Company registration number 03842549 (England and Wales)
SHARDELL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
SHARDELL LIMITED
COMPANY INFORMATION
Directors
D A Pearlman
M R Goldberger
R D Doffman
H A Pearlman
A E Bliss
(Appointed 19 December 2023)
W P Tuffy
(Appointed 19 December 2023)
J N Thomson
(Appointed 19 December 2023)
Secretary
H A Pearlman
Company number
03842549
Registered office
Quadrant House
4 Thomas More Square
London
E1W 1YW
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
Business address
1st Floor
9 White Lion Street
London
N1 9PD
Bankers
National Westminster Bank Plc
20 Amhurst Road
London
E8 1QZ
Nationwide Building Society
Kings Park Road
Moulton Park
Northampton
NN3 6NW
Solicitors
Hamlins LLP
1 Kingsway
London
United Kingdom
WC2B 6AN
SHARDELL LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
SHARDELL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activity
The principal activity of the company continued to be that of property investment.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D A Pearlman
M R Goldberger
R D Doffman
H A Pearlman
A E Bliss
(Appointed 19 December 2023)
W P Tuffy
(Appointed 19 December 2023)
J N Thomson
(Appointed 19 December 2023)
Results and dividends
The results for the year are set out on page 7. The results for the year and the financial position at the year end were considered satisfactory by the directors.
The directors do not recommend payment of a final dividend (2023: nil).
Auditor
The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
SHARDELL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M R Goldberger
Director
24 June 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHARDELL LIMITED
- 3 -
Opinion
We have audited the financial statements of Shardell Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHARDELL LIMITED (CONTINUED)
- 4 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHARDELL LIMITED (CONTINUED)
- 5 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding using our general commercial and sector experience and through discussion with the Directors and other senior management of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We enquired of management and the Directors as to their identification of any non-compliance with laws or regulations, or any actual or potential claims. We performed our own checks of compliance with relevant areas identified which included financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation, health & safety and anti-money laundering. We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. We agreed the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements. We reviewed Board meeting minutes and enquired of the Directors and management as to the risks of non-compliance and any instances thereof. We challenged assumptions and judgements made by management in their significant accounting estimates, in particular in relation the property valuations by reviewing the rental yields per property against market yields as per industry reports. In relation to the risk of management override of internal controls, we undertook procedures to review journal entries processed up to the year end and evaluated whether there was a risk of material misstatement due to fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHARDELL LIMITED (CONTINUED)
- 6 -
Harriet Hodgson-Grove
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
24 June 2025
Chartered Accountants
Statutory Auditor
SHARDELL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
4,107,170
4,043,788
Property expenses
(779,627)
(623,424)
Gross profit
3,327,543
3,420,364
Administrative expenses
(181,995)
(29,228)
Profit on disposal of investment properties
3
507,958
Operating profit
3,145,548
3,899,094
Interest receivable and similar income
5
1,125,283
1,212,445
Interest payable and similar expenses
6
(3,960,741)
(3,763,945)
Fair value gains and losses on investment properties
8
(3,491,317)
(3,107,000)
Loss before taxation
(3,181,227)
(1,759,406)
Tax on loss
7
288,199
(322,225)
Loss for the financial year
(2,893,028)
(2,081,631)
SHARDELL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
8
48,925,000
52,600,000
Investments
9
14,808,463
14,808,463
63,733,463
67,408,463
Current assets
Debtors
11
31,053,748
30,356,053
Creditors: amounts falling due within one year
12
(9,123,302)
(8,554,537)
Net current assets
21,930,446
21,801,516
Total assets less current liabilities
85,663,909
89,209,979
Creditors: amounts falling due after more than one year
13
(63,315,592)
(63,519,185)
Provisions for liabilities
14
(501,459)
(950,908)
Net assets
21,846,858
24,739,886
Capital and reserves
Called up share capital
16
2
2
Other equity reserve
17
9,651,185
12,125,395
Profit and loss reserves
17
12,195,671
12,614,489
Total equity
21,846,858
24,739,886
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
M R Goldberger
Director
Company Registration No. 03842549
SHARDELL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Other equity reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
2
11,112,580
15,708,935
26,821,517
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
-
(2,081,631)
(2,081,631)
Transfers
-
1,012,815
(1,012,815)
-
Balance at 30 September 2023
2
12,125,395
12,614,489
24,739,886
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
-
(2,893,028)
(2,893,028)
Transfers
-
(2,474,210)
2,474,210
-
Balance at 30 September 2024
2
9,651,185
12,195,671
21,846,858
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information
Shardell Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quadrant House, 4 Thomas More Square, London, E1W 1YW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Structadene Ltd. These consolidated financial statements are available from its registered office, Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.
1.2
Turnover
Turnover represents rents, insurance receivable and service charges receivable, net of VAT.
Revenue is recognised at the point where the benefit of the service provided is transferred to the customer.
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Investment properties
Freehold and leasehold investment properties are revalued annually by the directors. The aggregate surplus or deficit arising from such revaluation is transferred to the revaluation reserve unless a deficit (or its reversal) on an individual property is expected to be permanent, in which case it is charged (or credited) to the profit and loss account.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Deferred finance costs
Debt issue costs treated as finance costs are accounted for as reductions in the proceeds of debt instruments. Finance costs of debt instruments are recognised in the profit and loss account over the term of the debt at a constant rate on the carrying amount of the debt.
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Investment properties
The valuations the Company places on its property portfolio require estimates to be made, including, but not limited to, market yields, expected rental values (ERVs), void periods and, currently, the likely short-term impact of rent concessions. These estimates are based on assumptions made by the valuers. The approach to the valuations and the amounts affected are set out in the accounting policies and note 8 on Investment Properties. The Company has valued the investment properties at fair value.
