Registered number: 10778289
IMMO HANSA (UK) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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IMMO HANSA (UK) LIMITED
REGISTERED NUMBER: 10778289
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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IMMO HANSA (UK) LIMITED
REGISTERED NUMBER: 10778289
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
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 income and retained earnings 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 on 29 November 2024.
The notes on pages 3 to 13 form part of these financial statements.
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Immo Hansa (UK) Limited is a private company limited by shares incorporated in England and Wales (company number: 10778289). The registered office is Mode Club, 36 Bromyard Avenue, London, W3 7AU.
2.Accounting policies
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Basis of preparation of financial statements
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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 financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
Despite the deficit on its profit and loss account of £21,398,023 and net liabilities of £14,335,898, the directors have considered and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, through its available cash resources and the support of its parent company, if required.
There has been significant investment required to refurbish and reopen the health club which opened to members in September 2023. The expectation is now that the gym is operational, the financial results of the Company will improve.
The directors therefore have adopted the going concern basis of preparation for these financial statements. In assessing going concern they have assumed that the loans received from the parent company to date will not be repaid for the foreseeable future and, on that basis, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue in respect of property rental represents the value of amounts received for rents. Rent is recognised net of VAT in the period to which it relates. Revenue in respect of the Gym operations, represents the value of amounts received for membership fees and other services. These are recognised net of VAT in the period to which they relate.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Depreciation 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:
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Short-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investment property is carried at fair value and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instruments transactions that result in a recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loands from related parties.
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.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
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Operating leases: the Company as lessor
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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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial year are as follows:
Depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values. The actual lives of the assets and residual values are assessed annually and may vary. Residual values consider matters such as future market conditions, the remaining estimated life of the asset and the discount required to apply cash flows on estimated disposal values to calculate their net present values.
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The average monthly number of employees, including directors, during the year was 23 (2022 - 2).
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The goodwill on assets and liabilities acquired in the year was deemed to have £nil value and therefore impaired in full.
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Charge for the year on owned assets
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Short-term Leasehold property
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Furniture, fittings and equipment
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Freehold investment property
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Long term leasehold investment property
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The bank loans were three individual mortgages, which are all secured by the first legal charge against the investment property to which they relate. The properties were sold and all the mortgages were repaid in the period.
Hire purchase creditors are secured against the assets to which they relate.
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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The following liabilities were secured:
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Details of security provided:
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Hire purchase creditors are secured against the assets to which they relate.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Allotted, called up and fully paid
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Commitments under operating leases : as the lessee
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Commitments under operating leases : as the lessor
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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The Company has taken advantage of the exemption available under FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into with the parent or between two or more members of the group, where all entities are wholly owned subsidiary undertakings. Consolidated financial statements are prepared by the ultimate parent company, Hansa Aktiengesellschaft and copies of these are available from Hansa Aktiengesellschaft,Via Brattas 2, 7500 St. Moritz, Switzerland.
During the year, the Company received rental income totalling £16,000 (2022: £36,673) from a close family member of the director of the parent company. At the year end £nil was outstanding (2022: £nil).
During the year, the Company issued complimentary gym memberships to a director and two of their close family members. Complimentary memberships were also given to the director of a parent company and six of their close family members.
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IMMO HANSA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Transfer of net liabilities
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On 31 July 2023, the Company entered into a net liability transfer agreement with Mode Club Limited (fellow subsidiary). The net liabilities of Mode Club Limited at 31 July 2023 of £8,088,646 were transferred into Immo Hansa (UK) Limited on this date for £1 consideration. The goodwill arising on the transfer has been fully impaired during the year as the gym operated by Immo Hansa (UK) Limited has an entirely separate brand and customer base to that owned by Mode Club Limited.
The ultimate parent company is Hansa Aktiengesellschaft, a Swiss company limited by shares, by virtue of its 100% holding in the issued share capital of the company.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 29 November 2024 by Deborah Graham (Senior Statutory Auditor) on behalf of Ryecroft Glenton.
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