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Registration number: 01377074

Poundminster Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Poundminster Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Poundminster Limited

Company Information

Directors

Mr David Francis Hobden

Mr Michael C Hobden

Registered office

166 Old Brompton Road
London
SW5 0BA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Poundminster Limited

(Registration number: 01377074)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

18,081

26,989

Investment property

4

7,123,200

6,703,681

Investments

5

815,836

705,835

Other financial assets

6

20,000

20,000

 

7,977,117

7,456,505

Current assets

 

Stocks

7

833,785

833,785

Debtors

8

15,729,899

14,467,532

Investments

9

1,090,835

1,663,107

Other financial assets

6

842,903

1,238,782

Cash at bank and in hand

 

423,287

3,359,997

 

18,920,709

21,563,203

Creditors: Amounts falling due within one year

10

(2,359,345)

(4,646,574)

Net current assets

 

16,561,364

16,916,629

Total assets less current liabilities

 

24,538,481

24,373,134

Creditors: Amounts falling due after more than one year

10

(10,962,278)

(10,333,404)

Provisions for liabilities

(662,942)

(715,211)

Net assets

 

12,913,261

13,324,519

Capital and reserves

 

Called up share capital

11

10,000

10,000

Other reserves

531,233

403,111

Retained earnings

12,372,028

12,911,408

Shareholders' funds

 

12,913,261

13,324,519

 

Poundminster Limited

(Registration number: 01377074)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr David Francis Hobden
Director

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
166 Old Brompton Road
London
SW5 0BA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, tools and equipment

20% straight line basis

Office equipment

20% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

At 1 April

6,703,681

Additions

722,700

Disposals

(275,000)

Fair value adjustments

(28,181)

At 31 March

7,123,200

The historical cost of the investment properties as at 31 March 2024 is £5,354,267 (2023 - £5,648,776).

An independant valuation of the investment properties has been carried out in October 2023 by Savills.

5

Investments

2024
£

2023
£

Investments in subsidiaries

815,836

705,835

Subsidiaries

£

Cost or valuation

At 1 April 2023

705,836

Additions

110,000

At 31 March 2024

815,836

Carrying amount

At 31 March 2024

815,836

At 31 March 2023

705,835

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

16 Old Town Limited

166 Old Brompton Road
London
SW5 0BA

England & Wales

98 Ordinary shares

100%

100%

Awesome Antelope Limited

166 Old Brompton Road
London
SW5 0BA

England & Wales

1 Ordinary share

50%

50%

Lincminster Limited

166 Old Brompton Road
London
SW5 0BA

England and Wales

50 Ordinary A shares

50%

50%

Starfree Limited

166 Old Brompton Road
London
SW5 0BA

England and Wales

Ordinary shares

100%

100%

Walford Cross Limited

166 Old Brompton Road
London
SW5 0BA

England & Wales

800 Ordinary B shares, 100 Ordinary A shares

90%

90%

Subsidiary undertakings

16 Old Town Limited

The principal activity of 16 Old Town Limited is the operation of a services office centre.

Awesome Antelope Limited

The principal activity of Awesome Antelope Limited is that of holding an investment property.

Lincminster Limited

The principal activity of Lincminster Limited is that of property development.

Starfree Limited

The principal activity of Starfree Limited is that of property investment.

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Walford Cross Limited

The principal activity of Walford Cross Limited is that of consultancy management, related advisory services and property development work.

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Carrying amount

At 31 March 2024

20,000

20,000

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2023

1,238,782

1,238,782

Revaluations

84,525

84,525

Additions

63,596

63,596

Disposals

(544,000)

(544,000)

At 31 March 2024

842,903

842,903

Carrying amount

At 31 March 2024

842,903

842,903

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Stocks

2024
£

2023
£

Stock - Properties

67,492

67,492

Stock - Joint Venture Properties

766,293

766,293

833,785

833,785

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

20,693

16,915

Amounts owed by related parties

8,294,627

8,615,210

Other debtors

 

7,395,948

5,811,672

Prepayments

 

18,631

23,735

 

15,729,899

14,467,532

9

Current asset investments

2024
£

2023
£

Shares in group undertakings

1,090,835

1,663,107

 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

2,416

2,416

Trade creditors

 

21,585

16

Taxation and social security

 

6,316

32,933

Accruals and deferred income

 

59,458

204,782

Other creditors

 

2,269,570

4,406,427

 

2,359,345

4,646,574

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

10,962,278

10,333,404

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

         
 

Poundminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

12

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,947,500

10,317,226

Finance lease liabilities

14,778

16,178

10,962,278

10,333,404

The company bank borrowings are secured by way of a fixed charge over the investment properties owned by the company.

13

Parent and ultimate parent undertaking

The company's immediate parent is Dollarminster Ltd, incorporated in England and Wales .

 The ultimate controlling party is Mr M C Hobden by virtue of holding the majority of the issued share capital.