Company No:
Contents
| 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) |
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:
|
|
|
|
|
DIRECTORS' INDEMNITIES
Approved by the Board of Directors and signed on its behalf by:
|
T M West
Secretary |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Turnover |
|
|
||
| Cost of sales | (
|
(
|
||
| Gross profit |
|
|
||
| Administrative expenses | (
|
(
|
||
| Gain/(loss) on fair value movement of investment property | 4 |
|
(
|
|
| Operating profit/(loss) |
|
(
|
||
| Interest receivable and similar income |
|
|
||
| Profit/(loss) before taxation |
|
(
|
||
| Tax on profit/(loss) | (
|
|
||
| Profit/(loss) for the financial year |
|
(
|
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 4 |
|
|
|
| Investments | 5 |
|
|
|
| 21,000,102 | 20,300,102 | |||
| Current assets | ||||
| Debtors | 6 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 5,158,702 | 5,045,717 | |||
| Creditors: amounts falling due within one year | 7 | (
|
(
|
|
| 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 | (
|
(
|
|
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Sableknight Fleet Limited (registered number:
|
H R Seaborn
Director |
The principal accounting policies are summarised below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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 £.
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.
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.
Investments in subsidiaries are included at cost. Dividends on equity securities are recognised in income when receivable.
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 are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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).
| 2024 | 2023 | ||
| Number | Number | ||
| The average number of persons employed by the company during the year was |
|
|
| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
|
| Additions | 355,709 |
| Fair value movement | 344,291 |
| As at 31 December 2024 |
|
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.
| 2024 | 2023 | ||
| £ | £ | ||
| Participating interests |
|
|
Investments in shares
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2024 |
Ownership 31.12.2023 |
|
|
22 Chancery Lane, WC2A 1LS | Other letting and operating of own or leased real estate |
|
|
|
|
|
22 Chancery Lane, WC2A 1LS | Other letting and operating of own or leased real estate |
|
|
|
|
|
22 Chancery Lane, WC2A 1LS | Development of building projects |
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by group undertakings |
|
|
|
| Deferred tax asset |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Other creditors |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year |
|
|
|
| (Charged)/credited to the Profit and Loss Account | (
|
|
|
| At the end of financial year |
|
|
The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Revaluation of investment property |
|
|
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