Company registration number 02325402 (England and Wales)
HOLLAND PARK INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HOLLAND PARK INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
HOLLAND PARK INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
31,350,000
27,500,000
Investments
5
2,345,802
2,345,802
33,695,802
29,845,802
Current assets
Stocks
7
386,242
386,242
Debtors
6
28,320,406
36,184,898
Cash at bank and in hand
110,744
35,064
28,817,392
36,606,204
Creditors: amounts falling due within one year
8
(38,319,088)
(43,631,029)
Net current liabilities
(9,501,696)
(7,024,825)
Total assets less current liabilities
24,194,106
22,820,977
Provisions for liabilities
9
(5,592,537)
(4,630,037)
Net assets
18,601,569
18,190,940
Capital and reserves
Called up share capital
10
2
2
Investment property revaluation reserve
11
20,172,301
17,284,801
Profit and loss reserves
11
(1,570,734)
906,137
Total equity
18,601,569
18,190,940

The director of the company has elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
W B Todd
Director
Company Registration No. 02325402
HOLLAND PARK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Holland Park Investments Limited is a private company limited by shares and is incorporated and domiciled in England. The company's registered office is 2 Leman Street, London, 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.

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
Prior period error

The comparative figures have been adjusted to reflect rent receivable of £1,291,567 and property expenses of £189,569, which were initially included in other operating income. These amounts have now been reclassified to turnover and cost of sales, respectively. Since these income and expenses relate to the company's principal activities, they have been restated to be recognised in turnover and cost of sales. This restatement has no impact on the overall profit or loss, resulting in a £nil effect.

1.3
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 £9,500,679.

 

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.

1.4
Turnover

Turnover represents amounts receivable for the sale of properties. The sale is recognised on completion or, if the sale is conditional, at the earlier of completion or satisfaction of the condition.

 

Rent receivable represents rental income and ground rent receivable from investment properties and 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. It is included within operating profit.

1.5
Investment properties

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 at 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.

HOLLAND PARK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Fixed asset investments

Interests in subsidiaries 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.

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stock of property is valued at the lower of cost and estimated selling price less costs to complete and sell.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
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.

HOLLAND PARK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
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.

HOLLAND PARK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment Properties

Investment properties are measured at fair value with any movement in valuation at the year-end being taken to profit or loss. The Directors have made key assumptions with the benefit of professional external valuers in the determination of the value of an investment property. The valuation was arrived at by reference to market evidence of transaction prices of similar properties in its location, together with a review of property rental yields.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).

2024
2023
Number
Number
Total
2
2
HOLLAND PARK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 July 2023
27,500,000
Revaluations
3,850,000
At 30 June 2024
31,350,000

The fair value of investment properties at the reporting date was based on a valuation carried out by the directors. The last formal valuation was carried out on 1 May 2024 by Savills UK, based on existing use base. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields. No depreciation is provided in respect of these properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
5,585,162
5,585,162
Accumulated depreciation
-
-
Carrying amount
5,585,162
5,585,162
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,345,802
2,345,802

Investments in subsidiaries are measured at cost less any accumulated impairment losses.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,655
45,524
Amounts owed by group undertakings
9,468,704
16,979,337
Other debtors
18,826,047
19,160,037
28,320,406
36,184,898
HOLLAND PARK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Debtors
(Continued)
- 7 -

Included within amounts owed by group undertakings are loans that are unsecured, interest free, has no fixed date of repayment and is repayable on demand.

 

Included within other debtors are loans totalling £1,216,880 (2023: £2,795,958) with connected entities. The loans are unsecured, interest free, has no fixed date of repayment and is repayable on demand.

 

Included in other debtors is £13,419,581 (2023: £12,256,485) owed by the director. Interest is charged at the HM Revenue & Customs official rate. The loan is unsecured and repayable on demand.

7
Stocks
2024
2023
£
£
Property stock
386,242
386,242
8
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
33,230,936
39,688,118
Taxation and social security
50,790
54,337
Other creditors
5,037,362
3,888,574
38,319,088
43,631,029

Included within amounts owed to group undertakings are loans that are unsecured, interest free, has no fixed date of repayment and is repayable on demand.

 

Included within other creditors are loans totalling £4,980,481 (2023: £3,825,706) with connected entities. The loans are unsecured, interest free, has no fixed date of repayment and is repayable on demand.

9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
5,592,537
4,630,037
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

11
Reserves
HOLLAND PARK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Reserves
(Continued)
- 8 -
Investment property revaluation reserve

Investment property revaluation reserve relates to non-distributable reserves arising from revaluation of investment property less deferred tax.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Bashir Khan ACCA
Statutory Auditor:
Gravita II LLP
Date of audit report:
28 March 2025
13
Financial commitments, guarantees and contingent liabilities

As at 30 June 2024, National Westminster Bank PLC holds fixed and floating charges over the assets of the company to secure loans in the name of Courtney Investments Limited, the ultimate parent company. At the year end the total loans owed by Courtney Investments Limited were £34.2 Million.

14
Events after the reporting date

The company entered into a Corporate guarantee in favour of Cencap Limited over the shares of the company, to secure a loan in the name of Portobello Road Limited, a connected company.

15
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rental income
Repairs and Maintenance contribution
2024
2023
2024
2023
£
£
£
£
Other related parties
77,986
76,000
20,759
23,000
HOLLAND PARK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
15
Related party transactions
(Continued)
- 9 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
4,980,481
3,825,706

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
1,216,880
2,795,958
Other information

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 of the group.

 

16
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's advances and credits
2.25
12,256,485
1,990,614
280,936
(1,108,454)
13,419,581
12,256,485
1,990,614
280,936
(1,108,454)
13,419,581
17
Parent company

The ultimate parent company is Courtney Investments Limited and its registered office is 2 Leman Street, London, E1W 9US.

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