Company Registration No. 13767565 (England and Wales)
LONDON WALL OFFICE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Shenward LLP
Chartered Accountants & Statutory Auditors
Summit House
Woodland Park
Bradford Road
Cleckheaton
West Yorkshire
BD19 6BW
LONDON WALL OFFICE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
LONDON WALL OFFICE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,648,368
20,677,660
Current assets
Debtors
4
1,148,287
1,234,020
Cash at bank and in hand
1,766,576
983,156
2,914,863
2,217,176
Creditors: amounts falling due within one year
5
(23,473,591)
(21,601,094)
Net current liabilities
(20,558,728)
(19,383,918)
Net assets
1,089,640
1,293,742
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,089,540
1,293,642
Total equity
1,089,640
1,293,742

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered 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 30 June 2025 and are signed on its behalf by:
Mr H S Matharu
Director
Company Registration No. 13767565
LONDON WALL OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

London Wall Office Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lion House, 72-75 Red Lion Street, London, WC1R 4NA.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company had net current liabilities at 31 March 2024. Globalgem Hotels Limited a fellow group undertaking has agreed to provide ongoing financial support to the company. Hence, the directors have chosen to continue to adopt the going concern basis of accounting in preparing the financial statements. true

1.3
Reporting period

The financial statements for the comparative period are presented for a period longer than one year. The directors had opted to align the financial year end with that of its parent undertaking. The comparative amounts presented are not entirely comparable.

1.4
Turnover

Turnover represents rental income excluding value added tax, on assets leased under operating leases and is recognised on a straight line basis over the lease term.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% - 2% per annum on a straight line basis
Plant and machinery, fixtures & fittings
7.5% - 20% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LONDON WALL OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
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.

1.8
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 statement of financial position 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.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies, 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.

1.9
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 income statement 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.

LONDON WALL OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
20,677,007
687
20,677,694
Additions
458,651
544,058
1,002,709
At 31 March 2024
21,135,658
544,745
21,680,403
Depreciation and impairment
At 1 April 2023
-
0
34
34
Depreciation charged in the year
-
0
32,001
32,001
At 31 March 2024
-
0
32,035
32,035
Carrying amount
At 31 March 2024
21,135,658
512,710
21,648,368
At 31 March 2023
20,677,007
653
20,677,660

Land and buildings comprise entirely of investment properties, which are valued by the Directors. The Directors have considered the investment properties and, in their opinion, there is no material difference between the carrying value and the market value at 31 March 2024.

LONDON WALL OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
Other debtors
495,935
276,409
496,035
276,509
Deferred tax asset (note 6)
652,252
957,511
1,148,287
1,234,020

Amounts owed by group undertakings are interest free and repayable on demand.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
204,789
122,186
Amounts owed to group undertakings
22,492,706
20,856,889
Taxation and social security
-
0
19,840
Other creditors
776,096
602,179
23,473,591
21,601,094

Amounts owed to fellow group undertakings are interest free and repayable on demand.

6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
2024
Balances:
£
Accelerated capital allowances
535,678
Tax losses
116,574
652,252
LONDON WALL OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Deferred taxation
(Continued)
- 6 -
2024
Movements in the year:
£
Asset at 1 April 2023
(957,511)
Charge to profit or loss
305,259
Asset at 31 March 2024
(652,252)
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued, allotted and fully paid
Ordinary equity shares of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mr Sherad Dewedi and the auditor was Shenward LLP.
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the balance sheet date, an amount of £22,492,706 (2023: £20,856,889) was due to Globalgem Hotels Limited, a fellow group undertaking.

At the balance sheet date, an amount of £100 (2023: £100) was due from New Gem Holdings Limited, the parent undertaking.

2024-03-312023-04-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr H S MatharuMr J S MatharuMr R S MatharuMr R S Matharu2025-06-30137675652023-04-012024-03-31137675652024-03-31137675652023-03-3113767565core:LandBuildings2024-03-3113767565core:OtherPropertyPlantEquipment2024-03-3113767565core:LandBuildings2023-03-3113767565core:OtherPropertyPlantEquipment2023-03-3113767565core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113767565core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113767565core:CurrentFinancialInstruments2024-03-3113767565core:CurrentFinancialInstruments2023-03-3113767565core:ShareCapital2024-03-3113767565core:ShareCapital2023-03-3113767565core:RetainedEarningsAccumulatedLosses2024-03-3113767565core:RetainedEarningsAccumulatedLosses2023-03-3113767565core:ShareCapitalOrdinaryShareClass12024-03-3113767565core:ShareCapitalOrdinaryShareClass12023-03-3113767565bus:Director12023-04-012024-03-3113767565core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3113767565core:PlantMachinery2023-04-012024-03-31137675652021-11-262023-03-3113767565core:LandBuildings2023-03-3113767565core:OtherPropertyPlantEquipment2023-03-31137675652023-03-3113767565core:LandBuildings2023-04-012024-03-3113767565core:OtherPropertyPlantEquipment2023-04-012024-03-3113767565core:WithinOneYear2024-03-3113767565core:WithinOneYear2023-03-3113767565bus:OrdinaryShareClass12023-04-012024-03-3113767565bus:OrdinaryShareClass12024-03-3113767565bus:OrdinaryShareClass12023-03-3113767565bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113767565bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113767565bus:FRS1022023-04-012024-03-3113767565bus:Audited2023-04-012024-03-3113767565bus:Director22023-04-012024-03-3113767565bus:Director32023-04-012024-03-3113767565bus:Director42023-04-012024-03-3113767565bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP