Registered number
09619603
13 Holland Park Ltd
Accounts
For the year ended 31 December 2024
delivered to the Registrar of Companies under section 444 of the Companies Act 2006
13 Holland Park Ltd
Registered number: 09619603
Balance Sheet
As at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 41,581 67,953
Investment property 5 36,000,000 37,000,000
36,041,581 37,067,953
Current assets
Debtors 6 77,618 71,989
Cash at bank 54,263 185,930
131,881 257,919
Creditors: amounts falling due within one year 7 (16,668,640) (15,681,679)
Net current liabilities (16,536,759) (15,423,760)
Total assets less current liabilities 19,504,822 21,644,193
Creditors: amounts falling due after one year 8 (24,000,000) (24,000,000)
Net liabilities (4,495,178) (2,355,807)
Capital and reserves
Share capital 9 2 2
Fair value reserve 10 (1,113,203) (98,703)
Accumulated losses (3,381,977) (2,257,106)
Net deficit (4,495,178) (2,355,807)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The company has taken the option not to deliver a profit and loss account to the Registrar of Companies.
Mehmet Ali Erdoğan
Director
Approved by the board on 20 May 2025
13 Holland Park Ltd
Notes to the Accounts
For the year ended 31 December 2024
1 Company information
The company is a private company limited by shares, incorporated in England and registered at 2nd Floor, 23 College Hill, London, EC4R 2RP.
2 Accounting policies
2.1 Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard).
2.2 Going concern
The accounts have been prepared on the going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets. Based on the company's review of its forecasts for the period to 31 December 2026 and the availability of financial resources, including the related party loans referred to in Note 11, the directors consider that the company will continue to be able to meet its liabilities as they fall due for at least 12 months from the date of their approval of these accounts and therefore the going concern basis remains appropriate for preparing the company's accounts.
2.3 Functional and presentation currency
The company's functional and presentation currency is Pound sterling ("£").
2.4 Property income
Property income is measured at the fair value of the rents and other property income receivable, net of discounts and value added taxes. Property income is recognised over the period to which it relates.
2.5 Tangible assets
Tangible assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:
Fixtures and fittings over 4 years
2.6 Investment property
The investment property is measured at fair value at each reporting date with any changes in fair value recognised in the fair value reserve. Fair value is ascertained by an open market valuation on freehold basis, conducted annually by the director or by independent professional valuers.
2.7 Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.8 Creditors
Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.9 Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. 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. 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, except for investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.10 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 the profit and loss account unless the asset is carried at a revalued amount, in which case the impairment loss is a revaluation decrease.
2.1 Provisions
Provisions and other liabilities of uncertain timing or amount are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be reliably estimated.
2.12 Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.13 Pension contributions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2024 2023
Number Number
Average number of persons employed - 2
4 Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2024 1,414,993
At 31 December 2024 1,414,993
Depreciation
At 1 January 2024 1,347,040
Charge for the year 26,372
At 31 December 2024 1,373,412
Net book value
At 31 December 2024 41,581
At 31 December 2023 67,953
5 Investment property
£
Fair value
At 1 January 2024 37,000,000
Additions 14,500
Loss in fair value (1,014,500)
At 31 December 2024 36,000,000
6 Debtors 2024 2023
£ £
Other debtors 77,618 71,989
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,995 33,133
Amounts owed to group undertakings 13,240,653 13,240,653
Taxation and social security - 6,197
Other creditors 3,419,992 2,401,696
16,668,640 15,681,679
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan 24,000,000 24,000,000
The bank loan is secured on the company's investment property.
9 Share capital 2024 2023
£ £
Allotted, called up and fully paid:
100 Ordinary shares of £1 each 2 2
10 Fair value reserve 2024 2023
£ £
At 1 January 2024 (98,703) 977,344
Loss in fair value of investment property (1,014,500) (1,076,047)
At 31 December 2024 (1,113,203) (98,703)
11 Related party matters
Included in Creditors in Note 7 are interest-free and unsecured loans of £13,240,653 (2023: £13,240,653) from the parent company and £3,381,344 (2023: £2,219,134) from the ultimate beneficial owner. Although these loans are repayable on demand, the lenders have confirmed that they will not seek repayment to the extent that the company may continue to need them.
12 Controlling party
The company is a wholly owned subsidiary of HP Property Investment Ltd, registered by incorporation at Palm Grove House, PO Box 438, Road Town, Tortola, British Virgin Islands and registered by place of business at Fort Anne, South Quay, Douglas, Isle of Man. The ultimate beneficial owner is Turgay Ciner of Turkey.
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