Company Registration No. 11408716 (England and Wales)
LIVERPOOL DAYS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
LIVERPOOL DAYS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
LIVERPOOL DAYS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,943
9,859
Investment property
5
17,400,000
16,100,000
Investments
6
1
1
17,406,944
16,109,860
Current assets
Debtors
7
60,528
361,528
Cash at bank and in hand
5,723
3,507
66,251
365,035
Creditors: amounts falling due within one year
8
(7,722,020)
(7,559,903)
Net current liabilities
(7,655,769)
(7,194,868)
Total assets less current liabilities
9,751,175
8,914,992
Creditors: amounts falling due after more than one year
9
(7,853,000)
(8,053,000)
Provisions for liabilities
10
(567,257)
(242,986)
Net assets
1,330,918
619,006
Capital and reserves
Called up share capital
11
1
1
Other reserves
1,696,564
721,564
Profit and loss reserves
(365,647)
(102,559)
Total equity
1,330,918
619,006
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered 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 13 September 2024 and are signed on its behalf by:
Hoh Chin Yiep
Director
Company Registration No. 11408716
LIVERPOOL DAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Liverpool Days Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7-10 Adam Street, The Strand, London, Greater London, UK, WC2N 6AA.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel and transactions between two or more members of a group.
The financial statements of the company are consolidated in the financial statements of Heeton Holdings Limited. These consolidated financial statements are available from its registered office, 60 Paya Lebar Road, #08-36 Paya Lebar Square, Singapore 409051.
1.2
Going concern
The company is in a net current liability position of £7,655,769 at the balance sheet date, truethe main creditor being £7,262,047 due to connected companies which the ultimate parent has confirmed in writing it will not recall until the company is in a position to repay this and for at least 12 months from the date these financial statements are signed
The directors have considered the forecasted future operations of the company and that the ultimate parent undertaking has confirmed to provide continuing financial support to the company, and have concluded that the company will have adequate resources to continue in business for the foreseeable future, being at least 12 months from the date of approval of these financial statements.
1.3
Turnover
Turnover is the total income receivable net of VAT from the rental activities of the property. Rental income is recognised on a straight line basis over the lease term.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
LIVERPOOL DAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office Equipment
5 Years Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
1.6
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
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.
1.9
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 statement of financial position 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.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LIVERPOOL DAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
Investment properties are valued annually by the directors using a price-per-room methodology and input from third party valuation specialists. This uses market values of similar properties in the area of size and value but there is an inevitable degree of judgement involved in that each property is unique and value can ultimately be reliably tested in the market itself.
Key inputs to the valuations were:
- Price-per-room analysis based on an average of £113,000 per room.
- The property has 154 rooms.
- A leasehold agreement is in place which has monthly rentals of £75,000.
LIVERPOOL DAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
The Company has no employees and the Company's directors are not remunerated for the work performed for the entity.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
14,573
Depreciation
At 1 January 2023
4,714
Depreciation charged in the year
2,916
At 31 December 2023
7,630
Carrying amount
At 31 December 2023
6,943
At 31 December 2022
9,859
5
Investment property
2023
£
Fair value
At 1 January 2023
16,100,000
Revaluations
1,300,000
At 31 December 2023
17,400,000
Investment property comprises of land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out in December 2023. The directors have used this valuation along with reference to market evidence of transaction prices for similar properties to determine an open market value basis at 31 December 2023.
Valuations have been carried out by professionally qualified valuer, Knight Frank, in accordance with the Royal Institute of Chartered Surveyors (RCIS) appraisal and valuation manual.
LIVERPOOL DAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
60,528
361,528
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
200,000
200,000
Corporation tax
195,715
172,843
Other taxation and social security
44,795
107,131
Other creditors
7,281,510
7,079,929
7,722,020
7,559,903
The ultimate parent company, being Heeton Holdings Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due from the company to other group companies. These balances are included in other creditors and amount to £7,262,047 at year end (2022: £7,063,406).
A fixed and floating charge dated 7th July 2020 exists over the land and buildings of the company in favour of United Overseas Bank Limited.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,853,000
8,053,000
A fixed and floating charge dated 7th July 2020 exists over the land and buildings of the company in favour of United Overseas Bank Limited.
LIVERPOOL DAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,736
2,465
Revaluations
565,521
240,521
567,257
242,986
2023
Movements in the year:
£
Liability at 1 January 2023
242,986
Charge to profit or loss
324,271
Liability at 31 December 2023
567,257
The deferred tax liability set out above is expected to reverse within and relates to accelerated capital allowances that are expected to mature within the same period.
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Shaun Roberts and the auditor was LB Group (Colchester)
13
Operating lease commitments
Lessor
LIVERPOOL DAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Operating lease commitments
(Continued)
- 8 -
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
4,275,000
5,175,000
14
Directors' transactions
No guarantees have been given or received during the period.
15
Parent company
The immediate parent of the company is Prospere Glow Pte. Ltd, a company incorporated in Singapore.
The ultimate controlling parent of the company is Heeton Holdings Limited, a company incorporated in Singapore.
The smallest group into which Liverpool Days Limited is consolidated is Heeton Holdings Limited.