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REGISTERED NUMBER: 00258527 (England and Wales)








A.E.MONK & CO.(LONDON) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

A.E.MONK & CO.(LONDON) LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: Mrs D M Peacock
Mrs J E Allman





REGISTERED OFFICE: 7 Beechwood Drive
Cobham
Surrey
KT11 2DX





REGISTERED NUMBER: 00258527 (England and Wales)





ACCOUNTANTS: Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

BALANCE SHEET
31 March 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 5 248 2,347
Investments 6 499,202 501,538
Investment property 7 4,658,372 4,252,278
5,157,822 4,756,163

CURRENT ASSETS
Debtors 8 85,737 79,347
Cash at bank 10,148 40,988
95,885 120,335
CREDITORS
Amounts falling due within one year 9 (222,298 ) (194,409 )
NET CURRENT LIABILITIES (126,413 ) (74,074 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,031,409 4,682,089

CREDITORS
Amounts falling due after more than one year 10 (1,906,827 ) (1,870,827 )

PROVISIONS FOR LIABILITIES 12 (442,590 ) (353,859 )
NET ASSETS 2,681,992 2,457,403

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Other reserves 8,234 8,234
Non-distributable reserves 13 2,672,489 2,430,693
Retained earnings 269 17,476
SHAREHOLDERS' FUNDS 2,681,992 2,457,403

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

BALANCE SHEET - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mrs J E Allman - Director


A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

A.E.Monk & Co.(London) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. This is considered appropriate on the basis that the directors and shareholders will continue to provide financial support to the company for the foreseeable future to enable the company to meet its liabilities as they fall due and shareholders will not take funds in advance of third party creditors.

Significant judgements and estimates
The directors have made key assumptions in the determination of the fair value of the investment properties. The valuation method is further described in 'Investment Property'.

Turnover
Turnover represents rental income under operating leases from investment properties held and other income receivable from investments excluding value added tax. Rentals receivable under operating leases are charged to income on a straight line basis over the lease term.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in the profit and loss account, and included in administrative expenses.

A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


3. ACCOUNTING POLICIES - continued

Fixed asset investments
Investments comprise of investments in quoted equity instruments and an investment in an associate.

Investments are initially recorded at cost, being the fair value of the consideration given and including acquisition costs associated with the investment.

Investments in quoted equity instruments are measured at the best evidence of fair value at the balance sheet date, being the quoted price in an active market, with the quoted price usually being the closing bid price at the balance sheet date. Any changes in fair value are recognised in the income statement.

Investments for which fair value cannot be measured reliably are measured at cost less impairment and are assessed at the end of each accounting period. If evidence of impairment is found, an impairment loss is recognised in the income statement.

Investment property
Investment properties are held to earn rentals and/or for capital appreciation and are accounted for in accordance with Section 16 "Investment Property" of the Financial Reporting Standard 102.

Investment property is initially measured at cost, including transaction costs. Subsequently investment property is shown at the most recent valuation, being the fair value of the property. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement and is then transferred to non distributable reserves on the balance sheet.

Financial instruments
Financial instruments are classified as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price (including transaction cost) and subsequently recognised at amortised cost using the effective interest method. The company has no non-basic financial instruments.

Current tax
Current tax is the amount of corporation tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 April 2023 17,977
Disposals (9,165 )
At 31 March 2024 8,812
DEPRECIATION
At 1 April 2023 15,630
Charge for year 2,099
Eliminated on disposal (9,165 )
At 31 March 2024 8,564
NET BOOK VALUE
At 31 March 2024 248
At 31 March 2023 2,347

6. FIXED ASSET INVESTMENTS
Other
investments
£
COST OR VALUATION
At 1 April 2023 501,538
Additions 190,016
Disposals (221,645 )
Revaluations 29,293
At 31 March 2024 499,202
NET BOOK VALUE
At 31 March 2024 499,202
At 31 March 2023 501,538

Included within other investments are listed investments. At the balance sheet date the fair value of the listed investments was £499,202 (2023: £501,538) which is the aggregate quoted price the shares held at the balance sheet date. The change in fair value of £29,293 is included directly in the income statement. Other investments also includes unlisted investments of £40 which are held at cost.

