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REGISTERED NUMBER: 05024572 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023


FOR


PRESSFIELD LIMITED


PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023











Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

4




PRESSFIELD LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2023









DIRECTORS:

Y Cohen


G Cohen


A Kohen







SECRETARY:

A Kohen







REGISTERED OFFICE:

50 Seymour Street


London


W1H 7JG







REGISTERED NUMBER:

05024572 (England and Wales)







ACCOUNTANTS:

Orcom Civvals Limited


Accountants


50 Seymour Street


London


W1H 7JG


PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572)


BALANCE SHEET

30 SEPTEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

4,842,125


4,913,996




CURRENT ASSETS

Stocks

14,078


28,816



Debtors

5

2,209,242


2,289,993



Cash at bank

73,737


112,660



2,297,057


2,431,469



CREDITORS

Amounts falling due within one year

6

2,718,469


2,446,379



NET CURRENT LIABILITIES

(421,412

)

(14,910

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

4,420,713


4,899,086




CREDITORS

Amounts falling due after more than

one year

7

5,661,265


5,723,770



NET LIABILITIES

(1,240,552

)

(824,684

)



CAPITAL AND RESERVES

Called up share capital

100


100



Fair value reserve

9

559,154


559,154



Retained earnings

9

(1,799,806

)

(1,383,938

)


SHAREHOLDERS' FUNDS

(1,240,552

)

(824,684

)



The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572)


BALANCE SHEET - continued

30 SEPTEMBER 2023



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 29 October 2024 and were signed on its behalf by:






Y Cohen - Director



PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023



1.

STATUTORY INFORMATION



Pressfield 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.


The presentation currency of the financial statements is the Pound Sterling (£).


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.    



The accounts have been prepared on the going concern basis which is dependant upon continued support from the directors and the group companies.  The directors and the group companies have validated to support the working capital requirements of the company for the foreseeable future.



Turnover

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


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.  


Freehold property

-  

10% on cost and 2% on cost


Fixtures and fittings

-

20% on reducing balance



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.


Investment property


investment property is included at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 10 (2022 - 13 ) .


PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023



4.

TANGIBLE FIXED ASSETS


Fixtures



Investment


Freehold


and



property


property


fittings


Totals

£   

£   

£   

£   



COST


At 1 October 2022

2,500,000


3,142,630


335,713


5,978,343




Additions

-


-


2,972


2,972




At 30 September 2023

2,500,000


3,142,630


338,685


5,981,315




DEPRECIATION


At 1 October 2022

-


810,330


254,017


1,064,347




Charge for year

-


57,909


16,934


74,843




At 30 September 2023

-


868,239


270,951


1,139,190




NET BOOK VALUE


At 30 September 2023

2,500,000


2,274,391


67,734


4,842,125




At 30 September 2022

2,500,000


2,332,300


81,696


4,913,996




The investment property was valued by the directors on a fair value basis at 30 September 2023.

On historical basis the investment property would have been included at an original cost of £1,940,846 (2022: £1,940,846).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

28,732


74,650




Amounts owed by group undertakings

14,700


14,700




Amounts owed by participating interests

2,045,624


2,134,284




Other debtors

107,166


53,532




Prepayments and accrued income

13,020


12,827



2,209,242


2,289,993




PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023



6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts

130,000


70,836




Trade creditors

37,232


31,567




Amounts owed to group undertakings

2,211,493


1,979,741




Amounts owed to participating interests

27,300


27,300




Social security and other taxes

92,474


152,077




Other creditors

143,636


104,528




Accrued expenses

76,334


80,330



2,718,469


2,446,379




7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN

ONE YEAR


2023

2022


£   

£   



Bank loans

3,645,000


3,835,000




Other loans

2,016,265


1,888,770



5,661,265


5,723,770




8.

SECURED DEBTS



The following secured debts are included within creditors:


2023

2022


£   

£   



Bank loans

3,775,000


3,905,000





The bank loans are secured by fixed charges over the freehold property and investment property and guarantees provided by the directors.



Amounts owed to group undertakings and the directors are unsecured, subordinated to the bank loans and only repayable when the company has sufficient funds.



Other loans are secured by a charge over the share capital of the company.


PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023



9.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 October 2022

(1,383,938

)

559,154


(824,784

)



Deficit for the year

(415,868

)

(415,868

)



At 30 September 2023

(1,799,806

)

559,154


(1,240,652

)



10.

RELATED PARTY DISCLOSURES



Included in amounts owed by / (to) participating interest (notes 8 & 9) are amounts of £51,451, £344,787, £37,000 and £(27,300) (2022: Amounts owed by / (to) £135,836, £349,062, £37,000 and £(27,300) Summit Hotels Limited, Wembley City Hix Limited, Risinghurst Limited and Avenue Banqueting Limited, respectively, being companies in which the directors have an interest .



Also included in amounts owed by participating interests (note 8) is £1,612,386 (2022: £1,612,386) due from Property Participation Cell C2106D PC, an entity in which members of the Cohen family have an interest. Interest for the year has been waived.



Included in other loans (note 9) is £2,016,265 (2022: £1,888,770) due to Risinghirst Limited, a company in which members of the Cohen family have an interest. During the year £127,495 (2022: £59,762) of interest was charged on this loan.


11.

ULTIMATE CONTROLLING PARTY



The ultimate controlling parties of the company are Y Cohen, G Cohen & A Kohen by virtue of their beneficial interest in the entire share capital of Gyda Properties Limited.