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REGISTERED NUMBER: 04207091 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

SAGER HOUSE (HAMPSTEAD) LIMITED

SAGER HOUSE (HAMPSTEAD) LIMITED (REGISTERED NUMBER: 04207091)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SAGER HOUSE (HAMPSTEAD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A R Rai
V R Stanton





REGISTERED OFFICE: Sager House
50 Seymour House
London
W1H 7JG





REGISTERED NUMBER: 04207091 (England and Wales)





AUDITORS: Orcom Civvals Audit Limited
Chartered Accountants and
Statutory Auditors
50 Seymour Street
London
W1H 7JG

SAGER HOUSE (HAMPSTEAD) LIMITED (REGISTERED NUMBER: 04207091)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1 1
Investment property 5 9,000,000 -
9,000,001 1

CURRENT ASSETS
Stocks - 7,115,459
Debtors 6 65,689 40,458
Cash at bank 514,354 585,743
580,043 7,741,660
CREDITORS
Amounts falling due within one year 7 4,158,712 4,001,983
NET CURRENT (LIABILITIES)/ASSETS (3,578,669 ) 3,739,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,421,332

3,739,678

CREDITORS
Amounts falling due after more than
one year

8

5,480,157

5,642,190
NET LIABILITIES (58,825 ) (1,902,512 )

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings (58,826 ) (1,902,513 )
SHAREHOLDERS' FUNDS (58,825 ) (1,902,512 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





A R Rai - Director


SAGER HOUSE (HAMPSTEAD) LIMITED (REGISTERED NUMBER: 04207091)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

SAGER HOUSE (HAMPSTEAD) 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.

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.

Turnover
Turnover represents rent receivable which includes the sale of the parking rights and is recognised on an accruals basis, once the company is contractually entitled to this income and amounts receivable for the sale of completed development properties which is recognised on the completion of contracts. All income is recognised net of VAT.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks represent completed development properties held for resale and are stated at the lower of cost and estimated selling price less costs incurred on disposal. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the properties to their present condition.

At each reporting date, an assessment is made for Impairment. Any excess of the carrying amount of stock over its estimated selling price less cost of disposal is recognised as an impairment loss in profit or loss.
Reversal's of Impairment loss are also recognised in profit or loss.

SAGER HOUSE (HAMPSTEAD) LIMITED (REGISTERED NUMBER: 04207091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

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.


The company's policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.


SAGER HOUSE (HAMPSTEAD) LIMITED (REGISTERED NUMBER: 04207091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.


Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

SAGER HOUSE (HAMPSTEAD) LIMITED (REGISTERED NUMBER: 04207091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company's balance sheet showed a net liability position of £58,825 (2023: £1,902,512). The company meets its day to day working capital requirements through loans from its parent company undertaking and bank loan facilities.

The bank loan facility of £5,640,426 (2023: £5,766,590) remains in place and there are loans from the parent company undertaking of £3,646,104 (2023: £3,595,571) with no formal terms of interest or repayment. The company is therefore dependent on the continued financial support of its bankers and parent company.

Going concern is also dependent on the ability of the company to service its bank loans. This in turn is dependent on the company continuing to receive rental income from its commercial tenants.

The directors are confident that funding from the parent company and its bankers would continue. The directors are also confident, considering the general state of the economy, the commercial tenants would continue to pay their rents for the foreseeable future. For this reason, the directors are of the view it is appropriate to prepare the accounts on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the bank facilities or loans from the parent undertaking.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS
Other
investmen
£   
COST OR VALUATION
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

Cost or valuation at 30 June 2024 is represented by:

Other
investmen
£   
Valuation in 2021 (156,664 )
Cost 156,665
1

SAGER HOUSE (HAMPSTEAD) LIMITED (REGISTERED NUMBER: 04207091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 9,000,000
At 30 June 2024 9,000,000
NET BOOK VALUE
At 30 June 2024 9,000,000

During the year, stock was appropriated to investment property based on a valuation of £9,000,000 carried out by the directors on a fair value basis.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 33,775 5,175
Other debtors 31,914 35,283
65,689 40,458

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 160,268 124,400
Trade creditors 2,056 2,669
Amounts owed to group undertakings 3,646,104 3,595,571
Taxation and social security 88,355 59,605
Other creditors 261,929 219,738
4,158,712 4,001,983

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 5,480,157 5,642,190

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 160,268 124,400

SAGER HOUSE (HAMPSTEAD) LIMITED (REGISTERED NUMBER: 04207091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 5,480,157 5,642,190

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary 1 1 1

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aamir Kazi (Senior Statutory Auditor)
for and on behalf of Orcom Civvals Audit Limited

12. RELATED PARTY DISCLOSURES

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.

Included in legal and professional fees is an amount of £18,750 (2023: £31,500 ) paid to a company in which a director of Sager House (Hampstead) Limited has an interest.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Patricia Conran - Rabinovitch by virtue of her majority shareholdings in Sager Kai Holdings Ltd, the ultimate parent company of Sager House (Hampstead) Limited, which is a company registered in Canada.