REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Winchester Enterprises Property Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 2023 | 4,800,000 |
Revaluations | (28,800 | ) |
At 29 February 2024 | 4,771,200 |
NET BOOK VALUE |
At 29 February 2024 | 4,771,200 |
At 28 February 2023 | 4,800,000 |
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 account | 86 | - |
Pre billed Service Charge and Ground Rent | - | 14,651 |
Prepaid ATED taxation expense | 2,388 | 5,187 |
Prepaid Council tax | 152 | 147 |
Annual Service Fees - HTCJL | - | 7,783 |
2,626 | 27,768 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Creditors and accruals | 29.02.2024 | 28.02.2023 |
£ | £ |
Qatar National Bank S.A.Q. London | 1,960,000 | 280,000 |
Loan interest payable | 24,104 | 23,281 |
Office account - HTCJL | 1,350 | - |
Accountancy fees | 1,812 | 1,190 |
Jersey Company tax return fees | 1,210 | 500 |
Administration fees | 59 | 1,654 |
Sundry expenses | 63 | 58 |
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 payable | 29.02.2024 | 28.02.2023 |
£ | £ |
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 loan | 29.02.2024 | 28.02.2023 |
£ | £ |
Al-Muftah Star Limited | 4,421,532 | 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. |