Silverfin false false 31/05/2024 01/06/2023 31/05/2024 N Aldabbous 25/05/2022 J Aldabbous 19/07/2022 25 February 2025 The principal activity of the company is that of property investment. 14131296 2024-05-31 14131296 bus:Director1 2024-05-31 14131296 bus:Director2 2024-05-31 14131296 2023-05-31 14131296 core:CurrentFinancialInstruments 2024-05-31 14131296 core:CurrentFinancialInstruments 2023-05-31 14131296 core:Non-currentFinancialInstruments 2024-05-31 14131296 core:Non-currentFinancialInstruments 2023-05-31 14131296 core:ShareCapital 2024-05-31 14131296 core:ShareCapital 2023-05-31 14131296 core:FurtherSpecificReserve1ComponentTotalEquity 2024-05-31 14131296 core:FurtherSpecificReserve1ComponentTotalEquity 2023-05-31 14131296 core:RetainedEarningsAccumulatedLosses 2024-05-31 14131296 core:RetainedEarningsAccumulatedLosses 2023-05-31 14131296 bus:OrdinaryShareClass1 2024-05-31 14131296 2023-06-01 2024-05-31 14131296 bus:FilletedAccounts 2023-06-01 2024-05-31 14131296 bus:SmallEntities 2023-06-01 2024-05-31 14131296 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 14131296 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 14131296 bus:Director1 2023-06-01 2024-05-31 14131296 bus:Director2 2023-06-01 2024-05-31 14131296 2022-05-25 2023-05-31 14131296 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 14131296 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 14131296 bus:OrdinaryShareClass1 2022-05-25 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14131296 (England and Wales)

CENTERLAKE HOLDINGS LTD

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

CENTERLAKE HOLDINGS LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

CENTERLAKE HOLDINGS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
CENTERLAKE HOLDINGS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 31.05.2024 31.05.2023
£ £
Fixed assets
Investment property 3 17,065,010 4,230,462
17,065,010 4,230,462
Current assets
Debtors 4 139,755 724,166
Cash at bank and in hand 5 353,853 320,551
493,608 1,044,717
Creditors: amounts falling due within one year 6 ( 10,073,507) ( 3,675,342)
Net current liabilities (9,579,899) (2,630,625)
Total assets less current liabilities 7,485,111 1,599,837
Creditors: amounts falling due after more than one year 7 ( 7,748,400) ( 1,692,500)
Net liabilities ( 263,289) ( 92,663)
Capital and reserves
Called-up share capital 8 3 3
Fair value reserve ( 195,334 ) 0
Profit and loss account ( 67,958 ) ( 92,666 )
Total shareholders' deficit ( 263,289) ( 92,663)

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 Centerlake Holdings Ltd (registered number: 14131296) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N Aldabbous
Director

25 February 2025

CENTERLAKE HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
CENTERLAKE HOLDINGS LTD

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 period, unless otherwise stated.

General information and basis of accounting

Centerlake Holdings Ltd (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 3 Bunhill Row, London, EC1Y 8YZ, 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 financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The company made a loss for the period and at the Statement of Financial Position date, it had net current liabilities of £9,579,899 and net liabilities of £263,289.

The directors have confirmed that the Company will continue to receive support from its directors, and that related party loans within creditors due within one year of £10,049,998 will not be recalled until such time that the Company can afford to do so.

On this basis, they consider it appropriate to continue to prepare the financial statements on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

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.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

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 Income and Retained Earnings/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.

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.

2. Employees

Year ended
31.05.2024
Period from
25.05.2022 to
31.05.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 3

3. Investment property

Investment property
£
Valuation
As at 01 June 2023 4,230,462
Additions 13,029,882
Fair value movement (195,334)
As at 31 May 2024 17,065,010

Valuation

A full market valuation of the investment properties was carried out for the year ending 31 May 2024 by external valuers; Bellevue Mortlakes and Foster Slater.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

31.05.2024 31.05.2023
£ £
Historic cost 17,260,344 4,230,462

4. Debtors

31.05.2024 31.05.2023
£ £
Other debtors 139,755 724,166

5. Cash and cash equivalents

31.05.2024 31.05.2023
£ £
Cash at bank and in hand 353,853 320,551

6. Creditors: amounts falling due within one year

31.05.2024 31.05.2023
£ £
Other creditors 10,073,507 3,675,342

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

31.05.2024 31.05.2023
£ £
Bank loans (secured) 7,748,400 1,692,500

The bank loans are secured by a fixed and floating charge covering all the properties and undertakings of the company.

8. Called-up share capital

31.05.2024 31.05.2023
£ £
Allotted, called-up and fully-paid
3 Ordinary shares of £ 1.00 each 3 3

9. Related party transactions

Included within other creditors are balances totalling £10,049,998 (2023: £3,604,998) due to the directors of the company. These balances are unsecured and interest free, with no fixed repayment terms.