Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LONDONWIDE PROPERTIES PLC
COMPANY INFORMATION
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LONDONWIDE PROPERTIES PLC
CONTENTS
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LONDONWIDE PROPERTIES PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The principal activity of the company in the year under review was that of property development and renewable energy.
Marfleet
The company is in ongoing discussions with a potential buyer for the sale of the subsidiary having signed Heads of Terms shortly before the year end. The site held by the company has been independently valued at £600,000 as a possible commercial development site. Should the sale of the subsidiary complete a lease will be put in place with the buyer for use of the site as a battery storage facility. Other non-Referent battery Sites The company is continuing its search for other battery storage sites and has employed a member of staff to identify sub stations and land that which may be of interest. The aim is to sign exclusivity agreements with site owners who have land immediately adjacent to sub-stations. So far, the company has managed to sign up 4 sites and is continuing to look for other sites. Poseidon House This is a joint arrangement with Risk Capital. The company owns 21.4% of the property and Risk Capital owns 78.6% of the property. The property is currently under offer with the sale expected to complete shortly once funding has been obtained by the perspective purchaser. If it completes the company should receive circa £260,000 for its share of the proceeds. Gainsborough, NMLF & John Mackay This is the development of a block of flats in Gainsborough, Lincolnshire. Some 18 flats remain which are owned by NMLF LLP with a further 2 owned by the company and John Mackay (see below). The amount that was originally invested was £398,091. This was written down in the books to £73,091 in the 2019 accounts. The company is also owed some £90,000 by NMLF (2011) Ltd in connection with this investment. The company owns 2 properties in the block with John Mackay. These continue to be fully let and produce a modest income. The sales market in Gainsborough remains depressed although the rental market is active. Loans The company took out a Bounce Back loan of £45,000 during the pandemic and has continued to pay it off and at January 2025 it stood at £10,263. The purchase of Marfleet was facilitated by a joint venture/loan with Findon Place Investments of £112,500. This loan originally expired in June 2023, but Findon has agreed to extend this until December 2025. We have no other loans.
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LONDONWIDE PROPERTIES PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The company is exposed to a variety of risks. These could range from the wider effects of the general economy and external competition to those more specific to the company, such as its own financial strength and size. The Board regularly review these risks and their potential impact on the company.
The Board monitors the company's performance through the use of regular financial information and management reports. The Board focuses on the company's levels of profitability, liquidity and balance sheet strength.
No formal code or standard on payment practice is followed by the company but its creditors are paid under normal commercial conditions. Creditors in respect of property development costs are paid on the date payment is contractually due. Other creditors are generally paid within thirty days.
The Directors of the Company have due regard to the each of the requirements of section 172 of the Companies Act 2006 as follows:
a. The likely consequences of any decision in the long term The Board is responsible for the management and oversight of the company’s business and operations. The Board will always consider the likely consequence of any decision in the long term. b. The need to foster the company's business relationships with suppliers, customers and others The Board identifes the importance of fostering relationships with suppliers and customers and maintains strong relationships with these stakeholders. c. The impact of the group's operations on the community and the environment The Board considers the impact of its operations on the community and environment in its decision making. This is considered to be very low.
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LONDONWIDE PROPERTIES PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
d. The desirability of the company maintaining a reputation for high standards of business conduct At all times we endeavour to meet our Corporate Governance obligations and work to high standards of good business conduct. The company complies with all relevant legislation and engages with relevant authorities on a transparent basis where required. e. The need to act fairly as between members of the Company All members of the company hold ordinary shares which attach the same rights and benefits.
This report was approved by the board and signed on its behalf.
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LONDONWIDE PROPERTIES PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £354,217 (2023 - loss £106,061).
The directors do not recommend a dividend for the year.
The directors who served during the year were:
The company will focus on the Marfleet purchase to ensure the business project is profitable. Ivo Hesmondhalgh will be reporting separately to the shareholders on the company’s developments in detail.
The Directors create a good working relationship with its suppliers by dealing with queries and invoices promptly.
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LONDONWIDE PROPERTIES PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditor, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LONDONWIDE PROPERTIES PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDONWIDE PROPERTIES PLC
We have audited the financial statements of Londonwide Properties PLC (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LONDONWIDE PROPERTIES PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDONWIDE PROPERTIES PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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LONDONWIDE PROPERTIES PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDONWIDE PROPERTIES PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
∙the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
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LONDONWIDE PROPERTIES PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDONWIDE PROPERTIES PLC (CONTINUED)
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Herts
WD17 1HP
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LONDONWIDE PROPERTIES PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LONDONWIDE PROPERTIES PLC
REGISTERED NUMBER: 03257021
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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LONDONWIDE PROPERTIES PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LONDONWIDE PROPERTIES PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LONDONWIDE PROPERTIES PLC
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Londonwide Properties Plc is a company limited by shares incorporated in England and Wales under the Companies Act. The address of the registered office is Radius House, 51 Clarendon Road, Watford, Hertfordshire, WD17 1HP.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis. The directors have reviewed the company's financial position and its ability to continue as a going concern.
As part of the going concern review the directors have considered the profitability of the new Marfleet project. Based on current information and cash held the preparation of the financial statements on a going concern basis is considered appropriate in the opinion of the directors. completion / exchange basis. (ii) Rental income represents rental income receivable net of Value Added Tax.
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Stock represents the cost of trading property and redevelopment work thereon, including finance costs in respect of bank funding. Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Net realisable value is based on estimated selling price less further costs to completion and disposal. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying value amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Analysis of turnover by country of destination:
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
There were no factors that may affect future tax charges.
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The 2024 valuations were made by the Directors or third party experts, on an open market value for existing use basis.
The transfer from stock/investments relates to the Marfleet site and Granary Warf.
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LONDONWIDE PROPERTIES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Capital redemption reserve
Profit and loss account
There is no ultimate controlling party.
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