Registration number:
18 Cavendish Square Limited
Annual
for the Year Ended 29 February 2024
18 Cavendish Square Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
18 Cavendish Square Limited
Company Information
Directors |
N W Wray N M Leslau |
Registered office |
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Accountants |
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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.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
18 Cavendish Square Limited
(Registration number: 10250849)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
4 |
4 |
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Share premium reserve |
8,545,409 |
8,545,409 |
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Retained earnings |
1,960,001 |
1,203,992 |
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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.
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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
.........................................
N M Leslau
Director
18 Cavendish Square Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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
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
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
18 Cavendish Square Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Employee information |
The average number of persons employed by the company (including directors) during the year, was
Investment property |
Long leasehold |
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At 1 March 2023 |
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Fair value adjustments in the year |
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At 29 February 2024 |
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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.
Debtors |
2024 |
2023 |
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Other debtors |
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Prepayments |
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18 Cavendish Square Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
2024 |
2023 |
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Due within one year |
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Loan |
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Taxation and social security |
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Accruals |
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Deferred income |
46,667 |
46,667 |
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Due after one year |
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Loan |
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The loan is secured by a fixed and floating charge over all the company's assets, including the leasehold property.
Provisions for liabilities |
Deferred tax |
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Charged to statement of comprehensive income |
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At 29 February 2024 |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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4 |
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4 |
18 Cavendish Square Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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 |
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£ |
£ |
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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 |
Related party transactions |
Parent undertaking and ultimate controlling party |
As at 29 February 2024, the company's immediate parent undertaking is Lesray Holdings Limited
Post balance sheet events |
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