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Company No: 09707251 (England and Wales)

SABLEKNIGHT FLEET LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 December 2024

SABLEKNIGHT FLEET LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

SABLEKNIGHT FLEET LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
SABLEKNIGHT FLEET LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS H R Seaborn
G Spinks
SECRETARY T M West
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 09707251 (England and Wales)
SABLEKNIGHT FLEET LIMITED

DIRECTORS' REPORT

For the financial year ended 31 December 2024
SABLEKNIGHT FLEET LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2024

The directors present their annual report and the unaudited financial statements of the company for the financial year ended 31 December 2024.

DIRECTORS

The directors who held office during the year were as follows:

H R Seaborn
G Spinks

DIRECTORS' INDEMNITIES

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the financial year and remain in force at the date of this report.

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

T M West
Secretary

30 April 2025

SABLEKNIGHT FLEET LIMITED

PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2024
SABLEKNIGHT FLEET LIMITED

PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2024
Note 2024 2023
£ £
Turnover 1,245,953 1,306,801
Cost of sales ( 340,919) ( 656,999)
Gross profit 905,034 649,802
Administrative expenses ( 439,080) ( 179,915)
Gain/(loss) on fair value movement of investment property 4 344,291 ( 1,040,108)
Operating profit/(loss) 810,245 ( 570,221)
Interest receivable and similar income 36,030 13,827
Profit/(loss) before taxation 846,275 ( 556,394)
Tax on profit/(loss) ( 137,993) 260,027
Profit/(loss) for the financial year 708,282 ( 296,367)
SABLEKNIGHT FLEET LIMITED

BALANCE SHEET

As at 31 December 2024
SABLEKNIGHT FLEET LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 21,000,000 20,300,000
Investments 5 102 102
21,000,102 20,300,102
Current assets
Debtors 6 2,833,119 3,248,251
Cash at bank and in hand 2,325,583 1,797,466
5,158,702 5,045,717
Creditors: amounts falling due within one year 7 ( 23,823,965) ( 23,707,731)
Net current liabilities (18,665,263) (18,662,014)
Total assets less current liabilities 2,334,839 1,638,088
Creditors: amounts falling due after more than one year 8 ( 99,475) ( 111,006)
Net assets 2,235,364 1,527,082
Capital and reserves
Called-up share capital 1 1
Profit and loss account 2,235,363 1,527,081
Total shareholder's funds 2,235,364 1,527,082

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sableknight Fleet Limited (registered number: 09707251) were approved and authorised for issue by the Board of Directors on 30 April 2025. They were signed on its behalf by:

H R Seaborn
Director
SABLEKNIGHT FLEET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
SABLEKNIGHT FLEET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. These policies have been consistently applied to all the years presented, unless otherwise stated.

General information and basis of accounting

Sableknight Fleet 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 22 Chancery Lane, London, WC2A 1LS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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 £.

Going concern

As at the date of approval of these financial statements, the directors have prepared the financial statements on the going concern basis.

In assessing whether the going concern basis is appropriate, the directors have considered the considerable cash held by the company, which they consider continue to be easily sufficient to meet ongoing third party liabilities. The most significant creditor balance is owed to group undertakings and the directors do not expect this balance to be called for repayment within the next twelve months. The financial statements do not include any adjustments that would be necessary if the going concern basis was not appropriate.

Turnover

Turnover comprises the rental income received on the investment property. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Any incentive for lessees to enter into lease agreements is accounted for from the lease commencement date and is offset against the total rent due. The net rental income is then spread evenly over the period of the lease commencement date to the lease end date.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Investment property

Investment property is carried at fair value. Fair value is based on a valuation made by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value being recognised in the statement of income and retained earnings.

Fixed asset investments

Investments in subsidiaries are included at cost. Dividends on equity securities are recognised in income when receivable.

Trade and other debtors

Trade debtors are amounts due from customers for rents invoiced 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.

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 and other creditors

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 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.

Ordinary 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.

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the Profit and Loss Account.

The only financial instruments held by the Company are trade debtors, trade creditors and investments in subsidiaries. Their recognition and measurement is set out elsewhere in the accounting policies.

2. Critical accounting judgements and key sources of estimation uncertainty

The valuation of the investment property, as this is subjective and liable to change due to demand and market conditions. More details are set out in note 4. The carrying amount is £21,000,000 (2023 - £20,300,000).

Deferred tax is provided in respect of this valuation and is therefore subject to the same uncertainty. The carrying amount is £2,242,480 (2023 - £2,328,553).

3. Employees

2024 2023
Number Number
The average number of persons employed by the company during the year was 0 0

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 20,300,000
Additions 355,709
Fair value movement 344,291
As at 31 December 2024 21,000,000

The investment property is held at fair value, with changes in fair value being recognised in the Profit and Loss Account.

Fair value is based on a valuation made by the directors with input from the group's property advisors.

The historic cost of the investment property is £29,969,921 (2023 - £29,614,212).

The valuation incorporates a commercial appraisal of the building primarily based on current use as an office building let to third parties. The valuation incorporates pricing based on a rolling refurbishment under the existing headlease, and a full refurbishment post vacant possession.

The pricing assuming a rolling refurbishment under the existing headlease was determined using discounted cash flow projections, and was based on significant unobservable inputs, which include future rental cash inflows supported by the terms of existing leases, letting assumptions based on market standard rates, estimated vacancy rates based on current and expected future market conditions after expiry of any current lease, an exit yield of 9%, and an ungeared IRR of 10% reflecting a conservative approach compared with current market assessments.

5. Fixed asset investments

2024 2023
£ £
Participating interests 102 102

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2024
Ownership
31.12.2023
Sableknight Fleet (North) Limited 22 Chancery Lane, WC2A 1LS Other letting and operating of own or leased real estate Ordinary £1 shares 100.00% 100.00%
Sableknight Fleet (South) Limited 22 Chancery Lane, WC2A 1LS Other letting and operating of own or leased real estate Ordinary £1 shares 100.00% 100.00%
Harmsworth House Developments Limited 22 Chancery Lane, WC2A 1LS Development of building projects Ordinary £1 shares 100.00% 100.00%

6. Debtors

2024 2023
£ £
Trade debtors 317,032 49,441
Amounts owed by group undertakings 0 338,719
Deferred tax asset 2,242,480 2,328,553
Other debtors 273,607 531,538
2,833,119 3,248,251

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 50,855 15,000
Amounts owed to group undertakings 22,887,336 22,877,586
Other taxation and social security 71,240 71,082
Other creditors 814,534 744,063
23,823,965 23,707,731

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

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

2024 2023
£ £
Other creditors 99,475 111,006

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 2,328,553 2,068,526
(Charged)/credited to the Profit and Loss Account ( 86,073) 260,027
At the end of financial year 2,242,480 2,328,553

The deferred taxation balance is made up as follows:

2024 2023
£ £
Revaluation of investment property 2,242,480 2,328,553

10. Ultimate controlling party

The company's immediate and ultimate parent is Sableknight Limited, incorporated in England & Wales.

The most senior parent entity producing publicly available financial statements is Sableknight Limited. These financial statements are publicly available from Companies House.

The address of Sableknight Limited is:
22 Chancery Lane
London
WC2A 1LS