COMPANY REGISTRATION NUMBER:
09748454
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
4,897,711 |
4,897,711 |
|
|
|
|
Current assets
Debtors |
6 |
1,520 |
1,970 |
Cash at bank and in hand |
98,271 |
52,360 |
|
-------- |
-------- |
|
99,791 |
54,330 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,660,926 |
1,653,259 |
|
------------ |
------------ |
Net current liabilities |
1,561,135 |
1,598,929 |
|
------------ |
------------ |
Total assets less current liabilities |
3,336,576 |
3,298,782 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
3,283,288 |
3,283,288 |
|
------------ |
------------ |
Net assets |
53,288 |
15,494 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
53,188 |
15,394 |
|
-------- |
-------- |
Shareholders funds |
53,288 |
15,494 |
|
-------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
27 October 2024
, and are signed on behalf of the board by:
Company registration number:
09748454
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of Rents receivable, net of discounts. Value Added Tax is not applicable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2023:
1
).
5.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
4,897,711 |
|
------------ |
Depreciation |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
Carrying amount |
|
At 31 March 2024 |
4,897,711 |
|
------------ |
At 31 March 2023 |
4,897,711 |
|
------------ |
|
|
The properties have been valued by the director, and it is the directors opinion that the properties show no material change in value from the initial cost price.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
1,520 |
1,970 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
1,638,323 |
1,638,323 |
Corporation tax |
11,862 |
3,698 |
Social security and other taxes |
176 |
176 |
Other creditors |
10,565 |
11,062 |
|
------------ |
------------ |
|
1,660,926 |
1,653,259 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
3,283,288 |
3,283,288 |
|
------------ |
------------ |
|
|
|
The bank loans relate to interest only mortgages, the loans are secured over the investment properties.
9.
Summary audit opinion
The auditor's report dated
27 October 2024
was
unqualified
.
The senior statutory auditor was
Thomas William McManners BSc ACA ACMI
, for and on behalf of
TTCA Ltd
.
10.
Related party transactions
Included in amounts due to other group subsidiaries is an amount of £1,638,323 (2023: £1,638,323)
11.
Ethical standards
In common with other businesses of our size and nature, we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
12.
Controlling party
The company's controlling party is Hodkinson Capital Ltd, 71-75, Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ, by virtue of his ownership (100%) of the issued share capital. The ultimate beneficial owner is Joseph Hodkinson.