The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
Lonsdale Real Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 13 Charles ll Street, London, England, SW1Y 4QU.
The financial statements are prepared in AUD, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest AUD.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The financial statements for the Company have been prepared on a going basis. The Company recorded a loss for the financial year of AUD 163,403 (2022 - AUD 132,715) and had net liabilities of AUD 754,715 (2022 - AUD 591,312) at the balance sheet date.
Having assessed the Company's and the group's forecasts and considered all other relevant matters, the Directors consider it appropriate to prepare the financial statements on a going concern basis as the Directors have assured themselves that the Company will have sufficient resources to remain in business for at least the next 12 months from the date of approval of these financial statements.
Liabilities are predominantly comprised of intercompany loans from related companies Although the related companies loans are repayable on demand and have been disclosed in the financial statements as falling due within one year, the related companies have confirmed that they will not call in the loans until the resources of the Company allow and not within 12 months of the date of approval of the financial statements.
In the event of the Company requiring financial support to further meet its liabilities, the related companies have confirmed that they have undertaken to continue to provide such financial support as the Company requires.
As a result of the above, the Director considers it appropriate to prepare the financial statements on a going concern basis.
Basic financial assets include debtors and cash and bank balances.
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
The average monthly number of persons (excluding directors) employed by the company during the year was 1 (2022 - 1).
Details of the company's subsidiaries at 31 December 2023 are as follows:
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. In their report, the auditors emphasised the following matter without qualifying their report:
Material uncertainty related to going concern
We draw attention to note 1.2 in the financial statements, which indicates that the company is reliant upon group support, which the directors believe will be available. As stated in note 1.2, these events or conditions, along with the other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Other creditors included interest free loans from the shareholder of AUD 8,775,659 (2022: AUD 9,275,479). The loans are unsecured and repayable on demand.
Included within other creditors is a loan due to the subsidiary of AUD 2,248,455 (2022 AUD 1,579,352). This loan accrues interest at a rate of 5.37% per annum.
Also included within other creditors is an amount due to Coweley Limited, a related company of AUD 19,723 (2022: AUD 12,653) in respect of costs incurred during the year paid by Coweley Limited. This is an interest free loan and repayable upon demand.
The Company's immediate parent company is Lonsdale Properties S.A., a company domiciled and registered in the Cayman Islands.
The ultimate controlling party is ST Group Holding Inc. which is a company registered in the Cayman Islands.