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Registered number: 03257021









LONDONWIDE PROPERTIES PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
LONDONWIDE PROPERTIES PLC
 
 
COMPANY INFORMATION


Directors
I L G Hesmondhalgh 
C V Ellingworth 
T R Newman 




Company secretary
I L G Hesmondhalgh



Registered number
03257021



Registered office
First Floor Radius House
51 Clarendon Road

Watford

Hertfordshire

WD17 1HP




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Radius House

51 Clarendon Road

Watford

Herts

WD17 1HP




Bankers
C. Hoare & CO
37 Fleet Street

London

EC4P 4DQ




Solicitors
Wolferstans
60 North Hill

Plymouth

PL4 8EP





 
LONDONWIDE PROPERTIES PLC
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 24


 
LONDONWIDE PROPERTIES PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The principal activity of the company in the year under review was that of property development and renewable energy.

Business review
 
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.
Page 1

 
LONDONWIDE PROPERTIES PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Other key performance indicators
 
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.

Directors' statement of compliance with duty to promote the success of the Company
 
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.
 
Page 2

 
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.



I L G Hesmondhalgh
Director

Date: 21 March 2025

Page 3

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

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. 

Directors

The directors who served during the year were:

I L G Hesmondhalgh 
C V Ellingworth 
T R Newman 

Future developments

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.

Engagement with suppliers, customers and others

The Directors create a good working relationship with its suppliers by dealing with queries and invoices promptly.

Page 4

 
LONDONWIDE PROPERTIES PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end. 

Auditor

The auditor, Hillier Hopkins LLPwill 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.
 





C V Ellingworth
Director

Date: 21 March 2025

Page 5

 
LONDONWIDE PROPERTIES PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDONWIDE PROPERTIES PLC
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 6

 
LONDONWIDE PROPERTIES PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDONWIDE PROPERTIES PLC (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
LONDONWIDE PROPERTIES PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDONWIDE PROPERTIES PLC (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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
Page 8

 
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.


Use of our 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 2006Our 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.





Katie Harvard Taylor ACA (Senior Statutory Auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP

24 March 2025
Page 9

 
LONDONWIDE PROPERTIES PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,964
7,892

Gross profit
  
13,964
7,892

Administrative expenses
  
(80,949)
(129,735)

Fair value movements
  
383,850
-

Operating profit/(loss)
  
316,865
(121,843)

Income from fixed assets investments
  
27,470
13,230

Interest receivable and similar income
 9 
10,332
3,225

Interest payable and similar expenses
 10 
(450)
(673)

Profit/(loss) before tax
  
354,217
(106,061)

Profit/(loss) for the financial year
  
354,217
(106,061)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 24 form part of these financial statements.

Page 10

 
LONDONWIDE PROPERTIES PLC
REGISTERED NUMBER: 03257021

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 12 
15
25,164

Investment property
 13 
941,349
214,000

  
941,364
239,164

Current assets
  

Stocks
 14 
54,168
296,668

Debtors: amounts falling due within one year
 15 
357,875
335,965

Cash at bank and in hand
 16 
298,449
398,582

  
710,492
1,031,215

Creditors: amounts falling due within one year
 17 
(63,629)
(27,527)

Net current assets
  
 
 
646,863
 
 
1,003,688

Total assets less current liabilities
  
1,588,227
1,242,852

Creditors: amounts falling due after more than one year
 18 
(116,717)
(125,559)

  

Net assets
  
1,471,510
1,117,293


Capital and reserves
  

Called up share capital 
 20 
308,000
308,000

Capital redemption reserve
 21 
275,000
275,000

Profit and loss account
 21 
888,510
534,293

  
1,471,510
1,117,293


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




I L G Hesmondhalgh
C V Ellingworth
Director
Director


Date: 21 March 2025
Date:21 March 2025

Page 11

 
LONDONWIDE PROPERTIES PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
308,000
275,000
640,354
1,223,354


Comprehensive income for the year

Loss for the year
-
-
(106,061)
(106,061)
Total comprehensive income for the year
-
-
(106,061)
(106,061)


Total transactions with owners
-
-
-
-



At 1 October 2023
308,000
275,000
534,293
1,117,293


Comprehensive income for the year

Profit for the year
-
-
354,217
354,217
Total comprehensive income for the year
-
-
354,217
354,217


Total transactions with owners
-
-
-
-


At 30 September 2024
308,000
275,000
888,510
1,471,510


The notes on pages 15 to 24 form part of these financial statements.

