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Registered number: 04644964









SIXTY KNIGHTSBRIDGE LIMITED
(A Company Limited by Guarantee)









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SIXTY KNIGHTSBRIDGE LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04644964

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
163,151
163,151

  
163,151
163,151

Current assets
  

Debtors: amounts falling due within one year
 5 
58,661
39,285

Cash at bank and in hand
 6 
25,229
23,479

  
83,890
62,764

Creditors: amounts falling due within one year
 7 
(41,976)
(39,212)

Net current assets
  
 
 
41,914
 
 
23,552

Total assets less current liabilities
  
205,065
186,703

  

Net assets
  
205,065
186,703


Capital and reserves
  

Profit and loss account
  
205,065
186,703

  
205,065
186,703


Page 1

 
SIXTY KNIGHTSBRIDGE LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04644964
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 by: 




................................................
D J Jackson
................................................
M Maher
Director
Director


Date: 2 October 2024
Date:2 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SIXTY KNIGHTSBRIDGE LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a United Kingdom company with no share capital but limited by a guarantee from each member up to a maximum of £1 per member. It is incorporated and domiciled in England and Wales. Its registered office is at 60 Knightsbridge, London SW1X 7LF.
The principal activity of the Company is the rental of its freehold and leasehold land and buildings.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the company will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future. They have therefore prepared the financial statements on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

 
2.3

Revenue

Turnover consists of rental income receivable during the year, exclusive of value added tax.

 
2.4

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.

Page 3

 
SIXTY KNIGHTSBRIDGE LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Taxation

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.

 
2.6

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold Land and Buildings
-
No depreciation as per below.
Treasures
-
No depreciation as per below.



Freehold buildings and Treasures are stated at cost. Depreciation is provided at rates calculated to write off the cost of the freehold buildings and Treasures to their residual value. As the market value of the buildings and Treasures are each above the cost, no depreciation has been charged in the year.

Page 4

 
SIXTY KNIGHTSBRIDGE LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, such as trade payables, bank loans, and other borrowings, are initially recorded at their transaction price, including any related transaction costs. If the liability is part of a financing arrangement, it is measured at the present value of future payments, discounted at the
Page 5

 
SIXTY KNIGHTSBRIDGE LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

market interest rate. However, if discounting has an immaterial effect, it may be omitted.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


4.


Tangible fixed assets





Freehold Land and Buildings
Treasures
Total

£
£
£



Cost or valuation


At 1 April 2023
100,300
62,851
163,151



At 31 March 2024

100,300
62,851
163,151






Net book value



At 31 March 2024
100,300
62,851
163,151



At 31 March 2023
100,300
62,851
163,151

Page 6

 
SIXTY KNIGHTSBRIDGE LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
56,993
31,291

Prepayments and accrued income
1,668
7,994

58,661
39,285



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
25,229
23,479

25,229
23,479



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
594
1,056

Corporation tax
1,451
-

Other creditors
35,931
35,931

Accruals and deferred income
4,000
2,225

41,976
39,212




8.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 7

 
SIXTY KNIGHTSBRIDGE LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
13,388
13,388

13,388
13,388


10.


Related party transactions

The Company has entered into an agreement to obtain a loan facility from Royal Thames Yacht Club Limited, a company limited by guarantee. The members and directors of the Company are also the members of Royal Thames Yacht Club and it is therefore a related party by virtue of having common control. The loan facility provides for a maximum borrowing facility of £200,000 over the period to 23 September 2027 with a repayment date of 10 years from the date of each loan being made, against which a loan of £nil has been drawn down at the date of these accounts. This loan is made on normal commercial terms.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 2 October 2024 by Samuel Hodson BSc ACA (Senior Statutory Auditor) on behalf of Hillier Hopkins LLP.

 
Page 8