Company registration number 12604531 (England and Wales)
LADBROKE PROPERTY HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LADBROKE PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 7
LADBROKE PROPERTY HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
4,898,433
Investment property
5
7,500,000
7,500,000
4,898,433
Current assets
Trade and other receivables
6
68,411
10,581
Cash and cash equivalents
23,669
15,518
92,080
26,099
Current liabilities
7
(70,326)
(2,556,875)
Net current assets/(liabilities)
21,754
(2,530,776)
Total assets less current liabilities
7,521,754
2,367,657
Non-current liabilities
8
(4,081,134)
(3,428,555)
Provisions for liabilities
(588,829)
Net assets/(liabilities)
2,851,791
(1,060,898)
Equity
Called up share capital
2,593,850
100
Retained earnings
257,941
(1,060,998)
Total equity
2,851,791
(1,060,898)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
D Peters
Director
Company registration number 12604531 (England and Wales)
LADBROKE PROPERTY HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2022
100
(417,834)
(417,734)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(643,164)
(643,164)
Balance at 31 December 2022
100
(1,060,998)
(1,060,898)
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,318,939
1,318,939
Issue of share capital
2,593,750
-
2,593,750
Balance at 31 December 2023
2,593,850
257,941
2,851,791
LADBROKE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Ladbroke Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.
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 at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company and group will continue in operational existence for the foreseeable future.
Following a restructuring of the funding and ownership of the company, the new joint venture arrangement injected new funding to continue development of the investment property and to repay external financing. The structure of the new agreement, means that a new £3m loan facility has been provided to the company which can be drawn down as required over the life of the development project.
The directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
1.3
Revenue
Revenue represents rental income receivable, which is derived from the investment property held by the company. Revenue is recognised as earned when, and to the extent that, the company obtains the right of consideration.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Over 50 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
LADBROKE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 trade and other payables, bank loans, loans from fellow group companies and shareholder loans 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LADBROKE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. During the year, and in the previous year, there were no significant or complex judgements or estimates made.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment properties
At each reporting end date, the directors consider whether the non-current assets, most notably the investment property, is presented at their fair market value. Fair value is ascertained through review of a number of factors, including market knowledge, recent market movements, historical valuations and movements in rental values. there is an inevitable degree of estimation involved and the directors uses a combination of these factors to determine whether any valuation uplift or impairment is required.
3
Employees
During the current and prior year, the company did not have any employees.
LADBROKE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Property, plant and equipment
Land and buildings
£
Cost
At 1 January 2023
5,116,390
Transfers
(5,116,390)
At 31 December 2023
Depreciation and impairment
At 1 January 2023
217,957
Transfers
(217,957)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
4,898,433
5
Investment property
2023
£
Fair value
At 1 January 2023
Additions
366,778
Transfers
4,898,433
Revaluations
2,234,789
At 31 December 2023
7,500,000
Investment property comprises of one property in London. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the property by an independent third party, who is not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
68,411
10,581
LADBROKE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Current liabilities
2023
2022
£
£
Trade payables
60,527
12,411
Other payables
9,799
2,544,464
70,326
2,556,875
8
Non-current liabilities
2023
2022
£
£
Other payables
4,081,134
3,428,555
Included within other payables due over more than 1 year are shareholder loans. The terms of these are described in note 10.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Bailey FCA CTA
Statutory Auditor:
TC Group
Date of audit report:
8 January 2025
10
Related party transactions
During the year, a corporate shareholder with significant control issued a loan facility to the company of £3 million. At the year end, the company owed £826,058 to this shareholder after partly drawing down the loan facility. Interest on the loan is charged at 6% per annum, during the year, interest of £30,678 was charged. This amount is unsecured and repayable within one year.
At the year end, the company owed £3,255,076 to another corporate shareholder. Interest on the loan is charged at 6% per annum, during the year, interest of £134,705 was charged. This amount is unsecured and repayable within one year.
During the year, a director of the company provided consultancy services to the company for £11,050 (2022: £62,224). There is no balance outstanding relation to these fees at the year end (2022: £nil). The costs have been capitalised as part of the ongoing construction work on the property.
11
Parent company
As at 31 December 2023, the company's immediate parent undertaking was Jeeran UK Limited, a company registered in England and Wales. The ultimate parent undertaking is Jeeran Holding Co K.S.C.C.