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Registration number: 09631011

Artillery Holdings Limited

Unaudited Annual Report and Financial Statements

for the Year Ended 30 September 2024


 

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Artillery Holdings Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Artillery Holdings Limited

Company Information

Director

R A Crozier

Registered office

130 Shaftesbury Avenue
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Artillery Holdings Limited

Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

142,209

Tangible assets

5

2,283,267

3,489,510

Investments

6

7,602,581

7,406,365

 

9,885,848

11,038,084

Current assets

 

Debtors

7

176,782

86,975

Cash at bank and in hand

 

191,256

247,435

 

368,038

334,410

Creditors: Amounts falling due within one year

8

(11,990,471)

(11,888,990)

Net current liabilities

 

(11,622,433)

(11,554,580)

Total assets less current liabilities

 

(1,736,585)

(516,496)

Provisions for liabilities - deferred tax

(8,317)

(9,877)

Net liabilities

 

(1,744,902)

(526,373)

Capital and reserves

 

Called up share capital

512

512

Profit and loss account

(1,745,414)

(526,885)

Shareholders' deficit

 

(1,744,902)

(526,373)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Artillery Holdings Limited

Statement of Financial Position as at 30 September 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The director has elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the director on 28 May 2025
 

.........................................

R A Crozier

Director

Company registration number: 09631011

 

Artillery Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
London
W1D 5EU

The principal activity of the company during the period was that of the letting and operating of real estate.

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had a net deficit at 30 September 2024 of £1,744,902.

The company's affairs are simplistic with expenses controllable. At 30 September 2024 the company was funded by a loan from the director of £11,814,563. The director has confirmed that he will continue to support the company and will not call for repayment until such at time as it has sufficient working capital.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rents charged to tenants of the investment properties in the ordinary course of the company's activities on a time apportioned basis. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

The company recognises rental income in the period to which it relates.

 

Artillery Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

10% straight line

Investment property

Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment properties are revalued to fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Intangible assets

Intangible assets are recognised when it is probable that a future economic benefit that is attributable to the asset will flow to the company and when the cost of the asset can be reliably measured.

Intangible assets are initially recognised at cost. Subsequent impairment reviews are completed on the intangible assets held by the company such that they are held at cost less any impairment losses.

 

Artillery Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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 income statement 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 during the year, was 0 (2023 - 0).

 

Artillery Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

175,000

175,000

Disposals

(75,000)

(75,000)

At 30 September 2024

100,000

100,000

Impairment

At 1 October 2023

32,791

32,791

Impairment charge

100,000

100,000

Impairment eliminated on disposals

(32,791)

(32,791)

At 30 September 2024

100,000

100,000

Carrying amount

At 30 September 2024

-

-

At 30 September 2023

142,209

142,209

Intangible assets are in respect of litigation participation rights.

5

Tangible assets

Investment Property
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

3,450,000

62,430

3,512,430

Revaluations

(1,200,000)

-

(1,200,000)

At 30 September 2024

2,250,000

62,430

2,312,430

Depreciation

At 1 October 2023

-

22,920

22,920

Charge for the year

-

6,243

6,243

At 30 September 2024

-

29,163

29,163

Carrying amount

At 30 September 2024

2,250,000

33,267

2,283,267

At 30 September 2023

3,450,000

39,510

3,489,510

The investment property is included at open market value, as valued by the director at the period end.

 

Artillery Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Investments

2024
£

2023
£

Other investments

7,602,581

7,406,365

Other investments

£

Fair value

At 1 October 2023

7,406,365

Fair value adjustments

(110,143)

Additions

526,530

Disposals

(220,171)

At 30 September 2024

7,602,581

Carrying amount

At 30 September 2024

7,602,581

At 30 September 2023

7,406,365

7

Debtors

2024
£

2023
£

Trade debtors

1,767

35,444

Other debtors

175,015

51,531

176,782

86,975

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

9

125,407

-

Trade creditors

 

17,404

15,640

Other creditors

 

11,847,660

11,873,350

 

11,990,471

11,888,990

 

Artillery Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

125,407

-

Bank overdrafts are secured by a fixed charge over the investments held by the company.