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REGISTERED NUMBER: 06115750 (England and Wales)












Unaudited Financial Statements for the Year Ended 29 February 2024

for

Winchester Enterprises Property Limited

Winchester Enterprises Property Limited (Registered number: 06115750)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Winchester Enterprises Property Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: K L Bougeard
F D Carswell
S O Huish
J Quinn (Alternate)





SECRETARY: Hawksford Secretaries Jersey Limited





REGISTERED OFFICE: 123 Pall Mall
Ground Floor
London
SW1Y 5EA





REGISTERED NUMBER: 06115750 (England and Wales)





ACCOUNTANTS: Hawksford UK Services Limited
123 Pall Mall
St. James's
London
SW1Y 5EA

Winchester Enterprises Property Limited (Registered number: 06115750)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,771,200 4,800,000

CURRENT ASSETS
Debtors 5 2,626 27,768

CREDITORS
Amounts falling due within one year 6 1,988,598 328,299
NET CURRENT LIABILITIES (1,985,972 ) (300,531 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,785,228

4,499,469

CREDITORS
Amounts falling due after more than one year 7 4,421,532 5,872,807
NET LIABILITIES (1,636,304 ) (1,373,338 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,636,305 ) (1,373,339 )
(1,636,304 ) (1,373,338 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

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 18 November 2024 and were signed on its behalf by:




K L Bougeard - Director



S O Huish - Director


Winchester Enterprises Property Limited (Registered number: 06115750)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Winchester Enterprises Property 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.

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.

Investment properties
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure such as related transaction costs and when applicable borrowing costs.

After initial recognition, investment property is carried at fair value. Changes in fair value are recognised in the income statement. Investment properties are derecognised when they have been disposed of.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Expenses
Utility expenses relating to the Company are borne directly by the shareholder.

Shareholder loan payable
Shareholder's loan payable is initially measured at the transaction price and subsequently measured at cost. The shareholder loan is recognised as a non-current liability as settlement is not anticipated within 12 months of signing these financial statements.

Going concern
The financial statements have been prepared on a going concern basis as the Company's shareholder confirmed that it will provide such financial assistance as necessary to enable the company to meet its obligations as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Winchester Enterprises Property Limited (Registered number: 06115750)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INVESTMENT PROPERTY

Flat 112, 55 Park Lane, London, W1K 1PZ
Total
£
FAIR VALUE
At 1 March 20234,800,000
Revaluations(28,800)
At 29 February 20244,771,200

NET BOOK VALUE
At 29 February 20244,771,200

At 28 February 20234,800,000

The Directors valued the investment property on 31 December 2023 at £4,771,200 (2022: £4,800,000) based on consideration of market movements and comparable transactions since the acquisition on 25 June 2015.

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2023 4,771,200

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Debtors and prepayments 29.02.2024 28.02.2023
£ £
QNB account86-
Pre billed Service Charge and Ground Rent-14,651
Prepaid ATED taxation expense 2,3885,187
Prepaid Council tax 152147
Annual Service Fees - HTCJL -7,783
2,626 27,768

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Creditors and accruals29.02.2024 28.02.2023
£ £
Qatar National Bank S.A.Q. London1,960,000280,000
Loan interest payable 24,10423,281
Office account - HTCJL1,350-
Accountancy fees1,8121,190
Jersey Company tax return fees 1,210500
Administration fees591,654
Sundry expenses6358
Service charge and ground rent -21,616
1,988,598 328,299

Winchester Enterprises Property Limited (Registered number: 06115750)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Loans payable29.02.202428.02.2023
£ £

Long term loan
Qatar National Bank S.A.Q. London - 1,960,000


The above loan bears interest per the Diminishing Musharaka Agreement and Lease Agreement, or as amended, entered into between the Company and Qatar National Bank (Q.P.S.C.) London Branch ("QNNB"). The loan is guaranteed 100% by Mr Abdulrahman Muftah Al Muftah and Mr Mohamed Muftah A Al Muftah. The loan is repayable in half yearly instalments with a final repayment date of 29 December 2030. The Qatar National Bank S.A.Q. London loan transitioned from using LIBOR to QNBR on 26 October 2021.

On 1 August 2023, an amendment letter was entered into, whereby the margin under the loan arrangement changed from 2.19% to 1.99% above QNBR per annum.


Shareholder's loan29.02.202428.02.2023
£ £


Al-Muftah Star Limited4,421,532 3,912,807

The loan from the shareholder is unsecured, interest free and repayable on demand. Although repayable on demand the loan has been provided as company finance and is therefore presented as falling due after more than one year.

The shareholder has confirmed that repayment will be at the discretion of the directors, who do not anticipate repayment within the next 12 months. The directors also note that the effective interest rate method has not been applied since there is no specific repayment date.

This is not in accordance with the Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland", adopting the presentation and disclosure requirements of Section 1A ("FRS 102"), however the directors feel that this more fairly reflects the substance of the loan.

8. RELATED PARTY DISCLOSURES

The Administrator, Hawksford Trust Company Jersey Limited, receives administration, annual service, common reporting standard and Jersey Company tax return fees.

Administration, annual service, common reporting standard and Jersey Company tax return fees for the year amounts to £13,386 (2023: £13,715).

9. POST BALANCE SHEET EVENTS

The long term loan due to Qatar National Bank has been repaid subsequent to the year-end.

The directors have confirmed that the remaining balance of the long term loan (£1,960,000) was repaid in its entirety on 19th March 2024.