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Registered number: 13625172









DOMINUS CRUTCHED FRIARS LIMITED (formerly known as Dominvs Project Company 21 Limited)









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DOMINUS CRUTCHED FRIARS LIMITED
REGISTERED NUMBER: 13625172

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
117,636,300
2,744,942

Fixed asset investments
  
1
5,225,360

  
117,636,301
7,970,302

Current assets
  

Debtors: amounts falling due within one year
 5 
201,026
58,630,897

Cash at bank and in hand
  
1,373,200
3,767,381

  
1,574,226
62,398,278

Creditors: amounts falling due within one year
 6 
(27,755,596)
(19,398,648)

Net current (liabilities)/assets
  
 
 
(26,181,370)
 
 
42,999,630

Total assets less current liabilities
  
91,454,931
50,969,932

Creditors: amounts falling due after more than one year
 7 
(60,702,035)
(53,933,870)

  

Net assets/(liabilities)
  
30,752,896
(2,963,938)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
30,752,895
(2,963,939)

  
30,752,896
(2,963,938)


Page 1

 
DOMINUS CRUTCHED FRIARS LIMITED
REGISTERED NUMBER: 13625172
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 income and retained earnings 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 18 September 2024.

S S Ahluwalia
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
DOMINUS CRUTCHED FRIARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dominus Crutched Friars Limited is a private company limited by shares and incorporated in England & Wales. The address of its principal place of business is 14A Shouldham Street, Marylebone, London, W1H 5FJ.

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 company's functional and presentational currency is GBP, rounded to the nearest £1.

 
2.2

Going concern

The company shows net current assets at the balance sheet date of £26,181,370. The company has received formal confirmation from its shareholder that the company will receive the financial support it requires to enable it to meet its liabilities as they fall due. Based on this assurance, the directors consider it appropriate to prepare the financial statements on a going concern basis.
In making their assessement of going concern, the directors have considered information for a period of at least twelve months from the date the financial statements were authorised for issue.

 
2.3

Revenue

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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Interest income

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

 
2.5

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset have been capitalised.
Capitalisation of borrowing costs ceases when substantially all of the activities necessary to prepare the asset for its intended use or sale are complete.

Page 3

 
DOMINUS CRUTCHED FRIARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Asset under construction
-
No depreciation until brought into use

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change the last reporting date.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

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.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to or from related parties.


3.


Employees




The company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 4

 
DOMINUS CRUTCHED FRIARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Asset under construction

£



Cost


At 1 January 2023
2,744,942


Additions
114,891,358



At 31 December 2023

117,636,300






Net book value



At 31 December 2023
117,636,300


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
115,766
58,406,618

Other debtors
85,260
224,279

201,026
58,630,897



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,356,795
498,988

Amounts owed to group undertakings
24,283,801
18,750,000

Other creditors
100,000
139,160

Accruals
15,000
10,500

27,755,596
19,398,648


Page 5

 
DOMINUS CRUTCHED FRIARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
60,702,035
53,933,870

60,702,035
53,933,870


Bank loans due after more than one year of £60,702,035 (2022: £53,933,870) are interest bearing at 7% per annum.
The bank loan is secured by way of a first and floating charge over the assets of the company.


8.


Related party transactions

Dominus Crutched Friars Limited is a wholly owned subsidiary of Dominus Crutched Friars Holdings Limited, a company incorporated in Jersey. The registered office address is 28 Esplanade, St Helier, Jersey, JE2 3QA.
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned group companies.
During the year the company did not incur management charges (2022: £507,370) from companies under common control.  At the reporting date £Nil (2022: £120,652) was due to these companies and included in amounts due to creditors within one year.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 September 2024 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 6