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Company No: 10459481 (England and Wales)

81 DEAN STREET LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

81 DEAN STREET LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

81 DEAN STREET LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2024
81 DEAN STREET LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2024
Note 30.11.2024 30.11.2023
£ £
Fixed assets
Investment property 3 10,200,000 9,300,000
10,200,000 9,300,000
Current assets
Debtors 4 10,182 900
Cash at bank and in hand 458,663 637,974
468,845 638,874
Creditors: amounts falling due within one year 5 ( 1,982,869) ( 171,285)
Net current (liabilities)/assets (1,514,024) 467,589
Total assets less current liabilities 8,685,976 9,767,589
Creditors: amounts falling due after more than one year 6 ( 10,713,293) ( 12,715,152)
Net liabilities ( 2,027,317) ( 2,947,563)
Capital and reserves
Called-up share capital 7 1,480,520 1,480,520
Profit and loss account ( 3,507,837 ) ( 4,428,083 )
Total shareholder's deficit ( 2,027,317) ( 2,947,563)

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of 81 Dean Street Limited (registered number: 10459481) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R L Srur
Director

20 August 2025

81 DEAN STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
81 DEAN STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

81 Dean Street Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

At the reporting date the company had net liabilities amounting to £2,027,317. The company's ultimate controlling shareholders have undertaken to provide such financial support as is required to ensure that the company is able to meet its working capital requirements for the foreseeable future.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Revenue represents rents receivable, excludes value added tax and arises solely in the United Kingdom.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

30.11.2024 30.11.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 0 0

3. Investment property

Investment property
£
Valuation
As at 01 December 2023 9,300,000
Fair value movement 900,000
As at 30 November 2024 10,200,000

Valuation

The investment property was valued by an independent valuer on 14/11/2024 on an open market basis by reference to market evidence of transaction prices of similar properties.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

30.11.2024 30.11.2023
£ £
Historic cost 15,222,323 15,222,323

4. Debtors

30.11.2024 30.11.2023
£ £
Trade debtors 0 900
Other debtors 10,182 0
10,182 900

5. Creditors: amounts falling due within one year

30.11.2024 30.11.2023
£ £
Trade creditors 600 0
Taxation and social security 9,300 44,124
Other creditors 1,972,969 127,161
1,982,869 171,285

6. Creditors: amounts falling due after more than one year

30.11.2024 30.11.2023
£ £
Bank loans 5,400,000 7,250,000
Amounts owed to parent undertakings 5,313,293 5,465,152
10,713,293 12,715,152

The bank loan is secured by a fixed and floating charge over the property and all other property of the Company and the Company's shareholder has also provided the bank with a guarantee of £2.5 million in respect of the bank loan.

7. Called-up share capital

30.11.2024 30.11.2023
£ £
Allotted, called-up and fully-paid
1,480,520 Ordinary shares of £ 1.00 each 1,480,520 1,480,520

8. Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.