A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


7. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023 4,252,278
Additions 83,699
Change in fair value 322,395
At 31 March 2024 4,658,372
NET BOOK VALUE
At 31 March 2024 4,658,372
At 31 March 2023 4,252,278

Fair value at 31 March 2024 is represented by:
£
Valuation in 2024 4,658,372

The company holds freehold investment property. At the year end the company owned 95.34% (2023: 93.54%) of a freehold property following a purchase of 1.80% of the property during the year. A formal valuation was undertaken in February 2024 valuing the whole property at £4,650,000. The 95.34% share has been included at the value of £4,433,372 (2023: £4,022,277 for 93.54% share of the property) on an open market basis at 31 March 2024 by the directors. The directors deem the March 2024 valuation to represent an appropriate fair value at the year end and be equivalent to the open market value.

The directors have valued the other freehold property at 31 March 2024 as £225,000 (2023: £230,000); this is deemed by the directors to represent an appropriate fair value at the year end and be equivalent to the open market value.

If both the properties were sold at their open market value at the balance sheet date, there would be an estimated tax liability arising of £432,321 (2023: £351,721) at the UK main Corporation Tax rate of 25% (2023: 25%). A deferred tax liability has been recognised in respect of this and has been transferred in full to non-distributable reserves.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 14,875 46,960
Other debtors 70,862 32,387
85,737 79,347

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors - 1,182
Taxation and social security 13,850 11,000
Other creditors 208,448 182,227
222,298 194,409

A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 1,906,827 1,870,827

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,906,827 1,870,827

The bank loan of £2,000,000 from Coutts & Co. is repayable in November 2027. The loan is interest only, with interest being charged at a rate of 2.7% above SONIA. The loan is secured by a mortgage debenture over the freehold property known as 24 Neal Street, London and a fixed and floating charge over all assets of the company.

The amount of the loan recognised in the balance sheet, and for which the company is responsible for, is in proportion to the company's holding in the freehold property of 95.34% (2023: 93.54%). At the balance sheet date the amount of the loan included in the balance sheet was £1,906,827 (2023: £1,870,827).

Additionally, there is a third party first legal mortgage limited to £2,000,000 plus interest, costs and other expenses over the freehold property known as 24 Neal Street, London. This is provided by the company and the two directors, Mrs J E Allman and Mrs D M Peacock.

12. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 442,590 353,859

Deferred tax
£
Balance at 1 April 2023 353,859
Change in fair value of
investment portfolio 8,752
Change in fair value of
investment property 80,599
Excess of depreciation
over capital allowances (620 )
Balance at 31 March 2024 442,590

A.E.MONK & CO.(LONDON) LTD (REGISTERED NUMBER: 00258527)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


12. PROVISIONS FOR LIABILITIES - continued

At the balance sheet date the deferred tax liability consisted of the following:

20242023
££
Accelerated capital allowances-620
Investment portfolio10,2701,518
Investment property432,320351,721
442,590353,859

Deferred tax has been recognised at the expected applicable tax rate that will apply at the estimated date of reversal of the deferred tax liability.

13. RESERVES

Non-distributable
reserves
£   
At 1 April 20232,430,693
Transfer - change in fair value322,395
Transfer - deferred tax on change in fair value(80,599)
At 31 March 20242,672,489

The non-distributable reserves represent fair value adjustments arising on investment properties which have previously been taken to the income statement in the period they arose. The carrying value is after a provision has been made for deferred tax where appropriate.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
A.E.MONK & CO.(LONDON) LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A.E.Monk & Co.(London) Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of A.E.Monk & Co.(London) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A.E.Monk & Co.(London) Ltd and state those matters that we have agreed to state to the Board of Directors of A.E.Monk & Co.(London) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.E.Monk & Co.(London) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A.E.Monk & Co.(London) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A.E.Monk & Co.(London) Ltd. You consider that A.E.Monk & Co.(London) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A.E.Monk & Co.(London) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the directors, who obtains access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk.






Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR


16 September 2024