Company registration number 7508149 (England and Wales)
COLINDALE HYDE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COLINDALE HYDE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
COLINDALE HYDE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
620,000
679,156
Current assets
Debtors
4
4,079,956
4,067,685
Cash at bank and in hand
9,846
10,954
4,089,802
4,078,639
Creditors: amounts falling due within one year
5
(2,558,076)
(2,555,921)
Net current assets
1,531,726
1,522,718
Total assets less current liabilities
2,151,726
2,201,874
Creditors: amounts falling due after more than one year
6
(552,500)
(552,500)
Net assets
1,599,226
1,649,374
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,599,126
1,649,274
Total equity
1,599,226
1,649,374
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
A S Coffer
Director
Company registration number 7508149 (England and Wales)
COLINDALE HYDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Colindale Hyde Limited is a private company limited by shares incorporated in England and Wales. The registered office is Aldgate Tower, 2 Leman Street, London, E1 9US.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on a going concern basis. The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from related companies under common control to enable it to pay its debts as they fall due.true
1.3
Turnover
Turnover represents rent receivable from letting of investment properties. Rent receivable from tenants is measured at fair value. Rental income is recognised in the period to which it arises on an accruals basis and in accordance with the terms of the lease.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
The fair value model is determined by the directors with the benefit of professional 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.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
COLINDALE HYDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from connected companies 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
COLINDALE HYDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Investment property
2024
£
Fair value
At 1 April 2023
679,156
Revaluations
(59,156)
At 31 March 2024
620,000
No depreciation is provided in respect of these properties.
On a historical cost basis these would have been included at an original cost of £679,156.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,031
Other debtors
4,071,925
4,067,685
4,079,956
4,067,685
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
751
6,000
Other creditors
2,518,691
2,522,843
Accruals and deferred income
38,634
27,078
2,558,076
2,555,921
Other borrowings includes a loan secured by way of a fixed charge over the investment property of the company disclosed in note 3.
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
552,500
552,500
Other borrowings includes a loan secured by way of a fixed charge over the investment property of the company disclosed in note 3.
COLINDALE HYDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Loan interest paid
2024
2023
£
£
Other related parties
9,557
20,930
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
3,060,921
3,075,344
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
4,071,925
4,067,685
Other information
The amounts due to/from related parties are interest free and repayable on demand.