Company registration number 04456464 (England and Wales)
ST. DOMINICS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ST. DOMINICS PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
ST. DOMINICS PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,735,000
3,830,000
Investments
4
100
100
3,735,100
3,830,100
Current assets
Debtors
5
949,977
836,819
Cash at bank and in hand
1,534
816
951,511
837,635
Creditors: amounts falling due within one year
6
(2,173,830)
(4,854,149)
Net current liabilities
(1,222,319)
(4,016,514)
Total assets less current liabilities
2,512,781
(186,414)
Creditors: amounts falling due after more than one year
7
(2,800,573)
Provisions for liabilities
8
(117,139)
(140,888)
Net liabilities
(404,931)
(327,302)
Capital and reserves
Called up share capital
9
100
100
Investment property revaluation reserve
433,813
505,064
Profit and loss reserves
(838,844)
(832,466)
Total deficit
(404,931)
(327,302)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ST. DOMINICS PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
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 No. 04456464
ST. DOMINICS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
St. Dominics Properties Limited is a private company limited by shares incorporated and domiciled in England. The company's principal place of business is 52 Portland Place, London, W1B 1NH.
The registered office is .
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 modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the Companytrue had net current liabilities of £1,222,319 (2023: £4,016,514 ), and net liabilities of £404,931 (2023; £327,302).
The Directors consider the going concern basis to be appropriate because, in their opinion, the Company will continue to obtain sufficient funding from fellow group companies, and if required from other related companies under common control, to enable it to pay its debts as they fall due for at least 12 months from the date of approval of these financial statements.
1.3
Turnover
Turnover represents rent receivable from investment properties. Rent receivable from tenants are measured at fair value. Rental income is recognised in the period to which it arises on an accrual 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 initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
The fair value model is determined by the directors with the benefit of professional external valuers and derived by reference to market evidence of transaction prices for similar properties in their locations together with a review of property rental yields.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
ST. DOMINICS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
1.7
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.
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 fellow group 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.8
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.
1.9
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.
ST. DOMINICS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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
3
Investment property
2024
£
Fair value
At 1 April 2023
3,830,000
Revaluations
(95,000)
At 31 March 2024
3,735,000
No depreciation is provided in respect of these properties.
On an historical cost basis the investment property would have been included at an original cost of £3,187,196 (2023: £3,187,196).
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
ST. DOMINICS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
24,417
60,486
Amounts owed by group undertakings
522,893
456,582
Other debtors
402,667
319,751
949,977
836,819
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,741,059
Trade creditors
11,146
7,109
Amounts owed to group undertakings
106,186
106,286
Taxation and social security
12,093
Other creditors
2,044,405
1,999,695
2,173,830
4,854,149
The bank loan is secured by fixed and floating charges over the investment property of the company and a cross-guarantee with connected entities.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
2,800,573
The bank loan is charged at 10% compounded and services quarterly in arrears. The loan is repayable in full including any outstanding interest, costs and expenses on the date which all become due and payable being the earlier of 36 months from the date of advance of funds or date lender gives notification of an event or default.
The bank loan is secured by fixed and floating charges over the investment property of the company and a cross-guarantee with connected entities.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
117,139
140,888
ST. DOMINICS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
10
Financial commitments, guarantees and contingent liabilities
The company is a party to a cross guarantee and has given a legal charge over its freehold properties to Westbrooke Alternative Asset Management UK Limited (as security agent for the finance parties) to secure loan advances to the company and other related companies. As at 31 March 2024, the amount owed by all the borrowers amounted to £12,510,000.
In earlier years the company was a party to a cross guarantee and has given a legal charge over its freehold properties to Mount Street Mortgage Services Limited (as security agent for the finance parties) to secure loan advances to the company and other related companies. As at 31 March 20243, the amount owed by all the borrowers amounted to £10,986,109.
11
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption available under section 1A C.35 of FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
1,888,202
1,838,712
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
273,345
273,205
12
Parent company
The ultimate parent company is Coffer Investments Limited, and its registered office is 30 City Road, London, EC1Y 2AB.