COMPANY REGISTRATION NUMBER:
01775797
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
|
Investments |
6 |
|
128,038 |
128,038 |
|
|
|
|
|
Current assets
|
Debtors |
7 |
154,806,212 |
|
159,772,809 |
|
Cash at bank and in hand |
3,185,179 |
|
6,076,304 |
|
-------------- |
|
-------------- |
|
157,991,391 |
|
165,849,113 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
147,258,390 |
|
155,462,642 |
|
-------------- |
|
-------------- |
|
Net current assets |
|
10,733,001 |
10,386,471 |
|
|
------------- |
------------- |
|
Total assets less current liabilities |
|
10,861,039 |
10,514,509 |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
100 |
|
Profit and loss account |
|
10,860,939 |
10,514,409 |
|
|
------------- |
------------- |
|
Shareholders funds |
|
10,861,039 |
10,514,509 |
|
|
------------- |
------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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 Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
28 July 2025
, and are signed on behalf of the board by:
Company registration number:
01775797
|
Notes to the Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The directors of the company in managing the company's affairs have had to make certain assumptions and judgements. These judgements are continually reviewed and are based upon past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises management fees and commissions receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2023:
10
).
5.
Tax on profit
Major components of tax expense
Current tax:
|
UK current tax expense |
115,511 |
12,736 |
|
--------- |
-------- |
|
Tax on profit |
115,511 |
12,736 |
|
--------- |
-------- |
|
|
|
6.
Investments
|
Other investments other than loans |
|
£ |
|
Cost |
|
|
At 1 May 2023 and 30 April 2024 |
128,038 |
|
--------- |
|
Impairment |
|
|
At 1 May 2023 and 30 April 2024 |
– |
|
--------- |
|
|
|
Carrying amount |
|
|
At 30 April 2024 |
128,038 |
|
--------- |
|
At 30 April 2023 |
128,038 |
|
--------- |
|
|
The company directly held 100% of £1 Ordinary shares in the following UK Incorporated companies.
Circletower Ltd
Starleague Ltd
Lofalcon Ltd
Guidewell Ltd
Bath Road (Cheltenham) Ltd
Gatebrook Ltd
Portvale Management Ltd
Assetblue Holdings Ltd
The subsidiaries of
Inremco 26 Limited
, held 100% of £1 ordinary shares in the following companies.
Betterphase Ltd
Worldcatch Ltd
Eastbourne Property Investment Company Ltd
Feelgood Developments Ltd
Castledock Ltd
Rathdale Ltd
Portview Estates Ltd
Tepford Ltd
Exikon Ltd
Assetblue Ltd
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
154,771,711 |
159,722,143 |
|
Other debtors |
34,501 |
50,666 |
|
-------------- |
-------------- |
|
154,806,212 |
159,772,809 |
|
-------------- |
-------------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed to related undertakings |
147,077,603 |
155,427,176 |
|
Corporation tax |
115,511 |
12,736 |
|
Other creditors |
65,276 |
22,730 |
|
-------------- |
-------------- |
|
147,258,390 |
155,462,642 |
|
-------------- |
-------------- |
|
|
|
9.
Related party transactions
Loan account balances with related companies are disclosed separately in the debtors and creditors notes to the accounts.