Subiaco Properties Ltd 07726931 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is property developments and rentals. Digita Accounts Production Advanced 6.30.9574.0 true 07726931 2023-09-01 2024-08-31 07726931 2024-08-31 07726931 bus:OrdinaryShareClass1 2024-08-31 07726931 bus:OrdinaryShareClass2 2024-08-31 07726931 core:CurrentFinancialInstruments 2024-08-31 07726931 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 07726931 core:Non-currentFinancialInstruments 2024-08-31 07726931 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 07726931 core:FurnitureFittingsToolsEquipment 2024-08-31 07726931 bus:SmallEntities 2023-09-01 2024-08-31 07726931 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 07726931 bus:FilletedAccounts 2023-09-01 2024-08-31 07726931 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 07726931 bus:RegisteredOffice 2023-09-01 2024-08-31 07726931 bus:Director1 2023-09-01 2024-08-31 07726931 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 07726931 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 07726931 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07726931 bus:Agent1 2023-09-01 2024-08-31 07726931 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 07726931 countries:EnglandWales 2023-09-01 2024-08-31 07726931 2023-08-31 07726931 core:FurnitureFittingsToolsEquipment 2023-08-31 07726931 2022-09-01 2023-08-31 07726931 2023-08-31 07726931 bus:OrdinaryShareClass1 2023-08-31 07726931 bus:OrdinaryShareClass2 2023-08-31 07726931 core:CurrentFinancialInstruments 2023-08-31 07726931 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 07726931 core:Non-currentFinancialInstruments 2023-08-31 07726931 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 07726931 core:FurnitureFittingsToolsEquipment 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07726931

Subiaco Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Subiaco Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Subiaco Properties Ltd

Company Information

Director

J S Chana

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered AccountantsLawford House
Albert Place
London
N3 1QA

 

Subiaco Properties Ltd

(Registration number: 07726931)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,287

977

Investment property

5

4,087,223

3,968,178

 

4,089,510

3,969,155

Current assets

 

Debtors

6

226,481

223,887

Cash at bank and in hand

 

4,910

14,838

 

231,391

238,725

Creditors: Amounts falling due within one year

7

(22,538)

(20,514)

Net current assets

 

208,853

218,211

Total assets less current liabilities

 

4,298,363

4,187,366

Creditors: Amounts falling due after more than one year

7

(2,341,188)

(2,881,313)

Provisions for liabilities

(252,633)

(222,872)

Net assets

 

1,704,542

1,083,181

Capital and reserves

 

Called up share capital

9

200

200

Other reserves

928,125

928,125

Profit and loss account

776,217

154,856

Shareholders' funds

 

1,704,542

1,083,181

For the financial year ending 31 August 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Subiaco Properties Ltd

(Registration number: 07726931)
Balance Sheet as at 31 August 2024

Approved and authorised by the director on 29 May 2025
 

.........................................
J S Chana
Director

 

Subiaco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
3rd Floor
Lawford House
Albert Place
London
N3 1QA
United Kingdom

These financial statements were authorised for issue by the director on 29 May 2025.

2

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 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).

Basis of preparation

These 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 are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.

 

Subiaco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Judgements

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not
readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from
these estimates.
Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or
in the period of the revision and future periods if the revision affects both the current period and subsequent periods.

Key sources of estimation uncertainty

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

As discussed in the notes to the financial statements, investment properties held as fixed assets are stated at fair value. This policy requires that a reasonable assessment of fair value is capable of being made and that market value reflects fair value. The carrying amount is £4,087,223 (2023 -£3,968,178).

Revenue recognition

Revenue represents amounts receivable for rent and is recognised when it is due.

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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Subiaco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Subiaco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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

Fixtures, fittings and equipment

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

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.

 

Subiaco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 (including the director) during the year, was 2 (2023 - 1).

 

Subiaco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

3,610

3,610

Additions

1,881

1,881

At 31 August 2024

5,491

5,491

Depreciation

At 1 September 2023

2,633

2,633

Charge for the year

571

571

At 31 August 2024

3,204

3,204

Carrying amount

At 31 August 2024

2,287

2,287

At 31 August 2023

977

977

5

Investment properties

2024
£

At 1 September

3,968,178

Additions

11,544

Fair value adjustments

107,501

At 31 August

4,087,223

The investment properties have been revalued at each year end by the director who is internal to the company. The basis of this valuation was open market value. This class of assets has historical cost of £2,803,929 (2023 - £2,792,385).


6

Debtors

 

Subiaco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Current

2024
£

2023
£

Trade debtors

3,678

-

Prepayments

847

697

Other debtors

221,956

223,190

 

226,481

223,887

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

138

2,814

Taxation and social security

217

-

Accruals and deferred income

5,400

2,700

Other creditors

16,783

15,000

22,538

20,514

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,341,188

2,881,313

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,864,827

1,829,952

Other borrowings

476,361

1,051,361

2,341,188

2,881,313

Bank borrowings are denominated in pound sterling and are secured over the investment properties of the company.

 

Subiaco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

200

200

200

200

The 'A' Ordinary shares and 'B' Ordinary shares rank pari passu except with regard to entitlement to dividends which may vary.

10

Related party transactions

Included within other debtors is an amount of £196,956 (2023 - £196,956) due from connected company in which the director and shareholders have a material interest. The loan is provided interest-free and repayable on demand.

Included within creditors due more than one year, an amount of £476,361 (2023 - £1,051,361) is owed to connected company in which the director and shareholders have a material interest. The loan is provided interest-free and unsecured, repayable in more than one year.

During the year £600,000 (2023 - Nil) were written off as exceptional income.