Page 12

 
LONDONWIDE PROPERTIES PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
354,217
(106,061)

Adjustments for:

Interest paid
450
673

Dividend income and other interest receivable
(37,802)
(21,347)

(Increase) in stocks
(32,500)
(21,668)

(Increase) in debtors
(33,774)
(50,570)

Decrease in amounts owed by joint ventures
11,864
5,108

(Decrease) in creditors
(7,248)
(6,620)

Increase in amounts owed to joint ventures
-
46,755

Net fair value (gains)/losses recognised in P&L
(383,850)
-

Net cash generated from operating activities

(128,643)
(153,730)


Cash flows from investing activities

Joint ventures interest received
10,332
3,225

Income from investments
-
4,892

Dividends received
27,470
13,230

Net cash from investing activities

37,802
21,347

Cash flows from financing activities

Repayment of loans
(8,842)
(8,839)

Interest paid
(450)
(673)

Net cash used in financing activities
(9,292)
(9,512)

Net (decrease) in cash and cash equivalents
(100,133)
(141,895)

Cash and cash equivalents at beginning of year
398,582
540,477

Cash and cash equivalents at the end of year
298,449
398,582


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
298,449
398,582

298,449
398,582


Page 13

 
LONDONWIDE PROPERTIES PLC
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

398,582

(100,133)

298,449

Debt due after 1 year

(125,559)

8,842

(116,717)

Debt due within 1 year

(9,000)

-

(9,000)


264,023
(91,291)
172,732

The notes on pages 15 to 24 form part of these financial statements.

Page 14

 
LONDONWIDE PROPERTIES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

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

 
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 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:

 
2.2

Going concern

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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

(i) Property development turnover comprises the proceeds of sales of land and development on a
completion / exchange basis.
(ii) Rental income represents rental income receivable net of Value Added Tax.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss 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.

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LONDONWIDE PROPERTIES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Investment property

Investment property is carried at fair value determined annually by directors or third party experts 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 profit or loss

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.9

Stock

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. 

 
2.10

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.

 
2.11

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

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.

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LONDONWIDE PROPERTIES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments have had the most significant effect on amounts recognised in the financial statements:

Investment Property
The investment property value has been estimated using average rental yields for the area. 

Recoverability of debtors
The recoverability of debtors has been assessed at the year end and up until the date of signing the financial statements. Management have based the decision to provide for any amounts based on their judgement of all the available information, and their experience of the specific nature of the debtor in question. 

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LONDONWIDE PROPERTIES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rental income
13,964
7,892

13,964
7,892


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
13,964
7,892



5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
8,000
7,600

Fees payable to the Company's auditor and its associates in respect of:

All other services
4,025
3,850
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LONDONWIDE PROPERTIES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
7,500
7,500


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
7,500
7,500



8.


Income from investments

2024
2023
£
£




Dividend income
27,470
13,230

27,470
13,230



9.


Interest receivable

2024
2023
£
£


Interest receivable
10,332
3,225

10,332
3,225

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LONDONWIDE PROPERTIES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
450
673


11.


