Company No:
Contents
DIRECTOR | Mr J I Obadia |
REGISTERED OFFICE | 21 Conduit Street |
London | |
W1S 2XP | |
United Kingdom |
COMPANY NUMBER | 07937784 (England and Wales) |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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1,330,814 | 1,237,826 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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666,300 | 2,901,662 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 567,726 | 2,825,571 | ||
Total assets less current liabilities | 1,898,540 | 4,063,397 | ||
Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of TwentyTwo Real Estate Partners Limited (registered number:
Mr J I Obadia
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
TwentyTwo Real Estate Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is:
21 Conduit Street
London
W1S 2XP
United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
The tax expense for the period comprises current and 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 is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets as follows:
Fixtures and fittings |
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Office equipment |
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All other furniture, fittings and equipment are being depreciated over 5 years.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Fixed asset investments in subsidiaries and joint ventures are measured at cost less impairment.
Within other investments and loans are investments made in an offshore reporting fund. The assets are held at fair value with any movements in fair value taken directly to profit or loss.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including the director |
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Fixtures and fittings | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2023 |
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Additions |
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Assets fully depreciated |
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At 29 February 2024 |
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Accumulated depreciation | |||||
At 01 March 2023 |
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Charge for the financial year |
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Assets fully depreciated |
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At 29 February 2024 |
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Net book value | |||||
At 29 February 2024 |
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At 28 February 2023 |
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2024 | 2023 | ||
£ | £ | ||
Subsidiary undertakings |
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Participating interests |
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Other investments and loans |
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1,302,798 | 1,208,898 |
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 March 2023 |
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At 29 February 2024 |
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Carrying value at 29 February 2024 |
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Carrying value at 28 February 2023 |
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Investments in joint ventures | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 March 2023 |
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Movement in fair value |
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Foreign exchange loss on financial assets |
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At 29 February 2024 |
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Carrying value at 29 February 2024 |
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Carrying value at 28 February 2023 |
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Other investments comprise an investment in an offshore reporting fund. The historical cost of the other investments held above, purchased on 1 August 2017, is £892,600 (2023 - £892,600).
The joint venture investment in NBKC BlueJay Limited is classified as a joint venture as TwentyTwo Real Estate Partners Limited and the other shareholder have joint control.
Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 29.02.2024 |
Ownership 28.02.2023 |
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22 Chancery Lane, London, WC2A1LS, England and Wales | Dormant |
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21 Conduit Street, London, W1S 2XP, England and Wales | Real estate management |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by group undertakings (note 9) |
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Amounts owed by related parties (note 9) |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Amounts owed to related parties (note 9) |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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Other financial commitments
2024 | 2023 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating leases are as follows: |
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Transactions with entities in which the entity itself has a participating interest
2024 | 2023 | ||
£ | £ | ||
Loans to Joint Ventures | 14,107 | 12,722 |
During the year, the Company advanced a further £1,385 (2023 - £1,260) to NBKC Bluejay Ltd, a 55% joint venture entity. The amount of loan outstanding at year end was £14,107 (2023 - £12,722). The loan is interest free and repayable on demand.
Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
Director's loan account (owed from the director) | 419 | 431 |
During the year, the Director paid £9,633 (2023 - £20,389) of expenses on behalf of the Company; £9,646 (2023 - £17,725) was repaid to the Director during the year. The amounts owed from the Director at year end was £419 (2023 - £431).
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Ultimate beneficial owner's loan account (owed to) | 8,732 | 0 | |
Ultimate beneficial owner's loan account (owed to) | 0 | 6,461 |
During the year, the Company paid £12,103 (2023 - £45,700) of expenses on behalf of the ultimate shareholder; £27,296 (2023 - £27,049) was repaid during the year. The amounts owed to the ultimate shareholder at year end was £8,732 (2023 - amounts owed by the director £6,461).
The following advances increased the ultimate shareholder's overdrawn loan balance ( £11,996 on 13 May 2023).
The following repayments were made by the ultimate shareholder during the year (£5,382 on 15 May 2023, £24,508 on 18 May 2023 and £1,121 on 26 May 2023).
The loan balance has been owed to the ultimate shareholder since 26 May 2023.