| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2024 |
| FOR |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED |
| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2024 |
| FOR |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED (REGISTERED NUMBER: 09321577) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| Pavilion View |
| 19 New Road |
| Brighton |
| East Sussex |
| BN1 1EY |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED (REGISTERED NUMBER: 09321577) |
| BALANCE SHEET |
| 31 JANUARY 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Investment property fair value reserve | 9 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED (REGISTERED NUMBER: 09321577) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2024 |
| 1. | STATUTORY INFORMATION |
| Hammersmith Medicines Research (Properties) Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis, despite the net current liabilities of £1,053,124 (2023: £1,045,685). At the year end, the company owed £1,045,339 (£1,043,033) to its parent company, Hammersmith Medicines Research Limited. The owner of the parent company is in advanced negotiations to sell 100% of the shares in Hammersmith Medicines Research Limited. Upon completion of the sale, the shares in Hammersmith Medicines Research (Properties) Limited will be transferred from Hammersmith Medicines Research Limited to the current ultimate controlling party. A condition of the proposed sale is that Hammersmith Medicines Research Limited will write off the amount due from Hammersmith Medicines Research (Properties) Limited. |
| Due to the company's financial position at the year end and thereafter, and due to the proposed sale of the parent company not yet having been completed, and the intercompany balance not yet having been written off, a material uncertainty exists regarding the company's ability to continue as a going concern. |
| The director expects the sale to go ahead and for the intercompany balance to be written off. The current shareholder has expressed his willingness to support the company in respect of its remaining minimal external liabilities upon transfer of the shares. On that basis, the director is satisfied that the going concern basis of preparing the financial statements is 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. |
| Turnover |
| Turnover is measured at fair value of the consideration received or receivable. |
| Turnover represents rent receivable from the letting of the company's investment properties. Rent receivable is recognised on a straight line basis over the lease term. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Investment property |
| Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and transferred to the fair value reserve at the balance sheet date. |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED (REGISTERED NUMBER: 09321577) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 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. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 February 2023 |
| and 31 January 2024 |
| DEPRECIATION |
| At 1 February 2023 |
| Charge for year |
| At 31 January 2024 |
| NET BOOK VALUE |
| At 31 January 2024 |
| At 31 January 2023 |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED (REGISTERED NUMBER: 09321577) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 February 2023 |
| Revaluations | 7,000 |
| At 31 January 2024 |
| NET BOOK VALUE |
| At 31 January 2024 |
| At 31 January 2023 |
| Fair value at 31 January 2024 is represented by: |
| £ |
| Valuation in 2017 | (2,617 | ) |
| Valuation in 2018 | 26,576 |
| Valuation in 2019 | (64,302 | ) |
| Valuation in 2020 | 41,776 |
| Valuation in 2023 | (1,405 | ) |
| Valuation in 2024 | 7,000 |
| Cost | 1,002,972 |
| 1,010,000 |
| Investment property was valued on an open market basis on 31 January 2024 by the director . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 9. | RESERVES |
| Reserves include all current and prior period profits and losses included within Retained Earnings and all movements in investment property revaluations included within the Investment Property Fair Value Reserve. |
| HAMMERSMITH MEDICINES RESEARCH |
| (PROPERTIES) LIMITED (REGISTERED NUMBER: 09321577) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2024 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | ULTIMATE PARENT COMPANY |
| Hammersmith Medicines Research Limited is regarded by the director as being the company's ultimate parent company. The ultimate parent company prepares group financial statements. |
| Registered office and principal place of business: 44 Cumberland Avenue, London NW10 7EW. |