Company registration number 10637964 (England and Wales)
CAMDEN 159 PROPERTY MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
CAMDEN 159 PROPERTY MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CAMDEN 159 PROPERTY MANAGEMENT LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
5,229,650
5,229,650
Investments
4
1,000,000
-
0
6,229,650
5,229,650
Current assets
Debtors
5
131,353
218,631
Cash at bank and in hand
11,814
16,399
143,167
235,030
Creditors: amounts falling due within one year
6
(5,022,318)
(4,758,291)
Net current liabilities
(4,879,151)
(4,523,261)
Total assets less current liabilities
1,350,499
706,389
Creditors: amounts falling due after more than one year
7
(500,000)
-
0
Net assets
850,499
706,389
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
850,498
706,388
Total equity
850,499
706,389

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
M Abduljawad
Director
Company registration number 10637964 (England and Wales)
- 1 -
CAMDEN 159 PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
Company information

Camden 159 Property Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 34-35 Clarges Street, London, W1J 7EJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises rental income, service charges and other recoveries from tenants of the company's investment property (net of value added tax). Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments
Other investments, which consists of a classic car held for capital appreciation, are initially recgonised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

- 2 -
CAMDEN 159 PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
5,229,650

The investment property of £5,229,650 (2023: £5,229,650) is pledged as security for a related party loan.

 

The property is carried at cost which the directors' believe represents fair value at the year-end. Therefore, no adjustments have been made.

- 3 -
CAMDEN 159 PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
2024
2023
£
£
Other investments
1,000,000
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
-
Additions
1,000,000
At 31 March 2024
1,000,000
Carrying amount
At 31 March 2024
1,000,000
At 31 March 2023
-
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
12,153
12,153
Other debtors
119,200
206,478
131,353
218,631
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,596
4,356
Amounts owed to group undertakings
4,543,372
4,667,159
Taxation and social security
12,442
13,096
Other creditors
463,908
73,680
5,022,318
4,758,291
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
500,000
-
0
- 4 -
CAMDEN 159 PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

9
Parent company

The ultimate parent undertaking is Luxaj Investments S.A., a company based in Luxembourg whose registered office is 1A Heienhaff, L-1736 Senningerberg, Luxembourg. There were no group consolidated financial statements prepared.

 

- 5 -
2024-03-312023-04-01false27 December 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityA AbduljawadE AbduljawadM Abduljawadfalsefalse106379642023-04-012024-03-31106379642024-03-31106379642023-03-3110637964core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110637964core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110637964core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3110637964core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110637964core:CurrentFinancialInstruments2024-03-3110637964core:CurrentFinancialInstruments2023-03-3110637964core:ShareCapital2024-03-3110637964core:ShareCapital2023-03-3110637964core:RetainedEarningsAccumulatedLosses2024-03-3110637964core:RetainedEarningsAccumulatedLosses2023-03-3110637964bus:Director32023-04-012024-03-31106379642022-04-012023-03-31106379642023-03-3110637964core:WithinOneYear2024-03-3110637964core:WithinOneYear2023-03-3110637964core:Non-currentFinancialInstruments2024-03-3110637964core:Non-currentFinancialInstruments2023-03-3110637964bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110637964bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110637964bus:FRS1022023-04-012024-03-3110637964bus:AuditExemptWithAccountantsReport2023-04-012024-03-3110637964bus:Director12023-04-012024-03-3110637964bus:Director22023-04-012024-03-3110637964bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP