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Registration number: 14683041

Eaton Mews West Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

Eaton Mews West Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 6

 

Eaton Mews West Ltd

(Registration number: 14683041)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

18,600,000

19,832,089

Debtors

5

1,893,886

3,224

Cash at bank and in hand

 

79,087

43,289

 

20,572,973

19,878,602

Prepayments and accrued income

 

389,305

295,551

Creditors: Amounts falling due within one year

6

-

(9,900,000)

Total assets less current liabilities

 

20,962,278

10,274,153

Creditors: Amounts falling due after more than one year

6

(25,527,966)

(11,848,447)

Accruals and deferred income

 

(83,189)

(67,122)

Net liabilities

 

(4,648,877)

(1,641,416)

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

(4,649,877)

(1,642,416)

Shareholders' deficit

 

(4,648,877)

(1,641,416)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 May 2025 and signed on its behalf by:
 

.........................................
Mr George Stamp Brooksbank
Director

 

Eaton Mews West Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
21-23 Ives Street
Chelsea
London
SW3 2ND

The financial statements for the period ended 31 December 2023 were prepared in accordance with Financial Reporting Standard 105. For the year ended 31 December 2024, the Company has decided to recognise a deferred tax asset on unrelieved tax losses and therefore the financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities.

These financial statements were authorised for issue by the Board on 9 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and 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 disclosures are required to show a true and fair view.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Eaton Mews West Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Eaton Mews West Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Work in progress

18,600,000

19,832,089

Impairment of stocks

The amount of impairment loss included in profit or loss is £2,017,032 (2023 - £Nil).

The carrying amount of stocks pledged as security for liabilities amounted to £18,600,000 (2023 - £19,832,089).

5

Debtors

Current

2024
£

2023
£

Other debtors

343,927

3,224

Prepayments

389,305

295,551

Deferred tax assets

1,549,959

-

 

2,283,191

298,775

 

Eaton Mews West Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Loans and borrowings

-

9,900,000

Accruals

83,189

67,122

83,189

9,967,122

Due after one year

Loans and borrowings

10,284,517

-

Other financial liabilities

15,243,449

11,848,447

25,527,966

11,848,447

Creditors: amounts falling due within one year

Creditors include bank loans which are secured of £Nil (2023 - £9,900,000).

Creditors: amounts falling due after more than one year

Creditors include bank loans which are secured of £10,284,517 (2023 - £Nil).

The company has a loan facility with ABC International Bank Plc, bearing interest at SONIA plus 3.75%, with interest accruing on a quarterly basis. The facility is due for repayment in full on 30 March 2027.

The loan facility is secured by a charge over the freehold property known as 1–4 Eaton Mews West.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

'A' Ordinary Shares of £1 each

545

545

545

545

'B' Ordinary Shares of £1 each

455

455

455

455

1,000

1,000

1,000

1,000

 

Eaton Mews West Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024 (continued)

8

Related party transactions

Summary of transactions with all entities with joint control or significant interest

The below amount includes deep discount bonds issued by the company. The bonds were issued at a value of £6,200,000. During the year, the Company recognised a discount element expense of £1,230,374 (2023: £890,845). The maturity date is the earlier of 11 April 2026 and the sale of the properties.

The below amount also includes loans from the joint venture parent entities and the maturity date is the earlier of 9 May 2026 and the sale of the properties.

2024

Entities with joint control or significant influence
£

Total
£

At start of period

11,848,447

11,848,447

Advanced

3,395,002

3,395,002

At end of period

15,243,449

15,243,449

2023

Entities with joint control or significant influence
£

Total
£

Advanced

11,853,447

11,853,447

Repaid

(5,000)

(5,000)

At end of period

11,848,447

11,848,447

Summary of transactions with other related parties

Included in cost of sales for the year ended 31st December 2024 are development costs of £195,000 (2023: £Nil). The company is connected to Eaton Mews West Ltd by virtue of common directorship.

Included in cost of sales for the year ended 31st December 2024 are project management fees of £40,000 (2023: £84,000) and acquisition fees of £Nil (2023: £109,500). The company is connected to Eaton Mews West Ltd by virtue of common directorship.

9

Parent and ultimate parent undertaking

The company's immediate parent is FCP (London II) Ltd, incorporated in the United Kingdom.

 The ultimate parent is FCP Fund II Ltd, incorporated in Jersey.