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Registration number: 03631461

16 Old Town Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

16 Old Town Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

16 Old Town Limited

Company Information

Directors

Mr David Francis Hobden

Mr Michael C Hobden

Registered office

166 Old Brompton Road
London
SW5 0BA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

16 Old Town Limited

(Registration number: 03631461)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

-

180

Investment property

5

2,030,000

2,030,000

 

2,030,000

2,030,180

Current assets

 

Debtors

6

18,445

19,371

Cash at bank and in hand

 

21,806

46,038

 

40,251

65,409

Creditors: Amounts falling due within one year

7

(382,019)

(443,015)

Net current liabilities

 

(341,768)

(377,606)

Total assets less current liabilities

 

1,688,232

1,652,574

Provisions for liabilities

(101,079)

(101,079)

Net assets

 

1,587,153

1,551,495

Capital and reserves

 

Called up share capital

8

98

98

Other reserves

339,522

339,522

Retained earnings

1,247,533

1,211,875

Shareholders' funds

 

1,587,153

1,551,495

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

16 Old Town Limited

(Registration number: 03631461)
Balance Sheet as at 31 March 2025

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2025 and signed on its behalf by:
 

.........................................
Mr David Francis Hobden
Director

 

16 Old Town Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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:
166 Old Brompton Road
London
SW5 0BA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received in respect of rental income. Turnover is shown net of VAT.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

 

16 Old Town Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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 balance sheet 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

Freehold land & buildings previously depreciated are now held at market value.

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

Furniture, Fittings and Equipment

25% straight line method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use 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.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

16 Old Town Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

16 Old Town Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

1,117

1,117

At 31 March 2025

1,117

1,117

Depreciation

At 1 April 2024

937

937

Charge for the year

180

180

At 31 March 2025

1,117

1,117

Carrying amount

At 31 March 2025

-

-

At 31 March 2024

180

180

5

Investment properties

2025
£

At 1 April

2,030,000

At 31 March

2,030,000

The historical cost of the investment properties as at 31 March 2025 is £1,625,686 (2024 - £1,625,686).

An independent valuation of the investment properties has been carried out in October 2023 by Savills.

 

16 Old Town Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Debtors

Note

2025
£

2024
£

Trade debtors

 

13,230

15,372

Other debtors

 

281

-

Prepayments

 

4,934

3,915

Income tax asset

-

84

 

18,445

19,371

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Trade creditors

 

21,225

7,120

Amounts owed to group undertakings and undertakings in which the company has a participating interest

292,548

353,969

Taxation and social security

 

6,749

5,824

Accruals and deferred income

 

14,839

32,084

Other creditors

 

46,658

44,018

 

382,019

443,015

8

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £1 each

98

98

98

98

         

9

Parent and ultimate parent undertaking

The company's immediate parent is Poundminster Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr M C Hobden.