
150,468
Financiering- en Beleggingmaatschappij de Lijster N.V
1,174,115
32,420,923
The investments in subsidiaries are all stated at cost.
DE LIJSTER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Directors' transactions
Rathbone Directors Limited, B Newbigging and J Hurrell, directors of the company are connected to Rathbones Trust Company Limited. Administrative expenses include €10,195 inclusive of VAT (2022 - €9,568 inclusive of VAT) for fees charged by Rathbones Trust Company Limited in respect of administration services provided to the Company during the year. At the balance sheet date the Company owed Rathbone Trust Company €nil (2022 - €nil)
8
Controlling party
The directors of the company consider Mr Raoul Fenestraz to be the company's untimate controller.
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