Company registration number 11208888 (England and Wales)
FRANK (BRUTON ST) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
FRANK (BRUTON ST) LIMITED
COMPANY INFORMATION
Directors
A V Allen
E A Shahmoon
R A Shahmoon
L E Shahmoon
S M Leighton
(Appointed 26 July 2024)
N P El Shazly
(Appointed 6 September 2024)
Company number
11208888
Registered office
30 St George Street
London
W1S 2FH
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
FRANK (BRUTON ST) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
FRANK (BRUTON ST) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company continued to be that of property investment.

Results and dividends

The loss for the year, after taxation, amounted to £Nil (2023: £6,546,616).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A V Allen
A J Dalah
(Resigned 26 July 2024)
P Dee-Shapland
(Resigned 26 July 2024)
A Gabbay
(Resigned 26 July 2024)
C Hanouka
(Resigned 26 July 2024)
D W Lyons
(Resigned 10 April 2024)
E A Shahmoon
R A Shahmoon
L E Shahmoon
S M Leighton
(Appointed 26 July 2024)
N P El Shazly
(Appointed 6 September 2024)
Qualifying third party indemnity provisions

Qualifying third party indemnity provisions for the benefit of the company's directors were paid during the year by other companies to which the directors are also appointed. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

FRANK (BRUTON ST) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The directors have considered the company's financial position and future prospects, believing that the company continues to remain a going concern. Further details of this are included in the notes to the financial statements.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
E A Shahmoon
Director
1 November 2024
FRANK (BRUTON ST) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANK (BRUTON ST) LIMITED
- 3 -
Opinion

We have audited the financial statements of Frank (Bruton St) Limited (the 'company') for the year ended 29 February 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FRANK (BRUTON ST) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRANK (BRUTON ST) LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

FRANK (BRUTON ST) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRANK (BRUTON ST) LIMITED
- 5 -

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. The further removed instances of non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Giuseppe Scozzaro (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP
1 November 2024
Chartered Accountants
Statutory Auditor
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
FRANK (BRUTON ST) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2024
2023
Notes
£
£
Cost of sales
-
0
(450)
Administrative expenses
-
0
(150,000)
Fair value movements
-
0
(6,396,166)
Loss before taxation
-
0
(6,546,616)
Tax on loss
5
-
0
-
0
Loss for the financial year
-
0
(6,546,616)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FRANK (BRUTON ST) LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
6
41,699,395
41,000,000
Current assets
Debtors
7
124,374
2,100
Creditors: amounts falling due within one year
8
(34,333,446)
(33,511,777)
Net current liabilities
(34,209,072)
(33,509,677)
Net assets
7,490,323
7,490,323
Capital and reserves
Called up share capital
9
-
0
-
0
Share premium account
23,336,706
23,336,706
Profit and loss reserves
(15,846,383)
(15,846,383)
Total equity
7,490,323
7,490,323

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
E A Shahmoon
Director
Company Registration No. 11208888
FRANK (BRUTON ST) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
-
0
23,336,706
(9,299,767)
14,036,939
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(6,546,616)
(6,546,616)
Balance at 28 February 2023
-
0
23,336,706
(15,846,383)
7,490,323
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
-
0
-
0
Balance at 29 February 2024
-
0
23,336,706
(15,846,383)
7,490,323
FRANK (BRUTON ST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
1
Accounting policies
Company information

Frank (Bruton St) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 St George Street. London, W1S 2FH.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

In making their assessment of the ability of the company to continue as a going concern, the directors have prepared detailed cash flow projections for the company. The parent undertaking, O & H Developments Holdings Limited, has prepared the same on a consolidated basis. These projections have been prepared to February 2028 and include sensitivities in cash inflows for potential reductions in activities. These projections show, in all scenarios, that the group remains liquid, however each individual company (including Frank (Bruton St) Limited) has limited or no cash.true

 

The company has received confirmation from the owners of its ultimate parent company (being ACAI Holdings, ELA Holdings and FRS Holdings) confirming that the group has access to a cash management treasury function via the shareholders various interests and that the directors of O&H Developments Holdings Limited and its subsidiaries continue to have full and unfettered access to it.

