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Registration number: 10250849

18 Cavendish Square Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

18 Cavendish Square Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

18 Cavendish Square Limited

Company Information

Directors

N W Wray

N M Leslau

Registered office

Belfry House
Champions Way
Hendon
London
NW4 1PX

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
18 Cavendish Square Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 18 Cavendish Square Limited for the year ended 29 February 2024 which comprise the statement of comprehensive income, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
https://www.icaew.com/regulation/a-z.

It is your duty to ensure that 18 Cavendish Square Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of 18 Cavendish Square Limited. You consider that 18 Cavendish Square Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 18 Cavendish Square Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report
This report is made solely to the Board of Directors of 18 Cavendish Square Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of 18 Cavendish Square Limited and state those matters that we have agreed to state to the Board of Directors of 18 Cavendish Square Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 18 Cavendish Square Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

26 November 2024

 

18 Cavendish Square Limited

(Registration number: 10250849)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

19,300,000

18,700,000

Current assets

 

Debtors

5

521

296

Cash at bank and in hand

 

805,994

727,486

 

806,515

727,782

Creditors: Amounts falling due within one year

6

(410,700)

(399,935)

Net current assets

 

395,815

327,847

Total assets less current liabilities

 

19,695,815

19,027,847

Creditors: Amounts falling due after more than one year

6

(9,040,401)

(9,278,442)

Provisions for liabilities

7

(150,000)

-

Net assets

 

10,505,414

9,749,405

Capital and reserves

 

Called up share capital

8

4

4

Share premium reserve

8,545,409

8,545,409

Retained earnings

1,960,001

1,203,992

Shareholder's funds

 

10,505,414

9,749,405

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The Statement of Comprehensive Income and Directors' Report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 26 November 2024 and signed on its behalf by:

.........................................

N M Leslau

Director

 

18 Cavendish Square Limited

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

1

General information

The company is a private company limited by share capital incorporated in England. The registered office address is shown on page 1 and the principal activity of the company is set out in the directors' report.

The principal place of business is:
Cavendish House
18 Cavendish Square
London
W1G 0PJ

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements the directors have had to make the following significant judgement:

- The directors have made an assumption in the determination of the fair value of a long leasehold property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can ultimately only be reliably tested in the market itself. The valuation method is further described in note 4 together with the valuation of the property at the reporting date.

There were no other significant judgements or areas of estimation uncertainty.

 

18 Cavendish Square Limited

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

2

Accounting policies (continued)

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Turnover

Turnover is measured at the fair value of the rental income arising during the period, excluding VAT, recognised on a straight line basis over the term of the respective lease. Turnover arises solely in the United Kingdom.

Tax

The tax expense for the period comprises current and, where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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 company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is 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 suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Investment property

Investment property is carried at its fair value, determined annually 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 profit or loss.

Cash at bank and in hand

Cash comprises cash at bank.

Borrowings

Loan issue and related costs are charged to profit or loss over the term of the related borrowings. The amortisation charge and early redemption costs are included within interest payable and similar charges in the statement of comprehensive income. Borrowings are shown in the balance sheet net of unamortised loan issue costs.

Financial instruments


Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.
 
The company's cash at bank, other debtors; loans and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method.

 

18 Cavendish Square Limited

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

3

Employee information

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2). The directors did not receive any remuneration from the company in the year (2023 - £nil).

4

Investment property

Long leasehold
£

At 1 March 2023

18,700,000

Fair value adjustments in the year

600,000

At 29 February 2024

19,300,000

The investment property was valued at 29 February 2024 by N M Leslau BSc (Hons) FRICS, a director of the company, at fair value, supported by reference to market evidence of transaction prices for similar properties. The valuation reflects a slight softening of yields since the last reporting date but an increase in achievable, average rents.

5

Debtors

2024
£

2023
£

Other debtors

266

40

Prepayments

255

256

521

296

 

18 Cavendish Square Limited

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

6

Creditors

2024
£

2023
£

Due within one year

Loan

238,040

230,649

Taxation and social security

81,004

78,305

Accruals

44,989

44,314

Deferred income

46,667

46,667

410,700

399,935

Due after one year

 

Loan

9,040,401

9,278,442

The loan is secured by a fixed and floating charge over all the company's assets, including the leasehold property.

7

Provisions for liabilities

Deferred tax
£

Charged to statement of comprehensive income

150,000

At 29 February 2024

150,000

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

         
 

18 Cavendish Square Limited

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

9

Operating leases

As at 29 February 2024, the company had total future minimum lease receivables under non-cancellable operating leases as set out below:

2024

2023

£

£

Within one year

700,000

700,000

Between one year and five years

2,045,556

2,745,556

2,745,556

3,445,556

10

Related party transactions

PIHL Services Limited is a wholly owned subsidiary of Prestbury Investment Holdings Limited which itself is a subsidiary of Lesray Holdings Limited. N M Leslau, a director of the company, is also a director and the ultimate controlling party of Prestbury Investment Holdings Limited and Lesray Holdings Limited. At 29 February 2024, the entire beneficial interests in the company were held by Lesray Holdings Limited.

PIHL Services Limited leases the leasehold property owned by 18 Cavendish Square Limited for £700,000 per annum (2023: £700,000).

11

Parent undertaking and ultimate controlling party

As at 29 February 2024, the company's immediate parent undertaking is Lesray Holdings Limited and its ultimate parent undertaking is Yoginvest Limited. Both companies are incorporated in England and have the same registered office address as the company. Neither company prepares consolidated financial statements on the basis that each is the parent undertaking of a small group.

 N M Leslau is the ultimate controlling party of Yoginvest Limited and the company.

12

Post balance sheet events

On 11 November 2024, a capital reduction became effective pursuant to section 641 (1)(a) of the Companies Act 2006, which reduced the share premium account by £8,545,409 with an equal and opposite credit to retained earnings.