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Registered number: 11521068









ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
COMPANY INFORMATION


Directors
D Burke (resigned 20 June 2023)
D M Stalley (resigned 20 June 2023)
R J S Burton (appointed 20 June 2023, resigned 8 May 2024)
Park Limited (appointed 20 June 2023)
Whitebridge Limited (appointed 20 June 2023)
J Wilson (appointed 8 May 2024)




Registered number
11521068



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Bankers
Barclays Bank UK Plc
1 Churchill Place

London

United Kingdom

E14 5HP





 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 

CONTENTS



Page
Directors' Report
1 - 2
Statement of Comprehensive Income
3
Balance Sheet
4
Statement of Changes in Equity
5 - 6
Notes to the Financial Statements
7 - 11


 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The Directors who served during the year were:

D Burke (resigned 20 June 2023)
D M Stalley (resigned 20 June 2023)
R J S Burton (appointed 20 June 2023, resigned 8 May 2024)
Park Limited (appointed 20 June 2023)
Whitebridge Limited (appointed 20 June 2023)

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the board and signed on its behalf.
 





................................................
J Wilson
Director

Date: 30 September 2024

Page 2

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
GBP
GBP

Turnover
  
442,225
593,406

Gross profit
  
442,225
593,406

Administrative expenses
  
(251,757)
(569,882)

Other operating income
  
23
-

Operating profit
  
190,491
23,524

Amounts written off
  
(3,736,967)
-

Interest payable and similar expenses
  
(5)
(966)

(Loss)/profit before tax
  
(3,546,481)
22,558

Tax on (loss)/profit
  
-
-

(Loss)/profit for the financial year
  
(3,546,481)
22,558

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(3,546,481)
22,558

The notes on pages 7 to 11 form part of these financial statements.

Page 3

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
REGISTERED NUMBER: 11521068

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
Restated  2022
Restated  2022
Note
GBP
GBP
GBP
GBP

Current assets
  

Stocks
 4 
34,000,000
33,599,187

Debtors: amounts falling due within one year
 5 
266,113
266,665

Cash at bank and in hand
 6 
555,704
432

  
34,821,817
33,866,284

Creditors: amounts falling due within one year
 7 
(22,720,981)
(1,727,224)

Net current assets
  
 
 
12,100,836
 
 
32,139,060

Total assets less current liabilities
  
12,100,836
32,139,060

Creditors: amounts falling due after more than one year
 8 
(15,700,931)
(32,192,674)

Net liabilities
  
(3,600,095)
(53,614)


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
(3,600,097)
(53,616)

  
(3,600,095)
(53,614)


The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2024.



................................................
Park Limited
................................................
Whitebridge Limited
Director
Director

The notes on pages 7 to 11 form part of these financial statements.

Page 4

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

GBP
GBP
GBP

At 1 January 2023
2
(53,616)
(53,614)


Comprehensive income for the year

Loss for the year

-
(3,546,481)
(3,546,481)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(3,546,481)
(3,546,481)


Total transactions with owners
-
-
-


At 31 December 2023
2
(3,600,097)
(3,600,095)


The notes on pages 7 to 11 form part of these financial statements.

Page 5

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

GBP
GBP
GBP

At 1 January 2022
2
(76,174)
(76,172)


Comprehensive income for the year

Profit for the year

-
22,558
22,558


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
22,558
22,558


Total transactions with owners
-
-
-


At 31 December 2022
2
(53,616)
(53,614)


The notes on pages 7 to 11 form part of these financial statements.

Page 6

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ilford Eastside Developments Limited is a private company limited by shares and incorporated in England and Wales. The company's registered office is Birchin Court 5th Floor, 19-25 Birchin Lane, London, EC3V 9DU.
The company changed its name from Montreaux Ilford Developments Ltd to Ilford Eastside Developments Ltd with effect from 16 October 2023.
The company's principal activity is that of a property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The balance sheet shows that liabilities exceed assets by GBP 3,600,095 (2022: GBP 53,614). The Company has adopted the going concern basis in preparing its financial statements as the Directors have reasonable expectation that the Company has sufficient liquidity to continue in operational existence until the date of sale (note 4).

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Page 7

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees



The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 8

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Stocks

2023
2022
GBP
GBP

Work in progress
34,000,000
33,599,187

34,000,000
33,599,187


The Company owns a freehold property at 261 to 275 (odd) High Road, land at the back of 277 to 285 High Road and land to the North side of Oaklands Park Avenue, Ilford which was purchased for the amount of GBP 17,700,000 on 29 October 2018. The development costs amounted to GBP 21,589,993 as at 31 December 2023.
On 18 April 2024 the Company has entered into a sale agreement to sell the freehold property and land for GBP 34,000,000. Therefore the work in progress has been revalued to GBP 34,000,000 with an impairment loss of £5,289,993 recognised in the profit and loss.


5.


Debtors

2023
2022
GBP
GBP


Trade debtors
167,396
173,402

Other debtors
89,988
86,217

Prepayments and accrued income
8,729
7,046

266,113
266,665


Included within Other debtors is a short-term loan receivable of £43,800 from a related party. This loan is unsecured, interest free and repayble on demand.


6.


Cash and cash equivalents

2023
2022
GBP
GBP

Cash at bank and in hand
555,704
432

555,704
432


Page 9

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
GBP
GBP

Trade creditors
141,792
80,615

Other taxation and social security
-
7,242

Other creditors
22,449,020
1,003,539

Accruals and deferred income
130,169
635,828

22,720,981
1,727,224


IncIuded within Other creditors are Eurobonds which were issued by the Company to a related party in two tranches, Tranche A the Euro Eurobond and Tranche B the Sterling Eurobond as per the Bond Listing Deed dated 31 July 2020 and restated on 31 January 2024. Both bonds are repayable on 20 December 2024.
The 14% Eurobond facility of EUR 2,000,000 carries an interest of 20% per annum.
The 14% Eurobond facility of GBP 12,165,913 carries an interest of 20% per annum and 14% per annum.


8.


Creditors: Amounts falling due after more than one year

2023
2022
GBP
GBP

Other creditors
15,700,931
32,192,674

15,700,931
32,192,674


Included within Other creditors is a  long-term loan payable which carries an interest of 12% per annum and is repayable on 31 March 2025. 


9.


Share capital

2023
2022
GBP
GBP
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of GBP1.00
1
1
1 (2022 - 1) Preference share of GBP1.00
1
1

2

2


Page 10

 
ILFORD EASTSIDE DEVELOPMENTS LTD (FORMERLY MONTREAUX ILFORD DEVELOPMENTS LTD)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Prior year adjustment

A restatement has taken place in the comparative period due to the Called up share capital showing the incorrect amount of shares. The adjustment corrected the position of the comparative period via the Balance sheet (increase in Called up share capital and decrease in Profit and loss account).


11.


Related party transactions

All related party transactions have been disclosed in the notes to the Financial Statements.


12.


Post balance sheet events

On 29 May 2024 the company changed its registered office to Birchin Court 5th Floor, 19-25 Birchin Lane, London, EC3V 9DU.
On 18 April 2024 the Company has entered into a sales agreement in respect of the sale of the freehold property and land in Ilford. The details are disclosed in note 4.

 
Page 11