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REGISTERED NUMBER: 09321577 (England and Wales)









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: Dr M J Boyce MD FRCP FPM HonFBPhS





REGISTERED OFFICE: Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY





REGISTERED NUMBER: 09321577 (England and Wales)





AUDITORS: Hartley Fowler LLP
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 4 266 398
Investment property 5 1,010,000 1,003,000
1,010,266 1,003,398

CURRENT ASSETS
Debtors 6 7,178 6,916
Cash in hand 100 100
7,278 7,016
CREDITORS
Amounts falling due within one year 7 1,060,402 1,052,701
NET CURRENT LIABILITIES (1,053,124 ) (1,045,685 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(42,858

)

(42,287

)

CAPITAL AND RESERVES
Called up share capital 8 100 100
Investment property fair value reserve 9 7,028 28
Retained earnings (49,986 ) (42,415 )
SHAREHOLDERS' FUNDS (42,858 ) (42,287 )

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 19 May 2025 and were signed by:





Dr M J Boyce MD FRCP FPM HonFBPhS - Director


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
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 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

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 8,769
DEPRECIATION
At 1 February 2023 8,371
Charge for year 132
At 31 January 2024 8,503
NET BOOK VALUE
At 31 January 2024 266
At 31 January 2023 398

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 1,003,000
Revaluations 7,000
At 31 January 2024 1,010,000
NET BOOK VALUE
At 31 January 2024 1,010,000
At 31 January 2023 1,003,000

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 7,178 6,916

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,649 397
Amounts owed to group undertakings 1,045,339 1,043,033
Other creditors 9,414 9,271
1,060,402 1,052,701

8. CALLED UP SHARE CAPITAL

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

Guy Rolliston (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

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.