Registration number:
Eaton Mews West Ltd
for the Year Ended 31 December 2024
Eaton Mews West Ltd
Contents
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Eaton Mews West Ltd
(Registration number: 14683041)
Abridged Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
- |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
(4,649,877) |
(1,642,416) |
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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:
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• |
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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.
Approved and authorised by the
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......................................... |
Eaton Mews West Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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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)
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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)
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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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Stocks |
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2024 |
2023 |
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Work in progress |
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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 £
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Debtors |
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Current |
2024 |
2023 |
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Other debtors |
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Prepayments |
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Deferred tax assets |
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- |
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Eaton Mews West Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024 (continued)
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Creditors |
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Accruals |
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83,189 |
9,967,122 |
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Due after one year |
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Loans and borrowings |
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Other financial liabilities |
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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.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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545 |
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545 |
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455 |
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455 |
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Eaton Mews West Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024 (continued)
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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.
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2024 |
Entities with joint control or significant influence |
Total |
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At start of period |
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Advanced |
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At end of period |
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2023 |
Entities with joint control or significant influence |
Total |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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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.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is