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REGISTERED NUMBER: 05530984 (England and Wales)






















Financial Statements

for the Year Ended 29 February 2024

for

Marshall Street Regeneration Limited

Marshall Street Regeneration Limited (Registered number: 05530984)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Marshall Street Regeneration Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: T J Robinson





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 05530984 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Marshall Street Regeneration Limited (Registered number: 05530984)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 716,150 722,038

CURRENT ASSETS
Work in progress 5 18,392,074 18,327,141
Debtors 6 613,606 368,895
Cash at bank 27,271 3,190
19,032,951 18,699,226
CREDITORS
Amounts falling due within one year 7 1,819,696 1,810,342
NET CURRENT ASSETS 17,213,255 16,888,884
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,929,405

17,610,922

CREDITORS
Amounts falling due after more than one
year

8

36,691,241

33,439,784
NET LIABILITIES (18,761,836 ) (15,828,862 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 628,936 628,936
Retained earnings 11 (19,390,872 ) (16,457,898 )
SHAREHOLDERS' FUNDS (18,761,836 ) (15,828,862 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 April 2025 and were signed by:





T J Robinson - Director


Marshall Street Regeneration Limited (Registered number: 05530984)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Marshall Street Regeneration Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts are prepared on a going concern basis due to the agreement of the director together with the Vinyl Factory Limited, the parent company of the group, to continue to support the Company. If this support was not to continue then the basis may not be appropriate.

Should the Company then not be able to continue trading, adjustments to the value of assets would be needed to provide for any further liabilities which may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

The realisable value of the development property (£30,062,500) is significantly larger than the carrying amount (£18,392,074). Despite there not being sufficient headroom on the company's net liabilities there are plans to restructure the debt. For this reason alongside the support of the group, the going concern basis is considered appropriate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Antiques and artwork - not provided

Antiques and artwork
Antiques and artwork are held at cost and are not depreciated as, in the opinion of the director, they will not suffer a reduction in value over time. Nonetheless, the assets will be reviewed annually for any impairment in their value.

Interests in long leasehold
The interests in long leasehold represents the ground rent portfolio from the development. The portfolio is stated at the market value based on regular external valuations (with annual reviews undertaken by the director).This is reflected in the value of the asset shown in the balance sheet, with any changes in the valuation reflected in movements in the revaluation reserve.

Work in progress
Work in progress comprises residential property that is in the process of being developed by the Company for resale. All such property is valued at the lower of cost and net realisable value. During development stages all costs associated with the development are held within work in progress and capitalised until the property is sold.

Bank charges and legal charges directly attributable to the development of the properties are capitalised and included within the cost of the asset.

Financial instruments
The facility provided by the issue of bonds was shared with other related companies and the shareholders of the company. The proportion relating to the company is shown within other loans.

The liability in relation to the Bond and attributable to the company may vary from year to year depending on the allocation of the cross guarantees and the ultimate shareholder guarantees. Any variation in the allocation would not impact the net assets of the company shown in the Balance Sheet.


Marshall Street Regeneration Limited (Registered number: 05530984)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Interests Fixtures Antiques
in long and and
leasehold fittings artwork Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2023
and 29 February 2024 662,500 68,946 35,986 767,432
DEPRECIATION
At 1 March 2023 - 45,394 - 45,394
Charge for year - 5,888 - 5,888
At 29 February 2024 - 51,282 - 51,282
NET BOOK VALUE
At 29 February 2024 662,500 17,664 35,986 716,150
At 28 February 2023 662,500 23,552 35,986 722,038

Cost or valuation at 29 February 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2015 628,936 - 628,936
Cost 33,564 104,932 138,496
662,500 104,932 767,432

Marshall Street Regeneration Limited (Registered number: 05530984)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

If interests in long leasehold had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 33,564 33,564

Interests in long leasehold were valued on an open market basis on 30 June 2015 by Jones Lang LaSalle Limited .

5. WORK IN PROGRESS

In February 2024 the development property was valued on an open market basis at £30,062,500 by Jones Lang LaSalle Limited. This is £11,670,426 higher than the value of £18,392,074 (the cost of acquisition and development) at which it is stated in the accounts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 110,854 117,911
Other debtors 502,752 250,984
613,606 368,895

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,074 9,826
Trade creditors 169,687 134,384
Amounts owed to group undertakings 1,298,808 1,359,292
Other creditors 341,127 306,840
1,819,696 1,810,342

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 17,365 27,442
Other creditors 36,673,876 33,412,342
36,691,241 33,439,784

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 35,876,876 32,615,342

The loan was taken out by way of issuing a zero coupon discounted bond. The loan is secured by way of a cross guarantee over properties owned by the shareholders of the company, properties owned by Marshall Street Regeneration Limited, properties owned by related companies, The Vinyl Factory Limited and Fineyork Limited. The shareholders provide the ultimate guarantee for the bond.

The loan was due to mature on 31st May 2024. However a refinance of the loan meant that an interest rate of 10% per annum is now chargeable until the new maturity date of 31st May 2025.

Marshall Street Regeneration Limited (Registered number: 05530984)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 (16,457,898 ) 628,936 (15,828,962 )
Deficit for the year (2,932,974 ) (2,932,974 )
At 29 February 2024 (19,390,872 ) 628,936 (18,761,936 )

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Colcomb FCCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

13. CONTROLLING PARTY

The company's parent undertaking is The Vinyl Factory Limited. The registered office of the parent undertaking is 15 Newland, Lincoln, Lincolnshire, LN1 1XG. The principle place of business is 16-18 Marshall Street, London, W1F 7BE.