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Registered number: 04119309
THE BELVEDERE REALTY INVESTMENTS LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Company Information
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Viscount Mackintosh of Halifax
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Chartered Accountants & Statutory Auditor
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HSBC Private Bank (UK) Limited
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The Citigroup Private Bank
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Registered number: 04119309
Balance sheet
As at 31 December 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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Provisions for liabilities
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Registered number: 04119309
Balance sheet (continued)
As at 31 December 2024
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 on 7 July 2025.
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Viscount Mackintosh of Halifax
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The notes on pages 3 to 11 form part of these financial statements.
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
The Belvedere Realty Investments Limited is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales, registration number 04119309. The address of the registered office is The Belvedere, 2 Back Lane, London, NW3 1HL.
The principal activity of the company during the year was 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 (see note 3).
The following principal accounting policies have been applied:
Turnover represents rental income receivable during the year exclusive of Value Added Tax.
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.
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.
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Investment property is carried at fair value as 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 the profit or loss account.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income is recognised in profit or loss using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company, in the normal course of business holds service charge monies. These funds are held in a designated Trust bank account and do not form part of these accounts.
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The Company, in the normal course of business, holds deposits on behalf of tenants. These funds are held in client bank accounts which do not form part of these accounts.
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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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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are relevant.
The following judgements have had the most significant effect on the amounts recognised in the financial statements.
The investment properties are valued 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.
The directors have included a provision for deferred tax. When making the provision, the directors have considered the level of taxable profits anticipated in the future, the tax rates substantively enacted at the year end, and the company's ability to offset deferred tax assets against future taxable profits.
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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The average monthly number of employees, including directors, during the year was 6 (2023 - 6).
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Charge for the year on owned assets
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As at the date of approval of the financial statements, the market value of the Workspace Group PLC shares had fallen from £61,589,462 to £55,881,818.
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
The valuations were made by Directors valuation, 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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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Gain on investment property
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Gain on investment in listed shares
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Allotted, called up and fully paid
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4,000 (2023 - 4,000) Ordinary shares of £1.00 each
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Profit & loss account
Retained earnings include unrealised revaluation surpluses on investment property amounting to £10,315,559 (2023: £10,271,357).
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THE BELVEDERE REALTY INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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Related party transactions
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During the year the company made loan repayments amounting to £3,100,000 (2023: £2,000,000), loan drawdowns amounting to £380,000 (2023: £8,400,000) and paid interest of £516,676 (2023: £538,772) in relation to a loan from a director. The balance due to the director at the year end was £21,921,011 (2023: £24,657,376).
During the year the company paid a director a salary of £12,000 (2023: £11,500). There were no balances outstanding at either year end.
During the year the company incurred net IT, accountancy and admin support fees amounting to £55,560 (2023: £47,520) and received rental income and net recharged expenses amounting to £172,843 (2023: £154,818) from N Roditi & Co Limited, a company under common control. The balance outstanding at the year end was £24,750 due to the company (2023: £3,830).
During the year the company received net recharged expenses and management fees amounting to £10,178 (2023: £12,416) from The Box Office New Inn Broadway Limited, a company under common control. There were no balances outstanding at either year end.
During the year the company received net recharged expenses and rental income amounting to £93,324 (2023: £82,603) from The Belvedere Realty Investments Service Charge Trust, a trust under common control. The balance outstanding at the year end to The Belvedere Realty Investments Service Charge Trust was £Nil (2023: £Nil).
During the year the company received net recharged expenses and management fees amounting to £8,400 (2023: £11,104) from The Theatre Courtyard Gallery Ventures Limited, a company with a common director. There were no balances outstanding at either year end.
During the year the company received rental income and net recharged expenses amounting to £17,500 (2023: £13,125) from Rovida Advisors UK Ltd, a company with a common director. There were no balances outstanding at either year end.
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The auditors' report on the financial statements for the year ended 31 December 2024 was qualified.
The qualification in the audit report was as follows:
The evidence available to us was limited on one aspect of the accounts namely the valuation of the investment properties. We were unable to obtain sufficient information regarding the valuation of the investment properties and the deferred tax provision thereon held at 31 December 2024. We were unable to form a conclusion regarding the market value of the property portfolio by other means.
The audit report was signed on 7 July 2025 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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