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Company No: 07937784 (England and Wales)

TWENTYTWO REAL ESTATE PARTNERS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

TWENTYTWO REAL ESTATE PARTNERS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

TWENTYTWO REAL ESTATE PARTNERS LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
TWENTYTWO REAL ESTATE PARTNERS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR Mr J I Obadia
REGISTERED OFFICE 21 Conduit Street
London
W1S 2XP
United Kingdom
COMPANY NUMBER 07937784 (England and Wales)
TWENTYTWO REAL ESTATE PARTNERS LIMITED

BALANCE SHEET

As at 29 February 2024
TWENTYTWO REAL ESTATE PARTNERS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 28,016 28,928
Investments 4 1,302,798 1,208,898
1,330,814 1,237,826
Current assets
Debtors 5 434,510 1,006,576
Cash at bank and in hand 231,790 1,895,086
666,300 2,901,662
Creditors: amounts falling due within one year 6 ( 98,574) ( 76,091)
Net current assets 567,726 2,825,571
Total assets less current liabilities 1,898,540 4,063,397
Provision for liabilities 7 ( 107,810) ( 83,227)
Net assets 1,790,730 3,980,170
Capital and reserves
Called-up share capital 10 10
Profit and loss account 1,790,720 3,980,160
Total shareholder's funds 1,790,730 3,980,170

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

Director's responsibilities:

The financial statements of TwentyTwo Real Estate Partners Limited (registered number: 07937784) were approved and authorised for issue by the Director on 29 November 2024. They were signed on its behalf by:

Mr J I Obadia
Director
TWENTYTWO REAL ESTATE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
TWENTYTWO REAL ESTATE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

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.

General information and basis of accounting

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

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.

Foreign currency

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the profit and loss account.

Turnover

Turnover represents amounts chargeable, excluding VAT, in respect of the provision of advisory services to customers. Income is recognised in the period in which the services are provided.

Taxation

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.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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 5 - 10 years straight line
Office equipment 5 - 10 years straight line

Artwork within the fixtures and fittings class is being depreciated over 10 years.

All other furniture, fittings and equipment are being depreciated over 5 years.

Leases

The company as lessee
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

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 5 4

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 March 2023 55,380 21,722 77,102
Additions 0 9,647 9,647
Assets fully depreciated 0 ( 9,452) ( 9,452)
At 29 February 2024 55,380 21,917 77,297
Accumulated depreciation
At 01 March 2023 40,109 8,065 48,174
Charge for the financial year 5,347 5,212 10,559
Assets fully depreciated 0 ( 9,452) ( 9,452)
At 29 February 2024 45,456 3,825 49,281
Net book value
At 29 February 2024 9,924 18,092 28,016
At 28 February 2023 15,271 13,657 28,928

4. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 10 10
Participating interests 55 55
Other investments and loans 1,302,733 1,208,833
1,302,798 1,208,898

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 10
At 29 February 2024 10
Carrying value at 29 February 2024 10
Carrying value at 28 February 2023 10

Investments in joint ventures Other investments Total
£ £ £
Cost or valuation before impairment
At 01 March 2023 55 1,208,833 1,208,888
Movement in fair value 0 129,180 129,180
Foreign exchange loss on financial assets 0 ( 35,280) ( 35,280)
At 29 February 2024 55 1,302,733 1,302,788
Carrying value at 29 February 2024 55 1,302,733 1,302,788
Carrying value at 28 February 2023 55 1,208,833 1,208,888

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
TwentyTwo Invest Limited 22 Chancery Lane, London, WC2A1LS, England and Wales Dormant Ordinary 100.00% 100.00%
NBKC BlueJay Limited 21 Conduit Street, London, W1S 2XP, England and Wales Real estate management B Ordinary Shares 55.00% 55.00%

5. Debtors

2024 2023
£ £
Trade debtors 0 370,861
Amounts owed by group undertakings (note 9) 43,553 134,029
Amounts owed by related parties (note 9) 14,107 19,183
Corporation tax 283,092 85,097
Other debtors 93,758 397,406
434,510 1,006,576

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 0 1,515
Trade creditors 12,227 26,646
Amounts owed to related parties (note 9) 8,732 0
Other creditors 77,615 47,930
98,574 76,091

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 83,227) ( 1,941)
Charged to the Profit and Loss Account ( 24,583) ( 81,286)
At the end of financial year ( 107,810) ( 83,227)

8. Financial commitments

Other financial commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating leases are as follows: 106,797 168,256

9. Related party transactions

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.