Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3190824000922969424446432135432431100052023-04-01true5falseproperty investment and lettingstrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00524726 2023-04-01 2024-03-31 00524726 2022-04-01 2023-03-31 00524726 2024-03-31 00524726 2023-03-31 00524726 2022-04-01 00524726 2 2023-04-01 2024-03-31 00524726 d:Director3 2023-04-01 2024-03-31 00524726 e:OfficeEquipment 2023-04-01 2024-03-31 00524726 e:OfficeEquipment 2024-03-31 00524726 e:OfficeEquipment 2023-03-31 00524726 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00524726 e:FreeholdInvestmentProperty 2024-03-31 00524726 e:FreeholdInvestmentProperty 2023-03-31 00524726 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 00524726 e:LeaseholdInvestmentProperty 2024-03-31 00524726 e:LeaseholdInvestmentProperty 2023-03-31 00524726 e:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 00524726 e:CurrentFinancialInstruments 2024-03-31 00524726 e:CurrentFinancialInstruments 2023-03-31 00524726 e:Non-currentFinancialInstruments 1 2024-03-31 00524726 e:Non-currentFinancialInstruments 1 2023-03-31 00524726 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 00524726 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00524726 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 00524726 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00524726 e:ShareCapital 2024-03-31 00524726 e:ShareCapital 2023-03-31 00524726 e:OtherMiscellaneousReserve 2024-03-31 00524726 e:OtherMiscellaneousReserve 2023-03-31 00524726 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00524726 e:RetainedEarningsAccumulatedLosses 2024-03-31 00524726 e:RetainedEarningsAccumulatedLosses 2023-03-31 00524726 d:OrdinaryShareClass1 2023-04-01 2024-03-31 00524726 d:OrdinaryShareClass1 2024-03-31 00524726 d:OrdinaryShareClass1 2023-03-31 00524726 d:OrdinaryShareClass2 2023-04-01 2024-03-31 00524726 d:OrdinaryShareClass2 2024-03-31 00524726 d:OrdinaryShareClass2 2023-03-31 00524726 d:PreferenceShareClass1 2023-04-01 2024-03-31 00524726 d:PreferenceShareClass1 2024-03-31 00524726 d:PreferenceShareClass1 2023-03-31 00524726 d:FRS102 2023-04-01 2024-03-31 00524726 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00524726 d:FullAccounts 2023-04-01 2024-03-31 00524726 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00524726 e:OtherDeferredTax 2024-03-31 00524726 e:OtherDeferredTax 2023-03-31 00524726 2 2023-04-01 2024-03-31 00524726 6 2023-04-01 2024-03-31 00524726 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00524726









ST. MARYLEBONE PROPERTY COMPANY LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ST. MARYLEBONE PROPERTY COMPANY LTD
REGISTERED NUMBER: 00524726

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,111
1,381

Investments
 6 
4,873,398
4,972,060

Investment property
 7 
45,412,000
46,148,471

  
50,286,509
51,121,912

Current assets
  

Debtors: amounts falling due within one year
 8 
8,036,009
9,048,128

Cash at bank and in hand
 9 
5,032,339
3,807,163

  
13,068,348
12,855,291

Creditors: amounts falling due within one year
 10 
(1,530,580)
(1,462,011)

Net current assets
  
 
 
11,537,768
 
 
11,393,280

Total assets less current liabilities
  
61,824,277
62,515,192

Creditors: amounts falling due after more than one year
 11 
(2,500,000)
(2,500,000)

Provisions for liabilities
  

Deferred tax
 12 
(5,682,657)
(5,865,858)

Net assets
  
53,641,620
54,149,334


Capital and reserves
  

Called up share capital 
 13 
100,000
100,000

Non-distributable profit reserve
 14 
22,357,695
23,008,507

Profit and loss account
 14 
31,183,925
31,040,827

  
53,641,620
54,149,334


Page 1

 
ST. MARYLEBONE PROPERTY COMPANY LTD
REGISTERED NUMBER: 00524726
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 November 2024.






Mr B Herman
Director

Page 2

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

St. Marylebone Property Company Limited is a private company limited by shares, incorporated in England, United Kingdom. The address of the registered office, which is also the principal place of business, is 5 Harley Place, London, W1G 8QD.  The company's principal activity was that of property investment and lettings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company is exempt from preparing group accounts as it is a small group.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Equipment, fixtures and fittings
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors 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 profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

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.

