Company registration number 04210295 (England and Wales)
PHILBEACH ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PHILBEACH ESTATES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
PHILBEACH ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
799,950
799,950
Current assets
Debtors
5
2,483,573
2,141,346
Cash at bank and in hand
26,005
340,404
2,509,578
2,481,750
Creditors: amounts falling due within one year
6
(311,919)
(294,791)
Net current assets
2,197,659
2,186,959
Total assets less current liabilities
2,997,609
2,986,909
Provisions for liabilities
(140,535)
(140,535)
Net assets
2,857,074
2,846,374
Capital and reserves
Called up share capital
5,000
5,000
Revaluation reserve
7
434,064
434,064
Profit and loss reserves
2,418,010
2,407,310
Total equity
2,857,074
2,846,374

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved and signed by the director and authorised for issue on 29 July 2025
C D Patel
Director
Company registration number 04210295 (England and Wales)
PHILBEACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Philbeach Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 St. Mary's Gate, London, W8 5UA.

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.

The company had no revenue in the period under review.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
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.

1.4
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.

 

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

PHILBEACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
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.

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.

1.7
Employee benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
1
1
PHILBEACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
799,950

The fair value of the investment property at 31 December 2024 reflects the value as marketed by Foxtons Group Plc of £799,950 (2023 - £799,950). On a historical cost basis these would have been included at an original cost of £237,810 (2023 - £237,810).

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
235,416
218,574
Other debtors
2,248,157
1,922,772
2,483,573
2,141,346
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
19,351
2,223
Other creditors
292,568
292,568
311,919
294,791
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
434,064
546,009
Revaluation surplus arising in the year
-
0
(111,945)
At the end of the year
434,064
434,064
8
Financial commitments, guarantees and contingent liabilities
The director was not aware of the existence of any contingent liabilities at the year end.
9
Events after the reporting date

The director was not aware of any events after the reporting date which would materially affect the financial statements.

PHILBEACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
10
Related party transactions
Transactions with related parties

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

2024
2023
£
£
Ciddy Limited- interest receivable
25,726
25,030

Included under other debtors is an amount due from Ciddy Limited of £951,128 (2023 - £925,402)

11
Directors' transactions

Advances or credits have been granted by the company to its director as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
C D Patel -
-
788,279
49,900
838,179
788,279
49,900
838,179
2024-12-312024-01-01falsefalsefalse29 July 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityC D Patel042102952024-01-012024-12-31042102952024-12-31042102952023-12-3104210295core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3104210295core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104210295core:ShareCapital2024-12-3104210295core:ShareCapital2023-12-3104210295core:RevaluationReserve2024-12-3104210295core:RevaluationReserve2023-12-3104210295core:RetainedEarningsAccumulatedLosses2024-12-3104210295core:RetainedEarningsAccumulatedLosses2023-12-3104210295core:RevaluationReserve2023-12-3104210295core:RevaluationReserve2022-12-3104210295bus:Director12024-01-012024-12-31042102952023-01-012023-12-31042102952023-12-3104210295core:CurrentFinancialInstruments2024-12-3104210295core:CurrentFinancialInstruments2023-12-3104210295core:WithinOneYear2024-12-3104210295core:WithinOneYear2023-12-3104210295core:RevaluationReserve2024-01-012024-12-3104210295bus:PrivateLimitedCompanyLtd2024-01-012024-12-3104210295bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3104210295bus:FRS1022024-01-012024-12-3104210295bus:AuditExemptWithAccountantsReport2024-01-012024-12-3104210295bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP