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Company No: 09588364 (England and Wales)

EARLS COURT SQUARE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

EARLS COURT SQUARE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

EARLS COURT SQUARE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
EARLS COURT SQUARE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,350,000 1,350,000
1,350,000 1,350,000
Current assets
Stocks 779,424 779,424
Debtors 4 19,194 36,250
Cash at bank and in hand 2,371 8,289
800,989 823,963
Creditors: amounts falling due within one year 5 ( 647,293) ( 677,020)
Net current assets 153,696 146,943
Total assets less current liabilities 1,503,696 1,496,943
Creditors: amounts falling due after more than one year 6 ( 1,300,000) ( 1,300,000)
Provision for liabilities 7 ( 67,627) ( 67,627)
Net assets 136,069 129,316
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 202,885 202,885
Profit and loss account ( 66,916 ) ( 73,669 )
Total shareholders' funds 136,069 129,316

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Earls Court Square Limited (registered number: 09588364) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Schogger
Director

21 February 2025

EARLS COURT SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
EARLS COURT SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Earls Court Square Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Revenue from rental income is recognised in the period to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

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 purchase price of the property plus any subsequent work to the property.

At each reporting 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.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

***Offsetting***
Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 June 2023 1,350,000
As at 31 May 2024 1,350,000

Valuation

The valuation of the properties as at 31st May 2024 was £1,350,000 and were made by the director on an open market basis.

4. Debtors

2024 2023
£ £
Other debtors 19,194 36,250

5. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 3,840 7,490
Other creditors 643,453 669,530
647,293 677,020

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,300,000 1,300,000

The bank loan is secured by a fixed charge over the company's investment properly, and a debenture over all other assets of the company together with a personal guarantee from the shareholders up to a limit of £1,300,000.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 67,627) ( 61,151)
Charged to the Profit and Loss Account 0 ( 6,476)
At the end of financial year ( 67,627) ( 67,627)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

Included in other creditors is £562,078 (2023: £607,103) due to the directors. This balance is unsecured, interest free and repayable on demand.

Other related party transactions

Also included in other creditors is £81,375 (2023: £62,425) due to companies in which the directors have an interest. This balance is unsecured, interest free and repayable on demand.

Also included in other debtors is £19,194 (2023: £36,250) due from companies in which the directors have an interest. This balance is unsecured, interest free and repayable on demand.