Registered number: 07267792
Cardinal Cheapside Limited
Unaudited
Financial statements
For the year ended 30 June 2024
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Cardinal Cheapside Limited
Registered number: 07267792
Balance sheet
As at 30 June 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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Cardinal Cheapside Limited
Registered number: 07267792
Balance sheet (continued)
As at 30 June 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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Cardinal Cheapside Limited
Notes to the financial statements
For the year ended 30 June 2024
The Company is a private company, limited by shares, incorporated and domiciled in England & Wales. The company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The Company's principal place of business is 95 Dorset House, Gloucester Place, London, NW1 5AF. The principal activity of the company continued to be that of property investment.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £9,023,903 (2023: £4,923,287) and net liabilities of £1,604,769 (2023: net assets of £788,497). Included within Creditors: Amounts due within one year is an amount of £5,000,000 (2023: £5,350,000) due to Cardinal Group Limited. Cardinal Group Limited has confirmed that they will not call for repayment of the above sums until the company has sufficient cash reserves to do so, without the prejudice to the company's other creditors and for a period of at least twelve months from the date of approval of the financial statements.
In addition, the directors of Cardinal Group Limited have stated that they will continue to support the company for a period of at least 12 months from the date of approval of the financial statements.
Turnover represents rent, service charge and insurance receivable from tenants, credit for which is taken on an accruals basis, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 3
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Cardinal Cheapside Limited
Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
The non-distributable reserve is used to record the valuation gains on the investment property, less any related provision for deferred taxation.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, excluding directors, during the year was 0 (2023 - 0).
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Page 4
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Cardinal Cheapside Limited
Notes to the financial statements
For the year ended 30 June 2024
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Charge for the year on owned assets
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Page 5
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Cardinal Cheapside Limited
Notes to the financial statements
For the year ended 30 June 2024
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Long term leasehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 6
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Cardinal Cheapside Limited
Notes to the financial statements
For the year ended 30 June 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The Company has a bank loan with Barclays Bank PLC secured by a fixed charge over the leasehold investment property and a floating charge over all other assets and undertakings of the company. The bank loan had a maturity date of 10 July 2024. Interest is due for payment on the loan every 3 months. The interest on this loan will be charged at LIBOR plus 2.2% per annum payable quarterly. Included within the bank loan is an amount of £4,300,000 (2023: £4,300,000) less unamortised finance cost of £nil (2023: £4,569). The loan has been fully repaid since the year end.
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Page 7
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Cardinal Cheapside Limited
Notes to the financial statements
For the year ended 30 June 2024
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Revaluation of investment property
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £0.01 each
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Ultimate parent undertaking and controlling party
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The company regards Cardinal Group Limited, a company registered in England and Wales as its immediate and ultimate parent company.
The company considers its ultimate control relationship to be the directors of Cardinal Group Limited.
Page 8
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