Company registration number 09400242 (England and Wales)
131 ST JOHNS HILL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
131 ST JOHNS HILL LIMITED
COMPANY INFORMATION
Director
S Patel
Company number
09400242
Registered office
Argyle House
Joel Street
Northwood
Middlesex
United Kingdom
HA6 1NW
Accountants
Azets
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
131 ST JOHNS HILL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
131 ST JOHNS HILL LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
14,843,957
9,679,912
Current assets
Debtors
5
1,718,127
914,054
Cash at bank and in hand
512
395
1,718,639
914,449
Creditors: amounts falling due within one year
6
(1,524,128)
(2,172,975)
Net current assets/(liabilities)
194,511
(1,258,526)
Total assets less current liabilities
15,038,468
8,421,386
Creditors: amounts falling due after more than one year
7
(10,043,887)
(5,141,447)
Provisions for liabilities
(1,191,207)
(705,135)
Net assets
3,803,374
2,574,804
Capital and reserves
Called up share capital
200
200
Revaluation reserve
10
3,573,622
2,115,402
Distributable profit and loss reserves
229,552
459,202
Total equity
3,803,374
2,574,804

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 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

131 ST JOHNS HILL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 October 2024
S Patel
Director
Company Registration No. 09400242
131 ST JOHNS HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

131 St Johns Hill Limited is a private company limited by shares incorporated in England and Wales. The registered office can be found on the Company Information page.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

1.3
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.

1.4
Cash and cash equivalents

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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

131 ST JOHNS HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
131 ST JOHNS HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 February 2023
9,679,912
Additions
3,219,752
Revaluations
1,944,293
At 31 January 2024
14,843,957

Cost or valuation at 31 January 2023 is represented by:

2024
£
Cost
6,859,376
Revaluation
2,820,536
9,679,912
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,400
3,376
Amounts owed by group undertakings
1,418,356
438,342
Other debtors
298,371
472,336
1,718,127
914,054
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,556
46,807
Trade creditors
4,673
226,320
Corporation tax
1,471
32,986
Other creditors
1,512,428
1,866,862
1,524,128
2,172,975
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,043,887
5,141,447
131 ST JOHNS HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
10,049,443
5,188,254

Included within bank loans is a BBLS of £37,963. The term is 6 years, inclusive of a 12 month interest free period which is subsidised by the government in full. It attracts a fixed interest rate of 2.50% from the 13th month.

 

131 ST JOHNS HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
9
Secured debts

Silverstream Loan of £175,000 (2023: £nil). The loan is secured by a fixed and floating charge on the company's assets and undertaking.

 

Silverstream Loan of £215,000 (2023: £nil). The loan is secured by a floating charge on the company's assets and undertaking. The charge contains a negative pledge.

 

Silverstream Loan of £1,145,000 (2023: £nil). The loan is secured by a floating charge on the company's assets and undertaking. The charge contains a negative pledge.

 

Landbay Loan of £236,062 (2023: £236,062). The loan is secured by a fixed and floating charge on the company's assets and undertaking.

 

Landbay Loan of £191,580 (2023: £nil). The loan is secured by a fixed charge on the company's assets and undertaking. The charge contains a negative pledge.

 

Hampshire Trust Bank Loan of £2,157,688 (2023: £nil). The loan is secured by a fixed charge on the company's assets and undertaking. The charge contains a negative pledge.

 

Shawbrook Loan of £5,623,400 (2023: £nil). The loan is secured by a fixed charge on the company's assets and undertaking. The charge contains a negative pledge.

 

Landbay Loan of £267,750 (2023: £nil). The loan is secured by a fixed charge on the company's assets and undertaking. The charge contains a negative pledge.

 

Lloyds Loan of £nil (2023: £114,316). The loan is secured by a fixed and floating charge on the company's assets and undertaking.

 

Silverstream Loan of £nil (2023: £330,908). The loan is secured by a fixed and floating charge on the company's assets and undertaking.

 

 

The following loans have been repaid in the year and are satisfied:

 

Lloyds Loan of £nil (2023: £310,240).

 

Lloyds Loan of £nil (2023: £688,384).

 

Lloyds Loan of £nil (2023: £493,710).

 

Lloyds Loan of £nil (2023: £2,302,767).

 

Lloyds Loan of £nil (2023: £118,374).

 

Lendhub Loan of £nil (2023: £189,000).

 

Silverstream Loan of £nil (2023: £360,975).

131 ST JOHNS HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,115,402
772,969
Revaluation reserve
1,458,220
1,342,433
At the end of the year
3,573,622
2,115,402

The transfer from retained earnings comprises of £1,944,293 revaluation gain on the investment property, offset by the deferred tax impact of £486,073

11
Directors' transactions

At the balance sheet date the company was owed £2,848 (2023: £2,848) by the director. This amount was repaid within 9 months of the year end.

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