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Registration number: 04531265

Handsome Property Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Handsome Property Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Handsome Property Limited

Company Information

Director

G F Sollof

Company secretary

H Green

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Handsome Property Limited

Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,268

3,894

Investment property

5

3,092,000

1,799,600

 

3,096,268

1,803,494

Current assets

 

Debtors

7

17,902

20,047

Cash at bank and in hand

 

25,611

13,457

 

43,513

33,504

Creditors: Amounts falling due within one year

8

(1,873,961)

(1,420,953)

Net current liabilities

 

(1,830,448)

(1,387,449)

Total assets less current liabilities

 

1,265,820

416,045

Creditors: Amounts falling due after more than one year

8

(1,609,360)

(877,947)

Provisions for liabilities - deferred tax

(45,047)

(14,751)

Net liabilities

 

(388,587)

(476,653)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(388,588)

(476,654)

Total equity

 

(388,587)

(476,653)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Handsome Property Limited

Statement of Financial Position as at 30 September 2024

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 6 August 2025
 

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

G F Sollof

Director

Company registration number: 04531265

 

Handsome Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of property management and investment.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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 years presented, unless otherwise stated.

Group accounts not prepared

In the opinion of the director, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

 

Handsome Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Going concern

The company made a profit for the year but had a deficiency of net assets at the year end of £388,587.

The deficiency of net assets at the year end is the result of the impairment provision of £620,602 recognised against the company’s investment in its subsidiary in the year ended 30 September 2022.

The company operates in an unconnected market to that of its subsidiary, therefore the director is confident that the impairment recognised will not have an impact on the ongoing trading of the company. The company operates within a property sector which remains in demand and trading costs are controllable.

The company funds its working capital requirements with loans from the director and other related parties, amounting to £1,729,114 and £100,000 respectively, as well as from bank borrowings. The director believes that this funding will remain in place for the foreseeable future.

Subsequent to the year end the company purchased further investment properties totalling £743,788 financed by further loans amounting to £515,896.

The director considers that, with the resources that the company has, together with the current actions being taken, the company is well positioned to manage its business risks.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

 

Handsome Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and 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 is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Handsome Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

Handsome Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

19,617

19,617

Additions

1,391

1,391

At 30 September 2024

21,008

21,008

Depreciation

At 1 October 2023

15,723

15,723

Charge for the year

1,017

1,017

At 30 September 2024

16,740

16,740

Carrying amount

At 30 September 2024

4,268

4,268

At 30 September 2023

3,894

3,894

5

Investment properties

2024
£

At 1 October 2023

1,799,600

Additions

1,198,242

Fair value adjustments

94,158

At 30 September 2024

3,092,000

Investment properties are included at fair value, as valued by the director at the year end.

6

Investments

Subsidiaries

£

Cost or valuation

At 1 October 2023 and 30 September 2024

620,602

Provision

At 1 October 2023 and 30 September 2024

620,602

Carrying amount

At 30 September 2024

-

 

Handsome Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Debtors

2024
£

2023
£

Trade debtors

217

-

Other debtors

17,685

20,047

17,902

20,047

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

21,645

479

Other creditors

1,852,316

1,420,474

1,873,961

1,420,953

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

1,609,360

877,947

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

1,609,360

877,947

Other borrowings are repayable on 17 October 2029, 16 April 2043, 4 September 2043, 22 December 2047 and 13 March 2048, and are secured by fixed charges held over investment properties owned by the company.

Borrowing costs are spread across the term of the associated borrowings. Borrowing costs of £3,392 had been paid in advance as at the year end and these costs are deferred for release to the profit and loss account over the remainder of the term of the associated borrowings.

10

Non adjusting events after the financial period

Subsequent to the year end the company took out further loans of £515,896 secured over investment property acquired by the company since the year end.

 

Handsome Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Of the amounts standing to the credit of the profit and loss account an amount of £168,768 (2023 - £77,321) relates to unrealised revaluation surpluses and is therefore non-distributable.