Company registration number 10897501 (England and Wales)
PAGE STREET PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PAGE STREET PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
PAGE STREET PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
640,000
1,630,000
Current assets
Debtors
4
581,278
247,257
Cash at bank and in hand
1,735
10,292
583,013
257,549
Creditors: amounts falling due within one year
5
(871,030)
(1,958,245)
Net current liabilities
(288,017)
(1,700,696)
Total assets less current liabilities
351,983
(70,696)
Creditors: amounts falling due after more than one year
6
(483,590)
(3,706)
Provisions for liabilities
7
(33,914)
Net liabilities
(131,607)
(108,316)
Capital and reserves
Called up share capital
8
100
100
Investment property revaluation reserve
215,841
Profit and loss reserves
(131,707)
(324,257)
Total deficit
(131,607)
(108,316)
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.
PAGE STREET 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 Coffer
Director
Company Registration No. 10897501
PAGE STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Page Street Properties Limited is a private company limited by shares and is incorporated in England and Wales. The company's principal place of business is 52 Portland Place, London, W1B 1NH. The registered office is 2 Leman Street, London, United Kingdom, E1W 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 modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets by £288,017 (2023: £1,700,696) and has net liabilities of £131,607 (2023: £108,316).
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 connected 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 net of VAT 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. The surplus or deficit on revaluation is 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
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
PAGE STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
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 payments 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
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.
PAGE STREET 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
3
3
Investment property
2024
£
Fair value
At 1 April 2023
1,630,000
Disposals
(740,244)
Revaluations
(249,756)
At 31 March 2024
640,000
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 £745,959 (2023: £1,486,203).
Impairment losses of £105,958 (2023: £105,958) in respect of investment properties are carried forward at the year-end.
PAGE STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,995
Other debtors
574,283
247,257
581,278
247,257
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,067,588
Trade creditors
1,388
62,400
Other creditors
869,642
828,257
871,030
1,958,245
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
479,884
Other creditors
3,706
3,706
483,590
3,706
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.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
33,914
8
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
PAGE STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
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 Westbrook Alternative Asset Management UK Ltd (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 party to a cross guarantee and has given a legal charge over its freehold properties to Mount Street Mortgage Service Limited (as security agent for the finance parties) to secure loan advances to the company and other related companies. As at 31 March 2023, the amount owed by all the borrowers amounted to £10,986,109.
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
839,796
726,556
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
553,438
235,161