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Registration number: 10250849

18 Cavendish Square Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2025

 

18 Cavendish Square Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

18 Cavendish Square Limited

Company Information

Directors

N W Wray

N M Leslau

B Walford

Registered office

Belfry House
Champions Way
Hendon
London
NW4 1PX

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
18 Cavendish Square Limited
for the Year Ended 28 February 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 18 Cavendish Square Limited for the year ended 28 February 2025 which comprise the statement of comprehensive income, balance sheet, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
https://www.icaew.com/regulation/a-z.

It is your duty to ensure that 18 Cavendish Square Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of 18 Cavendish Square Limited. You consider that 18 Cavendish Square Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 18 Cavendish Square Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report
This report is made solely to the Board of Directors of 18 Cavendish Square Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of 18 Cavendish Square Limited and state those matters that we have agreed to state to the Board of Directors of 18 Cavendish Square Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 18 Cavendish Square Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

10 July 2025

 

18 Cavendish Square Limited

(Registration number: 10250849)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Investment property

4

19,300,000

19,300,000

Current assets

 

Debtors

5

253

521

Cash at bank and in hand

 

875,229

805,994

 

875,482

806,515

Creditors: Amounts falling due within one year

6

(9,212,637)

(410,700)

Net current (liabilities)/assets

 

(8,337,155)

395,815

Total assets less current liabilities

 

10,962,845

19,695,815

Creditors: Amounts falling due after more than one year

6

-

(9,040,401)

Provisions for liabilities

7

(150,000)

(150,000)

Net assets

 

10,812,845

10,505,414

Capital and reserves

 

Called up share capital

8

4

4

Share premium reserve

-

8,545,409

Profit and loss account

10,812,841

1,960,001

Shareholder's funds

 

10,812,845

10,505,414

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The Statement of Comprehensive Income and Directors' Report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 10 July 2025 and signed on its behalf by:

.........................................

B Walford

Director

 

18 Cavendish Square Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital incorporated in England. The registered office address is shown on page 1 and the principal activity of the company is set out in the directors' report.

The principal place of business is:
Cavendish House
18 Cavendish Square
London
W1G 0PJ

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

As at 28 February 2025, the company had net current liabilities of £8,337,155, primarily as a consequence of the £9,040,401 loan, which is secured against the investment property, falling due for repayment in November 2025. The company has agreed terms to refinance this loan facility and the directors are confident that the refinance will be successfully concluded ahead of the current maturity date. Accordingly, they are satisfied that the company will be able to settle its liabilities as they fall due for at least the 12 months following the approval of these financial statements and that it is appropriate to prepare the financial statements on a going concern basis.

 

18 Cavendish Square Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

2

Accounting policies (continued)

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements the directors have had to make the following significant judgement:

The directors have made an assumption in the determination of the fair value of a long leasehold property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can ultimately only be reliably tested in the market itself. The valuation method is further described in note 4 together with the valuation of the property at the reporting date.

There were no other significant judgements or areas of estimation uncertainty.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Turnover

Turnover is measured at the fair value of the rental income arising during the period, excluding VAT, recognised on a straight line basis over the term of the lease. Turnover arises solely in the United Kingdom.

Tax

The tax expense for the year comprises current and, where applicable, 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 or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is 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 suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Investment property

Investment property is carried at its fair value, determined annually 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.

Cash at bank and in hand

Cash comprises cash at bank.

 

18 Cavendish Square Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

2

Accounting policies (continued)

Borrowings

Loan issue and related costs are charged to profit or loss over the term of the related borrowings. The amortisation charge and any early redemption costs are included within interest payable and similar charges in the statement of comprehensive income. Borrowings are shown in the balance sheet net of unamortised loan issue costs.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.
 
The company's cash at bank, other debtors, loans and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method.

3

Employees and directors information

The company had no employees (2024 - none) and 3 directors (2024 - 2) during the year. The directors did not receive any remuneration from the company in the year (2024 - £nil).

4

Investment property

Long leasehold
£

At 1 March 2024

19,300,000

At 28 February 2025

19,300,000

The investment property was valued at 28 February 2025 by B Walford MRICS, a director of the company, at fair value, supported by reference to market evidence of capitalisation yields, average rents and transaction prices for similar properties.

5

Debtors

2025
£

2024
£

Other debtors

-

266

Prepayments

253

255

253

521

 

18 Cavendish Square Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6

Creditors

2025
£

2024
£

Due within one year

Loan

9,040,401

238,040

Tax payable

83,311

81,004

Accruals

42,258

44,989

Deferred income

46,667

46,667

9,212,637

410,700

Due after one year

 

Loan

-

9,040,401

The loan is secured by a fixed and floating charge over all the company's assets.

7

Provisions for liabilities

Deferred tax
£

At 1 March 2024

150,000

At 28 February 2025

150,000

8

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

         


Capital reduction

In November 2024, a capital reduction became effective pursuant to section 641 (1)(a) of the Companies Act 2006, which reduced the share premium reserve by £8,545,409 with an equal and opposite increase to the profit and loss reserve.

 

18 Cavendish Square Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Operating leases

As at 28 February 2025, the company had total future minimum lease receivables under non-cancellable operating leases as set out below:

2025

2024

£

£

Within one year

700,000

700,000

Between one year and five years

1,345,556

2,045,556

2,045,556

2,745,556

10

Related party transactions

PIHL Services Limited is a wholly owned subsidiary of Prestbury Investment Holdings Limited which itself is a subsidiary of Lesray Holdings Limited. N M Leslau and B Walford, directors of the company, are also directors of Prestbury Investment Holdings Limited and Lesray Holdings Limited. N M Leslau is the ultimate controlling party of Prestbury Investment Holdings Limited and Lesray Holdings Limited. At 28 February 2025, the entire beneficial interests in the company were held by Lesray Holdings Limited.

PIHL Services Limited leases the leasehold property owned by 18 Cavendish Square Limited for £700,000 per annum (2024: £700,000).

11

Parent undertaking and ultimate controlling party

As at 28 February 2025, the company's immediate parent undertaking is Lesray Holdings Limited and its ultimate parent undertaking is Yoginvest Limited. Both companies are incorporated in England and have the same registered office address as the company. Neither company prepares consolidated financial statements on the basis that each is the parent undertaking of a small group.

 N M Leslau is the ultimate controlling party of Yoginvest Limited and the company.