Registered number: 06389811
101 NEW BOND STREET LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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101 NEW BOND STREET LIMITED
COMPANY INFORMATION
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101 NEW BOND STREET LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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101 NEW BOND STREET LIMITED
REGISTERED NUMBER: 06389811
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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101 NEW BOND STREET LIMITED
REGISTERED NUMBER: 06389811
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 7 form part of these financial statements.
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101 NEW BOND STREET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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The notes on pages 4 to 7 form part of these financial statements.
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101 NEW BOND STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
101 New Bond Street Limited is a private company, limited by shares, incorporated in England and Wales with registration number 06389811. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of the parent company to provide such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of the financial statements of the company.
Revenue represents rental income receivable and the recharge of rates and service charges (where appropriate). This is accrued on a straight line basis.
Interest income is recognised in profit or loss using the effective interest method.
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101 NEW BOND STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is carried at fair value determined every three years by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The directors undertake their own valuation in the intervening years. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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101 NEW BOND STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Freehold investment property
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The company's investment property was revalued to fair value at 31 December 2022 based on an assessment of the valuation undertaken by Jones Lang LaSalle Limited, on an open market value for existing use basis. The directors consider there to be no material change to the valuation.
The group has pledged this investment property, valued at a total of £53,500,000, to secure loan notes provided to the ultimate parent undertaking by related parties.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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101 NEW BOND STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The provision for deferred taxation is made up as follows:
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Property revaluation timing differences
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Allotted, called up and fully paid
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1 (2023 - 1) Ordinary share of £1
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Profit and loss account
The profit and loss account represents cumulative realised and unrealised profits and losses net of dividends and other adjustments.
The company is in a VAT group headed by its parent company PS&N (Holdings) Limited. Whilst the returns are filed under PS&N (Holdings) Limited and the liability paid by PS&N (Holdings) Limited, the company remains jointly and severally responsible for group VAT liabilities.
The immediate and ultimate parent company and controlling party is PS&N (Holdings) Limited, a company incorporated and registered in England and Wales. Consolidated financial statements are prepared for PS&N (Holdings) Limited, which is the smallest and largest group for which consolidated financial statements are prepared of which the company is a member.
Copies of the PS&N (Holdings) Limited financial statements are available from Companies House.
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