Company registration number 10438855 (England and Wales)
POWER TOWER COMPANY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
POWER TOWER COMPANY INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
POWER TOWER COMPANY INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
7,292,976
7,292,976
Current assets
Debtors
4
21,023
11,387
Cash at bank and in hand
2,737
18,281
23,760
29,668
Creditors: amounts falling due within one year
5
(174,293)
(221,899)
Net current liabilities
(150,533)
(192,231)
Total assets less current liabilities
7,142,443
7,100,745
Creditors: amounts falling due after more than one year
6
(7,350,219)
(7,250,892)
Net liabilities
(207,776)
(150,147)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(207,777)
(150,148)
Total equity
(207,776)
(150,147)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 30 September 2024
Ms R Nasser
Director
Company Registration No. 10438855
POWER TOWER COMPANY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Power Tower Company Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as a result of shareholder investment. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue represents rents receivable on residential lets.
1.4
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.
Where fair value cannot be achieved without under cost or effort, investment property is accounted for as tangible fixed assets
1.5
Cash at bank and in hand
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.
1.6
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 balance sheet 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.
POWER TOWER COMPANY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment properties
2023
£
Fair value
At 1 November 2022 and 31 October 2023
7,292,976
POWER TOWER COMPANY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
3
Investment properties
(Continued)
- 4 -
The investment properties 36, 44, 52, 68, 76 and 84 Belvedere Row Apartments (White City Living), Fountain Park Way, London W12 7JFH, were purchased at a total cost of £7,292,976 including legal and professional fees and Stamp duty land tax. The director believes the carrying amount for the freehold property approximates fair value, therefore no adjustments were required..
In the prior year, the purchase contracts for the Battersea Power Station units were rescinded, and the new contracts were drawn with Prime Group Holdings Limited for the purchase of these properties. The total deposits paid before the contracts were rescinded were £2,143,303.
Any gain or loss arising from a change in fair value is recognised in the income statement.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
9,231
651
Prepayments and accrued income
11,792
10,736
21,023
11,387
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
79,632
25,022
Accruals and deferred income
94,661
196,877
174,293
221,899
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,584,459
4,848,629
Other creditors
2,765,760
2,402,263
7,350,219
7,250,892
The bank loans are secured against the investment properties known as 36, 44, 52, 68, 76 and 84 Belvedere Row Apartments, Fountain Park Way, London W12 7JFH.
The loans are interest-only loans, capital will be repaid in full at the end of the term of each loan. The loans bear interest at 1.6% per annum above the London Inter Bank Offer Rate and have a maturity date of 21 July 2026.
The bank loans are secured by a first charge over the investment properties. In addition, a personal guarantee has been provided by a connected party to the company.
POWER TOWER COMPANY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Related party transactions
At the year end, the company owed £2,765,760 (2022: £2,402,263) to shareholders of the parent company. The total balance is included within creditors due after one year as per note 6.
At the year end, the company owed £79,632 (2022: £25,022) to their parent company. The balance is included within creditors due within one year as per note 5.