| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| SEVEN CAPITAL (BROADWAY) LIMITED |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| SEVEN CAPITAL (BROADWAY) LIMITED |
| SEVEN CAPITAL (BROADWAY) LIMITED (REGISTERED NUMBER: 09246831) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| SEVEN CAPITAL (BROADWAY) LIMITED |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| 2 Wheeleys Road |
| Edgbaston |
| Birmingham |
| West Midlands |
| B15 2LD |
| SEVEN CAPITAL (BROADWAY) LIMITED (REGISTERED NUMBER: 09246831) |
| Statement of Financial Position |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| SEVEN CAPITAL (BROADWAY) LIMITED (REGISTERED NUMBER: 09246831) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Seven Capital (Broadway) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Inventory |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Costs incurred by the company for the conversion of commercial property into residential flats including overheads directly attributable to the project are carried forward as stock until all have been disposed of. The profit/loss will be realised in the accounting period in which the flats are sold. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| SEVEN CAPITAL (BROADWAY) LIMITED (REGISTERED NUMBER: 09246831) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Basic financial instruments |
| Trade and Other Debtors/Creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
| Interest bearing borrowings classified as basic financial instruments |
| Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
3,000 |
3,500 |
| 5. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Closing work in progress |
| SEVEN CAPITAL (BROADWAY) LIMITED (REGISTERED NUMBER: 09246831) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation Tax |
| VAT | - | 32,001 |
| Other creditors |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Accruals and deferred income |
| Accruals and deferred income relates to accruals of £7,367,888 (2023: £7,367,888) for interest on the loans which are payable upon completion of the project. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | 1 | 98 | 98 |
| Ordinary B | 1 | 1 | 1 |
| Ordinary C | 1 | 1 | 1 |
| 100 | 100 |
| Each Ordinary A Share has one voting right and right to receive 20% of the dividends and distribution. |
| Each Ordinary B Share has one voting right and right to receive 64% of the dividends and distribution. |
| Each Ordinary C share has one voting right and right to receive 16% of the dividends and distribution. |
| SEVEN CAPITAL (BROADWAY) LIMITED (REGISTERED NUMBER: 09246831) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| At 30 September 2024 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | CONTINGENT LIABILITIES |
| The directors are aware of cladding remedial work that is required to the development project completed. |
| The cost of these remedial works has not yet been quantified. |
| 14. | RELATED PARTY DISCLOSURES |
| 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. |
| During the year, the company was charged management fees of £40,000 (2023: £102,000) by its parent company Seven Capital Plc which is registered in England. |
| At the year end, the company had outstanding amount payable to the following companies which are registered in England: |
| 1. Seven Capital Plc, Parent company of £147 (2023:£147) |
| 2. Seven Capital (Fabric Square) Ltd , associated company of £8,776 (2023: £8,776) |
| 3.Seven Capital (1 Hagley Road) Ltd, associated company of £200,000 (2023: £200,000) |
| 4.Seven Capital (Broadway Residences) Ltd, associated company of £782,802 (2023: £760,512) |
| At the year end, the company had outstanding amount receivables from the following companies which are registered in England: |
| 1. Seven Capital (Chelmsford) Ltd, associated company of £Nil (2023:£155,000) |
| 2. Seven Capital (DMS) Ltd , associated company of £30,000 (2023: £10,000) |
| 3. Seven Capital (Highgate Hill) Ltd , associated company of £916,600 (2023: £656,000) |
| 15. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| The consolidated group accounts can be found at the registered office of the parent company Seven Capital Plc at 97 Park Lane, Mayfair, London W1K 7TG. |