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26 September 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
28,707
30,176
58,883
12,288
8,108
20,396
38,487
16,419
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xbrli:shares
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COMPANY REGISTRATION NUMBER:
11013089
Tudor Street OpCo Limited |
|
Filleted Financial Statements |
|
Tudor Street OpCo Limited |
|
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Tudor Street OpCo Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr J Levy |
|
Mr N Mcmyn |
|
Mrs N Morgan |
|
|
Registered office |
10 Canberra House |
|
Corby Gate Business Park |
|
Priors Haw Road |
|
Corby |
|
NN17 5JG |
|
|
Trading address:
20 - 22 Tudor Street
London
EC4Y 0AY
Auditor |
Shaw Gibbs (Audit) Limited |
|
Chartered Certified Accountants & statutory auditor |
|
264 Banbury Road |
|
Oxford |
|
Oxfordshire |
|
OX2 7DY |
|
|
Tudor Street OpCo Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
38,487 |
16,419 |
|
|
|
|
Current assets
Debtors |
6 |
255,949 |
279,750 |
Cash at bank and in hand |
1,303,990 |
1,129,613 |
|
------------ |
------------ |
|
1,559,939 |
1,409,363 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,591,431 |
1,580,451 |
|
------------ |
------------ |
Net current liabilities |
31,492 |
171,088 |
|
-------- |
--------- |
Total assets less current liabilities |
6,995 |
(
154,669) |
|
------- |
--------- |
Net assets/(liabilities) |
6,995 |
(
154,669) |
|
------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
8 |
10 |
10 |
Profit and loss account |
6,985 |
(
154,679) |
|
------- |
--------- |
Shareholders funds/(deficit) |
6,995 |
(
154,669) |
|
------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
25 September 2024
, and are signed on behalf of the board by:
Company registration number:
11013089
Tudor Street OpCo Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Canberra House, Corby Gate Business Park, Priors Haw Road, Corby, NN17 5JG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention. The Company's financial statements are presented in Great British Pounds (£), which is the functional and presentational currency of the Company.
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
Revenue recognition
Turnover of the Company is comprised of licence fee, room-hire, service fee and other income. Licence fee income is recognised in the statement of comprehensive income on a straight-line basis over the contract term. Where rent concessions have been granted as a result of Covid-19 these amounts have been apportioned on a systematic basis over the period that the change in lease payments is intended to compensate. Room-hire income is recognised at the fair value of the consideration receivable once the room has been availed of. Service fee income is recognised when the services have been rendered by the Company, the associated costs and recharge margin on those costs can be measured reliably and with reference to the stage of completion of the service. All sources of other income are only recognised when it is probable that the economic benefits will flow to the Company.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
|
|
|
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2022:
8
).
5.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 January 2023 |
28,707 |
Additions |
30,176 |
|
-------- |
At 31 December 2023 |
58,883 |
|
-------- |
Depreciation |
|
At 1 January 2023 |
12,288 |
Charge for the year |
8,108 |
|
-------- |
At 31 December 2023 |
20,396 |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
38,487 |
|
-------- |
At 31 December 2022 |
16,419 |
|
-------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
14,839 |
31,845 |
Amounts owed by group undertakings |
10 |
10 |
Prepayments and accrued income |
238,685 |
245,149 |
Other debtors |
2,415 |
2,746 |
|
--------- |
--------- |
|
255,949 |
279,750 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
259,989 |
195,620 |
Amounts owed to group undertakings |
353,148 |
441,792 |
Accruals and deferred income |
28,351 |
22,359 |
Social security and other taxes |
179,680 |
174,760 |
Other creditors |
770,263 |
745,920 |
|
------------ |
------------ |
|
1,591,431 |
1,580,451 |
|
------------ |
------------ |
|
|
|
HSBC UK Bank PLC has registered a fixed and floating charge over all the assets (present and future) of
Tudor Street OpCo Limited
and Tudor Street Limited (a company incorporated in the Isle of Man) in recognition of the present and future obligations and liabilities owed to HSBC UK Bank PLC. The total financial commitment owed under the facility agreement to HSBC UK Bank PLC is £19,205,300 (2022: £20,205,300). Tudor Street OpCo Limited
and Tudor Street Limited have irrevocably and unconditionally jointly and severally guaranteed this amount. This liability must be repaid or discharged irrevocably and in full on the earlier of: - The date of the sale of the whole or substantially the whole of the property, known as 20-22 Tudor Street; and - Termination date of December 2024.
8.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
10 |
10 |
10 |
10 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
977,379 |
977,379 |
Later than 1 year and not later than 5 years |
3,889,227 |
3,906,607 |
Later than 5 years |
10,080,000 |
11,040,000 |
|
------------- |
------------- |
|
14,946,606 |
15,923,986 |
|
------------- |
------------- |
|
|
|
Included within lease payments under non-cancellable operating leases is a 20 year rent operating lease from 1 July 2019 to 30 June 2039. The annual rent payable will be reviewed after 10 years.
10.
Summary audit opinion
The auditor's report dated
26 September 2024
was
unqualified
.
The senior statutory auditor was
Robyn Liddell
, for and on behalf of
Shaw Gibbs (Audit) Limited
.
11.
Related party transactions and ultimate controlling party
The immediate parent of the company is London Serviced Offices 3 Limited. The registered office is First Names House, Victoria Road, Douglas, IM2 4DF, Isle of Man. The ultimate controlling party of the Company is deemed to be Park Lane Group Ltd. by virtue of shareholdings. The registered office is 303 Shirley Street, N492, Bahamas. The company has availed itself of the exemption contained within FRS 102 Section 33 Related Party Disclosures not to disclose details of transactions with fellow group entities.
Mrs N Morgan
is also a director and shareholder of Office Space In Town Limited, who are the managing agent for Tudor Street OpCo Limited
. Mrs N Morgan is also a director of Office Space Cleaning Ltd, who provide cleaning services to the Company. During the year Office Space In Town Limited invoiced for management services totalling £129,308 (2022: £100,000). Office Space in Town Limited invoiced a further amount for other recharged costs totalling £70,541 (2022: £54,326). The recharged costs consisted of the following: Health & Safety & Professional fees £2,798 (2022: £2,912); Office costs including telephone & IT £16,543 (2022: £11,044); Staff wages, commissions & training costs £2,150 (2022: £2,462); Other Management Fees £9,827 (2022: £4,949); Advertising & PR £33,573 (2022: £30,384) and Travel & Entertaining costs £5,650 (2022: £2,575). At the year end the amount outstanding included within trade creditors was £35,380 (2022: £15,800). Office Space Cleaning Ltd invoiced for cleaning services totalling £196,733 (2022: £159,644). At the year end the amount outstanding included within trade creditors was £3,420 (2022: £2,752).