Registered number: 12329644
MFP EAGLE HOUSE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MFP EAGLE HOUSE LIMITED
REGISTERED NUMBER: 12329644
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: Amounts falling due after more than one year
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Debtors: Amounts falling due within one year
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Creditors: Amounts falling due within one year
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Total assets less current liabilities
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Creditors: Amounts falling due after more than one year
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Page 1
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MFP EAGLE HOUSE LIMITED
REGISTERED NUMBER: 12329644
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The directors consider 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 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 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:
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W K D Laxton
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
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MFP EAGLE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MFP Eagle House Limited is a private company,limited by shares, registered in England and Wales, registration number 12329644. The registered office and trading address is 2 Babmaes Street, London, United Kingdom, SW1Y 6HD .
2.Accounting policies
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Basis of preparation of financial statements
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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 presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.
The following principal accounting policies have been applied:
The financial statements for the Company have been prepared on a going concern basis. The Company recorded a profit after tax for the financial year of £5,147,634 and had net liabilities of £3,370,401 at the date of the Statement of Financial Position.
After reviewing the Company's forecasts and projections the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue comprises of income recognised by the Company in respect of rent charged during the year, exclusive of Value Added Tax and trade discounts. Rental income is recognised on a straight line basis over the term of the lease. Amounts invoiced in advance are deferred accordingly and recognised in the period to which they relate.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 3
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MFP EAGLE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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.
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
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Page 4
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MFP EAGLE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Freehold investment property
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The 2023 valuations were made by Cushman & Wakefield, on an open market value for existing use basis in January 2024. The directors do not consider these valuations to be materially different to those as at 31 December 2023.
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Due after more than one year
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Financial instruments (after 1 yr)
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Financial instruments relate entirely to an interest rate swap and is measured at fair value.
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Page 5
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MFP EAGLE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The bank loan is due for repayment in full in August 2026. Interest is charged at SONIA plus 1.65% per annum and is subject to a swap agreement as described below. The loan is secured on the investment properties owned by the Company.
Financial instruments include an interest rate swap agreement taken out by the Company. The swap expires in August 2026 and provides for a fixed interest rate of 0.674% per annum over loans of £27.4 million.
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Receivables under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 6
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MFP EAGLE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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Advantage has been taken by the Company of the exemptions provided by Section 33.1A of FRS 102 not to disclose group transactions because it is a wholly owned subsidiary of a company preparing consolidated accounts.
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The immediate parent company is MFP Eagle House Holdings Limited and the ultimate parent company is Mactaggart Heritable Limited, both of which are registered in England and Wales. Mactaggart Heritable Limited produces consolidated financial statements that are available to the public, from Registrar of Companies at Companies House.
The directors consider there to be no ultimate controlling party.
Page 7
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