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REGISTERED NUMBER: 03443117 (England and Wales)









Financial Statements

for the Year Ended 31 December 2023

for

Blenheim Estates Limited

Blenheim Estates Limited (Registered number: 03443117)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Blenheim Estates Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D I Warwick





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 03443117 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Blenheim Estates Limited (Registered number: 03443117)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 4 - -
Investment property 5 15,669,576 15,628,770
15,669,576 15,628,770

CURRENT ASSETS
Debtors 6 10,989 32,239
Cash at bank 320,668 324,990
331,657 357,229
CREDITORS
Amounts falling due within one year 7 (7,513,891 ) (558,492 )
NET CURRENT LIABILITIES (7,182,234 ) (201,263 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,487,342

15,427,507

CREDITORS
Amounts falling due after more than one
year

8

-

(7,242,132

)
NET ASSETS 8,487,342 8,185,375

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8,487,341 8,185,374
SHAREHOLDERS' FUNDS 8,487,342 8,185,375

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:



D I Warwick - Director


Blenheim Estates Limited (Registered number: 03443117)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Blenheim Estates Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about Blenheim Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Blenheim Estates Limited (Registered number: 03443117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Cash at bank
Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Funds are released by the lender for the company's use only when required to settle liabilities including corporation tax.

Going concern
The financial statements have been prepared on a going concern basis which the director considers appropriate. This basis is dependent upon the continued support of the company's bankers and other creditors. The financial statements do not include any adjustments that would result from a withdrawal of financial support from the creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 3,357,825
PROVISIONS
At 1 January 2023
and 31 December 2023 3,357,825
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 15,628,770
Additions 40,806
At 31 December 2023 15,669,576
NET BOOK VALUE
At 31 December 2023 15,669,576
At 31 December 2022 15,628,770

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 15,669,576

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 9,613,336 9,572,530

The investment properties were valued on an open market basis on 31 December 2023 by the director .

Blenheim Estates Limited (Registered number: 03443117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 29,769
Other debtors 2,470 2,470
Prepayments & accrued income 8,519 -
10,989 32,239

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,978,837 -
Trade creditors 35,972 189
Amounts owed to group undertakings 1,142,087 215,409
Tax 28,278 29,283
Accruals & deferred income 328,717 313,611
7,513,891 558,492

The bank loans and overdrafts are made up as follows:

2023 2022
£ £
Bank loans6,000,000-
Loan arrangement fees(21,163)-
5,978,837-
The directors are currently in negotiations with the lender to refinance the loan and are confident that this will be successfully completed in due course. As part of the refinancing, the lender has extended the current facilities to January 2025.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans repayable in 2-5
years - 7,291,512
Loan arrangement fees - (49,380 )
- 7,242,132

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 6,000,000 7,291,512

These loans are secured by legal charges on the investment properties.

10. CONTINGENT LIABILITIES

The assets of the company are held as security formally charged to the company's bank under an intercompany guarantee between the company and it's subsidiary undertaking, Blenheim Nursing Homes Limited. At the year end, the bank liability in Blenheim Nursing Homes Limited was £Nil.

Blenheim Estates Limited (Registered number: 03443117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RETAINED EARNINGS

The retained earnings of £8,487,341 (2022: £8,185,374) comprise distributable reserves of £2,431,101 (2022: £2,129,134) and non-distributable reserves of £6,056,240 (2022: £6,056,240) which relate to property revaluations less related deferred tax provision.

12. CASH AT BANK

Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Funds are released by the lender for use only when required to settle liabilities including corporation tax. At the year end, the amount included in the cash at bank total under the control of the lender amounted to £268,310 (2022: £303,009).