Silverfin false false 30/09/2024 01/10/2023 30/09/2024 N S Bastos 01/09/2015 Dr O Bayoumi 01/09/2015 25 February 2025 The principal activity of the Company during the financial year was property investment. 09754880 2024-09-30 09754880 bus:Director1 2024-09-30 09754880 bus:Director2 2024-09-30 09754880 2023-09-30 09754880 core:CurrentFinancialInstruments 2024-09-30 09754880 core:CurrentFinancialInstruments 2023-09-30 09754880 core:ShareCapital 2024-09-30 09754880 core:ShareCapital 2023-09-30 09754880 core:RetainedEarningsAccumulatedLosses 2024-09-30 09754880 core:RetainedEarningsAccumulatedLosses 2023-09-30 09754880 bus:OrdinaryShareClass1 2024-09-30 09754880 2023-10-01 2024-09-30 09754880 bus:FilletedAccounts 2023-10-01 2024-09-30 09754880 bus:SmallEntities 2023-10-01 2024-09-30 09754880 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09754880 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09754880 bus:Director1 2023-10-01 2024-09-30 09754880 bus:Director2 2023-10-01 2024-09-30 09754880 2022-10-01 2023-09-30 09754880 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 09754880 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09754880 (England and Wales)

22 LADBROKE SQUARE LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

22 LADBROKE SQUARE LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

22 LADBROKE SQUARE LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
22 LADBROKE SQUARE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 18,656,312 18,572,196
18,656,312 18,572,196
Current assets
Debtors 4 6,724 10,976
Cash at bank and in hand 2 2
6,726 10,978
Creditors: amounts falling due within one year 5 ( 18,936,480) ( 18,777,568)
Net current liabilities (18,929,754) (18,766,590)
Total assets less current liabilities (273,442) (194,394)
Net liabilities ( 273,442) ( 194,394)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account ( 273,444 ) ( 194,396 )
Total shareholders' deficit ( 273,442) ( 194,394)

For the financial year ending 30 September 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 22 Ladbroke Square Ltd (registered number: 09754880) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Dr O Bayoumi
Director

25 February 2025

22 LADBROKE SQUARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
22 LADBROKE SQUARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

22 Ladbroke Square 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 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.

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 the directors, on an open market value for existing use basis.

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 and loans from related parties.

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.

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

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 October 2023 18,572,196
Additions 84,116
As at 30 September 2024 18,656,312

Valuation

A full market valuation of investment property was completed by directors at the statement of financial position date.

4. Debtors

2024 2023
£ £
Prepayments 6,724 10,976

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 264 0
Accruals 2,898 2,712
Other creditors 18,933,318 18,774,856
18,936,480 18,777,568

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Contingencies

Contingent assets

The company has a potential claim against the company responsible for the groundworks at the investment property shown in the accounts and their insurers in respect of negligence leading to the potential award under the Party wall Act noted below under Contingent Liabilities. The value is uncertain at the year end and no amount has been included in the accounts.

Contingent liabilities

The company has a contingent liability in respect of an award under the Party Wall Act in respect of damage sustained to a property adjacent to the investment property shown in the accounts. The value is uncertain at the year end and no amount has been included in the accounts.

On a sale of 9A Ladbroke Terrace; a change in control of the Company; or a winding up of the Company (or an event which in its view is likely to lead to a winding up of the Company), then Gradeview Properties Limited may at its discretion make an exit charge equivalent to 5% of the average balance owed to it by the Company at each relevant year end of the Company or other relevant date (pro rated as appropriate). If the triggering event had taken place at 30/09/2024 this could have resulted in a charge of approximately £6,306,878.

8. Related party transactions

Other related party transactions

2024 2023
£ £
Included within other creditors is a balance owed to a company under common control. This balance is unsecured and interest free, with no fixed repayment terms. 18,933,318 18,774,856