Registered number: 07159783
SHUBETTE PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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SHUBETTE PROPERTIES LIMITED
REGISTERED NUMBER: 07159783
BALANCE SHEET
AS AT 30 SEPTEMBER 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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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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SHUBETTE PROPERTIES LIMITED
REGISTERED NUMBER: 07159783
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 statement of comprehensive income 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 3 to 13 form part of these financial statements.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Shubette Properties Limited ('the Company') is a private company limited by shares and registered in England and Wales. The address of the Company's registered office and principal place of business is Shubette House, 2 Apsley Way, London, NW2 7HF.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future.
Given that the Company is able to meet its working capital requirements without the financial assistance of a third party; the directors are of the opinion that:
∙there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence; and
∙while there will always remain an inherent uncertainty, there is no observable evidence to suggest that this uncertainty would be consider as being material and in turn cast significant doubt about the ability of the Company to continue as a going concern.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Going concern (continued)
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Consequently, the directors continue to adopt the going concern basis in preparing the Company's financial statements and have not recognised any adjustments in the financial statements that would be relevant should application of the going concern basis no longer be considered appropriate.
Turnover comprises revenue recognised by the Company in respect of rentals receivable.
Revenues in respect of rentals receivable are recognised in profit or loss in accordance with the terms of the underlying rental arrangement to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured at the fair value of the consideration receivable excluding Value Added Tax.
Taxation for the Company comprises of current (i.e. corporation) and deferred taxation with respect to operations undertaken solely in the UK and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date. The directors of the Company will periodically evaluate positions taken in tax returns with respect to situations in which tax regulation is subject to interpretation and in turn will establish a provision, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended upon acquisition.
After recognition, under the revaluation model, other fixed assets included within tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less ubsequent accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is provided on the following basis:
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years on a straight line basis
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Depreciation of a tangible fixed asset commences once the asset is available for use.
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property comprises of property held by the Company to earn income or for capital appreciation, or both.
Investment property is initially recognised at purchase cost plus directly attributable acquisition expenses and subsequently measured at fair value. Investment properties are not depreciated.
Gains and losses arising from changes in fair value are recognised in profit or loss during the period in which they arise.
Purchases and sales of investment property are recognised when contracts have been unconditionally exchanged and the significant risks and rewards of ownership have been transferred. An investment property is derecognised for accounting purposes upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value) is recognised in profit or loss in the period the asset is derecognised.
Fixed asset investments comprise of the following:
∙Holdings in unlisted company shares and interest bearing loans. Such investments are forms of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date. Interest receivable towards interest bearing loans is recognised using the effective interest method with interest receivable but not paid as of the balance sheet date included in debtors falling due within one year as part of prepayments and accrued income.
∙Interests in joint ventures which are accounted for using the equity method. Under this method, the Company recognises its investment initially at cost and subsequently adjusts this for its share of profits or losses, recognised in profit or loss within non-operating items, and accumulated provision for impairment.
Properties held in stocks are valued at the lower of cost and net realisable value.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Debtors excluding deferred tax assets (see note 2.6) are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment.
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Cash and cash equivalents
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Cash balances are reported as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors (excluding bank and other loans) are initially measured and subsequently held at transaction price.
Bank and other loans are initially recognised at their transaction price and subsequently measured at amortised cost using the effective interest method.
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually reevaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgments, estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Valuation of investment properties
∙A fair value assessment involves an inevitable degree of judgment in that each property is unique and whose value can only ultimately be reliably tested in the market itself. In their assessment, the directors apply a rental yield derived from readily available market data; however given the spread of yield percentages available the directors are required to apply judgment in determining which yield percentage most appropriately reflects the investment property held by the Company and therefore should be applied in their assessment.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3.Judgments in applying accounting policies (continued)
Valuation of stocks
∙When assessing net realisable value, the directors consider the nature and condition of stocks held; and taking into account current and expected market activity, the likelihood of future sale and whether the current carrying value exceeds the expected net sales value.
Impairment of debtors
∙When assessing the recoverable value, the directors consider a variety of factors including the ageing profile of the debt, historical and market experience with the debtor and the quality of communications to date.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Charge for the year on owned assets
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Investment in joint ventures
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Freehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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The carrying value of stocks are stated net of impairment losses totalling £nil (2023: £nil).
Impairment losses totalling £nil (2023: £nil) were recognised in profit and loss.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Due after more than one year
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are non-interest bearing and repayable on demand with no fixed date of repayment.
Other loans of £454,455 (2023: £201,826) are secured by virtue of a legal mortgage against the investment property held by the Company.
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Creditors: Amounts falling due after more than one year
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Other loans of £605,772 (2023: £807,726) are secured by virtue of a legal mortgage against the investment property held by the Company.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14.Deferred taxation (continued)
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The deferred tax balance is made up as follows:
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Fair value gains on investment properties
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Asset - due after one year
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Deferred tax of £nil is expected to reverse in the following financial reporting period.
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Other reserves
Other reserves comprise of all current and prior period non-distributable gains and losses net of deferred taxation in respect of fair value movements on revaluation of investment properties held by the Company originally recognised through profit or loss.
Profit and loss account
The profit and loss account includes all current and prior period retained profits and (losses) net of amounts distributed to the Company's equity shareholders.
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Related party transactions
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At the balance sheet date, the Company was owed £500,000 (2023: £Nil) from Gina Bacconi Trading Limited, a company under common control.
The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
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SHUBETTE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Company's immediate parent company is Shubette Group of Companies Limited which holds a 100% interest in the total voting rights of the Company.
Consolidated financial statements for Shubette Group of Companies Limited are not publicly available by virtue of exemptions available under section 383 of the Companies Act 2006 on the grounds that Shubette Group of Companies Limited and its subsidiary undertakings qualify as small both individually and on consolidation.
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