0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 6,889,841 417,030 xbrli:pure xbrli:shares iso4217:GBP 10127527 2023-05-01 2024-04-30 10127527 2024-04-30 10127527 2023-04-30 10127527 2022-05-01 2023-04-30 10127527 2023-04-30 10127527 2022-04-30 10127527 bus:Director1 2023-05-01 2024-04-30 10127527 core:WithinOneYear 2024-04-30 10127527 core:WithinOneYear 2023-04-30 10127527 core:ShareCapital 2024-04-30 10127527 core:ShareCapital 2023-04-30 10127527 core:RetainedEarningsAccumulatedLosses 2024-04-30 10127527 core:RetainedEarningsAccumulatedLosses 2023-04-30 10127527 bus:SmallEntities 2023-05-01 2024-04-30 10127527 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 10127527 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 10127527 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10127527 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 10127527
38 Havelock Terrace Limited
Filleted Unaudited Financial Statements
30 April 2024
38 Havelock Terrace Limited
Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Cost of sales
6,072,913
------------
----
Gross loss
( 6,072,913)
Administrative expenses
87,648
3,564
Other operating income
81,500
57,000
------------
--------
Operating (loss)/profit
( 6,079,061)
53,436
Other interest receivable and similar income
4
127
Interest payable and similar expenses
5
810,780
609,602
------------
---------
Loss before taxation
( 6,889,841)
( 556,039)
Tax on loss
( 139,009)
------------
---------
Loss for the financial year and total comprehensive income
( 6,889,841)
( 417,030)
------------
---------
All the activities of the company are from continuing operations.
38 Havelock Terrace Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Current assets
Stocks
6
4,000,000
10,017,240
Debtors
7
430,686
428,476
Cash at bank and in hand
3,109
48
------------
-------------
4,433,795
10,445,764
Creditors: amounts falling due within one year
8
12,583,695
11,705,823
-------------
-------------
Net current liabilities
8,149,900
1,260,059
------------
------------
Total assets less current liabilities
( 8,149,900)
( 1,260,059)
------------
------------
Net liabilities
( 8,149,900)
( 1,260,059)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 8,150,000)
( 1,260,159)
------------
------------
Shareholder deficit
( 8,149,900)
( 1,260,059)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 April 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr W R Woodward-Fisher
Director
Company registration number: 10127527
38 Havelock Terrace Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Queripel House, 1 Duke Of York Square, London, SW3 4LY, Uk.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
127
----
----
5. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
810,780
609,602
---------
---------
6. Stocks
2024
2023
£
£
Property
4,000,000
10,017,240
------------
-------------
A valuation was carried out on 25th January 2025 by an independent chartered surveyor. The director considers that the value of the properties has not materially changed since 30th April 2024. Hence the stock has been impaired to the recent valuation.
7. Debtors
2024
2023
£
£
Other debtors
430,686
428,476
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,049,956
8,000,000
Other creditors
7,533,739
3,705,823
-------------
-------------
12,583,695
11,705,823
-------------
-------------
9. Related party transactions
The company is under the control of Mr W R Woodward-Fisher who is also the sole director. Included in the other creditors, there was an amount of £2,138,482 (2023: £38,907) due to Mr Woodward-Fisher as at 30 April 2024 after transfer of £1,941,575 due from the company to group companies under common ownership. This loan is unsecured, interest free and repayable on demand. Included in other creditors, there was also an amount of £1,689,212 (2023: 3,659,454) due to a related company in which Mr W R Woodwood-Fisher is also a director and shareholder. Other creditors also include a loan of £3,100,000 (2023: NIL) to the spouse of the company director and shareholder. The loan is unsecured, interest free and repayable on demand. During the year, the company received a loan of £550,000 (2023: NIL) from WRWF Family Pension scheme. The loan is unsecured, interest free and repayable over a five-year term. Additionally, the lender is entitled to 20% of any future profits generated from the development.