Taxation


2024
2023
£
£




Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
354,217
(106,061)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
67,301
(20,152)

Effects of:


Dividends from UK companies
(5,219)
-

Unrelieved tax losses carried forward
10,850
20,152

Investment property revaluation
(72,932)
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

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

12.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Joint ventures
Total

£
£
£
£



Cost or valuation


At 1 October 2023
1
14
25,149
25,164


Transfer to investment property
-
-
(25,149)
(25,149)



At 30 September 2024
1
14
-
15





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Londonwide Properties (Marfleet) Limited
51 Clarendon Road, Watford, WD17 1 HP
Ordinary
100%


13.


Investment property


Investment property

£



Valuation


At 1 October 2023
214,000


Transfer from stock
275,000


Transfer from investments
25,149


Surplus on revaluation
427,200



At 30 September 2024
941,349

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

14.


Stocks

2024
2023
£
£

Exclusivity agreements
54,168
21,668

Work in progress
-
275,000



15.


Debtors

2024
2023
£
£


Trade debtors
1,893
-

Amounts owed by group undertakings
168,572
168,572

Amounts owed by undertakings in which the company has a participating interest
-
11,864

Other debtors
166,010
155,529

Prepayments and accrued income
21,400
-

357,875
335,965


Included in other debtors is a loan of £398,091 (2023: £398,091) to NMLF Limited Liability Partnership, a partnership in which Londonwide Properties is a member, engaged in a property development in Gainsborough, Lincolnshire. Due to anticipated losses in the LLP, the directors have made a total provision against this loan of £325,000 (2023: £325,000) leaving the closing balance of the loan plus interest accrued at £73,091 (2023: £73,091).
 
Included in other debtors is an advance to NMLF (2011) Limited, a company in which I L G Hesmondhalgh is a director, of £90,887 (2023: £79,715). 
The remainder of the balance held within other debtors relates to VAT repayable from HMRC.
Included within the amounts owed by undertakings in which the company has a participating interests, is a loan to Poseidon House of £nil (2023: £20,000). Also included within prepayments and accrued income is investment income accrued of £48,040 (2023: £38,619). The directors have made a total provision against this accrued income of £26,640 (2023: £46,755). 
Amounts owed by group undertakings is a loan to Londonwide Properties (Marfleet) Limited, a 100% subsidiary of the Company.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
298,449
398,582


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LONDONWIDE PROPERTIES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,000
9,000

Other creditors
43,429
79

Accruals and deferred income
11,200
18,448

63,629
27,527





18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,217
13,059

Other loans
112,500
112,500


The other loan is repayable no later than 31 December 2025 in accordance with the supplement to the loan agreement dated 20 October 2020, dated February 2023. This loan is secured against a property held in investment property. The bank loans are unsecured. 


19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,000
9,000

Amounts falling due 1-2 years

Bank loans
4,217
9,000

Other loans
112,500
112,500

Amounts falling due 2-5 years

Bank loans
-
4,059


125,717
134,559


Page 23

 
LONDONWIDE PROPERTIES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



616,000 (2023 - 616,000) Ordinary shares of £0.50 each
308,000
308,000



21.


Reserves

Capital redemption reserve

Capital redemption reserve arose when the company purchased its own shares.

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses. The profit and loss account includes £383,850 (2023: £nil) of non-distributable reserves relating to unrealised fair value movements in investment properties. 


22.


Related party transactions

Management fees of £31,250 (2023: £31,250) and performance fees of £nil (2023: £nil) were payable to I L G Hesmondhalgh and Hesmondhalgh Management LLP, a partnership in which I L G Hesmondhalgh has an interest. 
Consultancy fees of £nil (2023: £3,594) were payable to Hesmondhalgh Homes Ltd in respect of work carried out by S Hassani, an employee of a company in which I L G Hesmondhalgh is a director. Further consultancy fees of £59,250 (2023: £28,820) were payable directly to S Hassani during the year. 
Investment income for the year from Referent Limited of £27,470 (2023: £13,230).
Interest receivable on the NMLF (2011) Limited loan for the year of £10,332 (2023: £3,225). 


23.


Controlling party

There is no ultimate controlling party.

 
Page 24