Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-252024-03-25trueThe principal activity of the company in the year under review was that of property development and investments.2023-03-26false22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02922171 2023-03-26 2024-03-25 02922171 2022-03-26 2023-03-25 02922171 2024-03-25 02922171 2023-03-25 02922171 c:Director2 2023-03-26 2024-03-25 02922171 d:FreeholdInvestmentProperty 2023-03-26 2024-03-25 02922171 d:FreeholdInvestmentProperty 2024-03-25 02922171 d:FreeholdInvestmentProperty 2023-03-25 02922171 d:CurrentFinancialInstruments 2024-03-25 02922171 d:CurrentFinancialInstruments 2023-03-25 02922171 d:Non-currentFinancialInstruments 2024-03-25 02922171 d:Non-currentFinancialInstruments 2023-03-25 02922171 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-25 02922171 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-25 02922171 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-25 02922171 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-25 02922171 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-25 02922171 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-25 02922171 d:ShareCapital 2024-03-25 02922171 d:ShareCapital 2023-03-25 02922171 d:RetainedEarningsAccumulatedLosses 2024-03-25 02922171 d:RetainedEarningsAccumulatedLosses 2023-03-25 02922171 d:AcceleratedTaxDepreciationDeferredTax 2024-03-25 02922171 d:AcceleratedTaxDepreciationDeferredTax 2023-03-25 02922171 d:OtherDeferredTax 2024-03-25 02922171 d:OtherDeferredTax 2023-03-25 02922171 c:FRS102 2023-03-26 2024-03-25 02922171 c:AuditExemptWithAccountantsReport 2023-03-26 2024-03-25 02922171 c:FullAccounts 2023-03-26 2024-03-25 02922171 c:PrivateLimitedCompanyLtd 2023-03-26 2024-03-25 02922171 e:PoundSterling 2023-03-26 2024-03-25 iso4217:GBP xbrli:pure
Registered number: 02922171


SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 25 MARCH 2024


















img651f.png
Chartered Accountants
2nd Floor, Heathmans House
19 Heathmans Road
London
SW6 4TJ

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
FOR THE YEAR ENDED 25 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SAMSON PROPERTIES (LEXHAM MEWS) LIMITED for the year ended 25 March 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of SAMSON PROPERTIES (LEXHAM MEWS) LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SAMSON PROPERTIES (LEXHAM MEWS) LIMITED and state those matters that we have agreed to state to the Board of Directors of SAMSON PROPERTIES (LEXHAM MEWS) LIMITED, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SAMSON PROPERTIES (LEXHAM MEWS) LIMITED and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that SAMSON PROPERTIES (LEXHAM MEWS) LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SAMSON PROPERTIES (LEXHAM MEWS) LIMITED. You consider that SAMSON PROPERTIES (LEXHAM MEWS) LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of SAMSON PROPERTIES (LEXHAM MEWS) LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Haggards Crowther LLP
 
Chartered Accountants
  
2nd Floor, Heathmans House
19 Heathmans Road
London
SW6 4TJ
31 January 2025
Page 1

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
REGISTERED NUMBER: 02922171

BALANCE SHEET
AS AT 25 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,333,185
5,328,185

  
5,333,185
5,328,185

Current assets
  

Stocks
  
741,115
741,115

Debtors: amounts falling due within one year
 6 
2,708,661
2,708,410

Cash at bank and in hand
 7 
113,882
222,336

  
3,563,658
3,671,861

Creditors: amounts falling due within one year
 8 
(1,110,387)
(513,296)

Net current assets
  
 
 
2,453,271
 
 
3,158,565

Total assets less current liabilities
  
7,786,456
8,486,750

Creditors: amounts falling due after more than one year
 9 
(4,003,072)
(4,603,072)

Provisions for liabilities
  

Deferred tax
  
(674,089)
(632,479)

  
 
 
(674,089)
 
 
(632,479)

Net assets
  
3,109,295
3,251,199


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
3,109,293
3,251,197

  
3,109,295
3,251,199


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006.

The 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
Page 2

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
REGISTERED NUMBER: 02922171
    
BALANCE SHEET (CONTINUED)
AS AT 25 MARCH 2024

to the small companies regime.

The Company has opted not to file the statement of income and retained earnings 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 on 31 January 2025.




___________________________
P J Thompson
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024

1.


General information

Samson Properties (Lexham Mews) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02922171 and its registered address is 60 Pembroke road, London, England, W8 6NX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 

  
2.2

Turnover

Turnover represents the value of rental income provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Rents and service charges from lettings are recognised net of losses from voids. Income is recognised from the date the property is first let
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
 
 it is probable that the Company will receive the consideration due under the contract;
 
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
 
the costs incurred and the costs to complete the contract can be measured reliably

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to income statement on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to income statement over the term of the debt using the effective interest method so that 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.

Page 4

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in the income statement in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement 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.

 
2.7

Investment property

Investment property is carried at fair value determined annually 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. No depreciation is provided. Changes in fair value are recognised in the income statement..

 
2.8

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 cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet 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 the income statement.

Page 5

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

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.

  
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the income statement

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024

4.


Investment property


Freehold investment property

£



Valuation


At 26 March 2023
5,328,185


Additions at cost
5,000



At 25 March 2024
5,333,185

The valuations during the year were made by the directors, on an open market value for existing use basis.





5.


Stocks

2024
2023
£
£

Stocks
741,115
741,115

741,115
741,115



6.


Debtors

2024
2023
£
£


Trade debtors
50,834
130,897

Amounts owed by group undertakings
2,646,730
2,531,519

Other debtors
-
33,806

Prepayments and accrued income
11,097
12,188

2,708,661
2,708,410


Page 7

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
113,882
222,336

113,882
222,336



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
800,000
200,000

Trade creditors
33,132
23,134

Other taxation and social security
39,035
53,463

Other creditors
185,210
204,906

Accruals and deferred income
53,010
31,793

1,110,387
513,296



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,003,072
4,603,072

4,003,072
4,603,072


Page 8

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024

10.


Loans


2024
2023
£
£

Amounts falling due within one year

Bank loans
800,000
200,000


800,000
200,000


Amounts falling due 2-5 years

Bank loans
4,003,071
4,603,071


4,003,071
4,603,071


4,803,071
4,803,071


Last year, the company successfully refinanced a loan totalling £4,900,000. NatWest Plc, the appointed bankers, secured a first legal charge over the company's investment property assets as part of the restructuring process. The loan is due to expire in April 2027. Interest on the outstanding loan balance is calculated at the prevailing base rate plus the agreed margin of 3%.


11.


Deferred taxation




2024


£






At beginning of year
(632,479)


Charged to income statement
(41,610)



At end of year
(674,089)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax - balance b/fwd
(632,479)
(632,479)

Deferred tax - current year
(41,610)
-

(674,089)
(632,479)

Page 9

 
SAMSON PROPERTIES (LEXHAM MEWS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024

12.


Related party transactions

As at the year-end date, an amount of £195 (2023: £Nil) was owed by Watergate Properties Ltd, a company jointly owned by the directors but with no controlling party.
As at the year-end date, a sum of £19,111 (2023: £19,510) in respect of management fees was owed to Marrick House Ltd, a company under the control of the director P Thompson. This amount is unsecured, not subject to interest, and repayable on demand.
As at the year-end date, a sum of £90,865 (2023: £90,745) in respect of management fees was owed by Tableswitch Ltd, a company under the control of J Samuel. This amount is unsecured, not subject to interest, and repayable on demand.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 
Page 10