The group also has a number of loans from related parties, which are all repayable on demand. Subsequent to the year end, and in order to assist the directors in assessing the going concern position of the company, these related parties have provided a deed undertaking that they will not call in any of their loans during the twelve months from the date of these financial statements.

 

On this basis, the directors consider that both the group and the company will be able to discharge their obligations in the ordinary course of business for a period of at least twelve months from the date when the financial statements are authorised for issue and consider it appropriate to continue to prepare these financial statements on a going concern basis.

1.3
Turnover

Turnover represents rental income arising within the United Kingdom, from letting of properties and related activities less value added tax. Turnover is recognised on an accruals basis.

1.4
Investment properties

Investment property is carried at fair value determined annually by the directors with reference to external and internal valuers as appropriate and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

FRANK (BRUTON ST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

FRANK (BRUTON ST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 11 -
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.

1.8

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.

1.9

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

 

Investment properties

Investment properties are valued to fair value annually by the directors with reference to third party valuations where available. The company recognises the property at fair value, defined as the estimated amount for which a property should exchange on the date of the valuation between a willing buyer and seller in an arm's length transaction. In considering the valuation, the relevant income streams are reviewed, deducting any non-recoverable costs to be incurred by the landlord to arrive at a net income. The income is then capitalised at a market yield which is derived from comparable transactions of similar properties observable in the market. Any refurbishment costs or other capital items are then deducted along with purchaser's costs to arrive at the fair value. The directors of the company asses the carrying value at each reporting date to ensure that the carrying value is adjusted to fair value.

 

3
Operating profit

Audit and taxation fees are borne by fellow subsidiaries.

FRANK (BRUTON ST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
4
Employees

The company has no employees (2023 - Nil) other than directors, who did not receive any remuneration (2023 - £Nil).

5
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
-
0
(6,546,616)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 24.50% (2023: 19.00%)
-
0
(1,243,857)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,215,271
Group relief
-
0
28,586
Taxation charge for the year
-
-

Factors that may affect future tax charges

 

The Finance Bill 2021, published on 11 March 2021, increased the main rate of Corporation tax to 25% for the year commencing 1 April 2023.

 

The deferred taxation liability has therefore been calculated at 25%, being the rate substantively enacted at the Balance Sheet date.

 

6
Investment property
2024
£
Fair value
At 1 March 2023
41,000,000
Additions
699,395
At 29 February 2024
41,699,395

The historical cost of the investment property is £58,655,561 (2023 - £57,956,166).

 

The investment properties were valued on the basis of fair value at 29 February 2024 by the directors of the company with reference to third party valuations where available.

FRANK (BRUTON ST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
124,374
2,100

 

8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,200
12,600
Amounts owed to group undertakings
11,249,358
10,425,289
Amounts owed to related parties
23,073,888
23,073,888
34,333,446
33,511,777

There are no formal agreements for amounts owed to group undertakings and related parties, which are interest free and repayable on demand.

9
Called up share capital
2024
2023
2024
2023
Number
Number
£
£
Ordinary share capital
Issued and fully paid
Ordinary shares of 1p each
2
2
-
-
10
Related party transactions

As at 29 February 2024, Frank (Bruton St) Limited owed £11,536,944 (2023: £11,536,944) to ACAI Investment Limited, £5,768,472 (2023: £5,768,472) to FRS Investment Limited and £5,768,472 (2023: £5,768,472) to ELA Investment Limited, shareholders in the ultimate parent company. These amounts are repayable on demand and do not bear interest.

11
Parent company

At 29 February 2024 the company's ultimate parent company was O&H Developments Limited, a company registered in Jersey.

 

O&H Mayfair Developments Limited is the immediate parent company and the parent of the smallest group in which Frank (Bruton St) Limited is a member. The smallest group in which the results of the company are consolidated is that headed by O & H Developments Holdings Limited. The registered office address of O & H Developments Holdings Limited is Ground Floor Trinity Court, Trinity Street, Peterborough, Cambridgeshire, PE1 1DA.

 

There is no ultimate controlling party of the company.

FRANK (BRUTON ST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
12
Events after the reporting date

After the balance sheet date, O&H Mayfair Developments Limited sold its 2 shares held in Frank (Bruton St) Limited to FRS Holdings Limited and ELA Holdings Limited.

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