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Company No: 14352436 (England and Wales)

CLARGES MAYFAIR LIMITED

Unaudited Financial Statements
For the financial period from 01 October 2023 to 30 June 2024
Pages for filing with the registrar

CLARGES MAYFAIR LIMITED

Unaudited Financial Statements

For the financial period from 01 October 2023 to 30 June 2024

Contents

CLARGES MAYFAIR LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
CLARGES MAYFAIR LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 30.06.2024 30.09.2023
£ £
Restated - note 3
Fixed assets
Tangible assets 5 9,107 0
Investment property 6 1,800,000 1,235,840
1,809,107 1,235,840
Current assets
Debtors 7 12,062 87,438
Cash at bank and in hand 5,800 0
17,862 87,438
Creditors: amounts falling due within one year 8 ( 612,588) ( 528,678)
Net current liabilities (594,726) (441,240)
Total assets less current liabilities 1,214,381 794,600
Creditors: amounts falling due after more than one year 9 ( 794,500) ( 794,500)
Provision for liabilities 10 ( 120,000) 0
Net assets 299,881 100
Capital and reserves
Called-up share capital 11 100 100
Revaluation reserve 356,766 0
Profit and loss account ( 56,985 ) 0
Total shareholder's funds 299,881 100

For the financial period ending 30 June 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 financial statements of Clarges Mayfair Limited (registered number: 14352436) were approved and authorised for issue by the Director. They were signed on its behalf by:

S M Broad
Director

09 June 2025

CLARGES MAYFAIR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2023 to 30 June 2024
CLARGES MAYFAIR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2023 to 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Clarges Mayfair Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 5 Fleet Place, First Floor, London, EC4M 7RD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The reporting period covers the period from 1 October 2023 to 30 June 2024 whereas the prior financial period covered the period from incorporation on 13 September 2022 to 30 September 2023. Therefore the two periods are not entirely comparable. The decision to shorten the accounting period was to bring the year end in line with other group and related companies.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including other debtors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including other creditors, amounts due to connected companies and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Investment property valuation

Investment properties are valued annually using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.

3. Prior period adjustment

In the previous year, dormant financial statements were submitted. The investment property was acquired on 15 September 2023, and the statement of financial position along with the related notes has been restated accordingly. There was no effect on the income statement.

4. Employees

Period from
01.10.2023 to
30.06.2024
Period from
13.09.2022 to
30.09.2023
Number Number
Monthly average number of persons employed by the company during the period, including the director 0 0

5. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 0 0
Additions 10,015 10,015
At 30 June 2024 10,015 10,015
Accumulated depreciation
At 01 October 2023 0 0
Charge for the financial period 908 908
At 30 June 2024 908 908
Net book value
At 30 June 2024 9,107 9,107
At 30 September 2023 0 0

6. Investment property

Investment property
£
Valuation
As at 01 October 2023 1,235,840
Additions 87,394
Fair value movement 476,766
As at 30 June 2024 1,800,000

Valuation

A full market valuation of investment property was completed by the director at the Statement of Financial Position date on an open market value for existing use basis.

7. Debtors

30.06.2024 30.09.2023
£ £
Prepayments 0 4,793
Other debtors 12,062 82,645
12,062 87,438

8. Creditors: amounts falling due within one year

30.06.2024 30.09.2023
£ £
Amounts owed to parent undertakings 588,238 523,828
Amounts owed to connected companies 20,850 4,850
Accruals 3,500 0
612,588 528,678

9. Creditors: amounts falling due after more than one year

30.06.2024 30.09.2023
£ £
Bank loans (secured) 794,500 794,500

In the prior year, a bank loan was entered into which is secured against the leasehold property. Interest is payable on the 5 year bank loan at a variable rate of the loan providers base rate + 5% on the principal amount.

10. Provision for liabilities

30.06.2024 30.09.2023
£ £
Deferred tax 120,000 0

11. Called-up share capital

30.06.2024 30.09.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

12. Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

13. Ultimate controlling party

The parent entity is Astra Asset Holdings Limited, an entity incorporated in England and Wales with registered office of First Floor, 5 Fleet Place, London, EC4M 7RD. The ultimate controlling party is deemed to be director, S Broad.