Investments
Investments held as fixed assets are stated at cost less any provision for impairment. Directors have assessed the recoverability of investments made and economic benefit of the investments based on the market conditions, economic forecasts and cashflow estimates.
3
Exceptional item
2024
2023
£
£
Expenditure
Profit on disposal of investment properties
-
(507,958)
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
11,644
27,560
Income from fixed asset investments
Income from shares in group undertakings
1,113,639
1,184,885
Total income
1,125,283
1,212,445
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
3,960,586
3,763,945
Other interest
155
3,960,741
3,763,945
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
161,250
137,550
Adjustments in respect of prior periods
(1,847)
Total current tax
161,250
135,703
Deferred tax
Origination and reversal of timing differences
(449,449)
186,522
Total tax (credit)/charge
(288,199)
322,225
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Taxation
(Continued)
- 15 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(3,181,227)
(1,759,406)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(795,307)
(387,069)
Adjustments in respect of prior years
195
Group relief
69,581
216,620
Dividend income
(258,207)
(260,675)
Indexation allowance
40,551
306,760
Deferred tax rate adjustment
22,138
Other tax adjustments
275,304
51
Capital gains transfers
224,543
510,785
Capital disposals
25,782
(86,580)
Deferred tax not provided
129,554
Taxation (credit)/charge for the year
(288,199)
322,225
8
Investment property
Land and buildings Freehold
Land and buildings Leasehold
Total
£
£
£
Fair Value
At 1 October 2023
26,345,000
26,255,000
52,600,000
Additions
41,317
41,317
Disposals
(225,000)
(225,000)
Revaluation
230,000
(3,721,317)
(3,491,317)
At 30 September 2024
26,350,000
22,575,000
48,925,000
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Investment property
(Continued)
- 16 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 30 September 2024 by the Directors who are considered to have sufficient industry experience. The Directors are also employees of the company’s parent Structadene Limited and are hence connected to the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
The investment properties are secured against borrowings held by the Company and Group undertakings.
9
Fixed asset investments
2024
2023
£
£
Investments
14,808,463
14,808,463
Fixed asset investments not carried at market value
Fixed asset investments are stated at cost less any accumulated impairment losses.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2023 & 30 September 2024
14,808,463
Carrying amount
At 30 September 2022 & 2023
14,808,463
10
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Islington Holdings LLP*
England and Wales
Property investment
Partnership
100.00
Maiden Lane Estates Ltd
England and Wales
Property investment
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Subsidiaries
(Continued)
- 17 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Islington Holdings LLP*
20,564,907
1,661,098
Maiden Lane Estates Ltd
4,238,144
* The 100% interest represents the company's interest in the limited liability partnership's profits and losses.
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
215,889
274,594
Amounts owed by group undertakings
30,657,596
29,858,217
Amounts owed by related parties
11,397
11,269
Other debtors
16,305
10,400
Prepayments and accrued income
152,561
201,573
31,053,748
30,356,053
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
1,530
1,415
Amounts due to group undertakings
6,345,398
5,778,036
Amounts due to related parties
44
Corporation tax
161,250
137,550
Other taxation and social security
164,198
201,513
Other creditors
1,465,018
1,450,027
Accruals and deferred income
985,864
985,996
9,123,302
8,554,537
13
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
63,315,592
63,519,185
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Creditors: amounts falling due after more than one year
(Continued)
- 18 -
The bank loans and overdrafts are secured by way of a first legal charge over the company's investment properties and certain other investment properties held within the Structadene group. The directors' valuation of all properties charged as security against these loans amounted to £107,775,000 at the year end date. The interest rates vary between a fixed rate of 6.12% - 6.30% and variable rate of 0.9% over SONIA. The loans are repayable on 25 October 2027.
Structadene Limited, Maiden Lane Estates Limited, Newport Holdings Limited, Cosmichome Limited, Carlton Real Estates Developments Limited, First London Investments Limited, Newport (Oban) Limited, Islington Holdings LLP, Sterling Alliance Limited and D A Pearlman entered into a cross guarantee in favour of Nationwide Building Society (NBS) on the current and future borrowings owing to NBS by the company.
D A Pearlman controls Structadene Limited, the ultimate parent company, with the remaining above mentioned being subsidiaries or fellow subsidiary undertakings of Shardell Limited.
14
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
15
501,459
950,908
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
501,459
510,553
Revaluations
-
440,355
501,459
950,908
2024
Movements in the year:
£
Liability at 1 October 2023
950,908
Charge to profit and loss account
(449,449)
Liability at 30 September 2024
501,459
SHARDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
16
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
17
Equity
Called-up share capital
Represents the nominal value of shares that have been issued.
Other equity reserve
Represents fair value movements in investments net of deferred tax, recognised in the current and previous reporting period.
Profit and loss account
Includes all current and prior period retained profits and losses.
18
Related party transactions
The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Included within "Amounts owed to related parties" is £44 (2023: £Nil) due to Wanderslore Pension Scheme Limited and within "Amounts owed from related parties" is £11,397 (2023: £11,269) due from Pearl & Coutts Limited. D A Pearlman is a director of the aforementioned company. This amount is non-interest bearing and repayable on demand.
19
Parent company
The company's immediate and ultimate parent company is Structadene Limited, a company incorporated in England and Wales and with a registered office of Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW. Shardell Limited is included in the Structadene Limited consolidated financial statements. Copies of the financial statements of Structadene Limited can be obtained from the Registrar of Companies. The ultimate controlling party is D A Pearlman, a director of this company and Structadene Limited.
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