Page 4

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

 
2.9

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.

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 5

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.14

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.15

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made key assumptions regarding the valuations of the investment properties. The total values reflected in the accounts for freehold investment properties is £41,101,000 (2023 - £41,702,039) and leasehold investment properties is £4,311,000 (2023 - £4,446,432) based on fair value.


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 -5).

Page 7

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Equipment, fixtures and fittings

£



Cost or valuation


At 1 April 2023
21,666


Additions
101



At 31 March 2024

21,767



Depreciation


At 1 April 2023
20,285


Charge for the year on owned assets
371



At 31 March 2024

20,656



Net book value



At 31 March 2024
1,111



At 31 March 2023
1,381


6.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 April 2023
3,977,108
994,952
4,972,060


Revaluations
-
(97,541)
(97,541)


Amounts written off
(1,121)
-
(1,121)



At 31 March 2024
3,975,987
897,411
4,873,398




Listed investments
The fair value of the listed investments at 31 March 2024 was £897,411 (2023 - £994,952).

Page 8

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Investment property


Freehold investment property
Long term leasehold investment property
Short term leasehold investment property
Total

£
£
£
£



Valuation


At 1 April 2023
41,702,039
3,886,432
560,000
46,148,471


Surplus on revaluation
(601,039)
(100,432)
(35,000)
(736,471)



At 31 March 2024
41,101,000
3,786,000
525,000
45,412,000

The 2024 valuations were made by B Herman, Director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
17,791,366
17,791,366

Accumulated depreciation and impairments
(5,068,295)
(4,712,468)

12,723,071
13,078,898

Page 9

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Debtors

2024
2023
£
£


Trade debtors
1,013,203
1,203,288

Amounts owed by group undertakings
6,891,243
7,581,512

Other debtors
1,038
131,473

Prepayments and accrued income
130,525
131,855

8,036,009
9,048,128



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,032,339
3,807,163



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
46,413
-

Amounts owed to group undertakings
3,719
4,680

Corporation tax
38,152
91,846

Other taxation and social security
15,821
14,950

Other creditors
637,485
641,060

Accruals and deferred income
788,990
709,475

1,530,580
1,462,011



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Share capital treated as debt
2,500,000
2,500,000


Page 10

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
(5,865,858)
(5,989,618)


Charged to the profit or loss
183,201
123,760



At end of year
(5,682,657)
(5,865,858)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property and listed investment revaluation
(5,682,657)
(5,865,858)


13.


Share capital

2024
2023
£
£
Shares classified as equity

Authorised, allotted, called up and fully paid



50,000 (2023 -50,000) Ordinary shares of £1.00 each
50,000
50,000
50,000 (2023 -50,000) Deferred Ordinary shares of £1.00 each
50,000
50,000

100,000

100,000

2024
2023
£
£
Shares classified as debt

Authorised, allotted, called up and fully paid



2,500,000 (2023 -2,500,000) Preference shares of £1.00 each
2,500,000
2,500,000


The holders of the preference shares shall be paid a fixed cumulative preference dividend of 9% per annum and on a winding up are entitled to a return of capital in priority of ordinary shareholders.
All profits available for distribution after payment of the preference dividend and ordinary dividend, and resolved to be distributed in respect of each financial year, shall be distributed amongst holders of the deferred ordinary shares and on winding up are entitled to any surplus remaining after preference shareholders and ordinary shareholders have received their entitlement.

Page 11

 
ST. MARYLEBONE PROPERTY COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Reserves

Non-distributable profit reserve
Non-distributable profit reserves relating to the unrealised gain or loss on fair value adjustments of investment properties and listed investments.  Deferred tax has been provided on the revaluation of investment properties and the fair value of listed investments.

Profit and loss account

Includes all current and prior periods retained profits and losses


15.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £6,458 (2023 - £5,284). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


16.


Related party transactions

As the parent company of St. Marylebone Property Co. Building Works Limited and Plan Apartments Limited, the company has availed themselves of exemption under FRS 102 paragraph 33.1A from disclosing transactions with group companies.

 
Page 12