Company Registration No. 03599332 (England and Wales)
South Kensington Estates Limited
Financial statements
for the year ended 5 April 2025
Pages for filing with the registrar
South Kensington Estates Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
South Kensington Estates Limited
Statement of financial position
As at 5 April 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
36,970
43,467
Current assets
Debtors
5
156,398
199,089
Cash at bank and in hand
415,162
503,149
571,560
702,238
Creditors: amounts falling due within one year
6
(539,288)
(648,209)
Net current assets
32,272
54,029
Net assets
69,242
97,496
Capital and reserves
Called up share capital
80,000
80,000
Profit and loss reserves
(10,758)
17,496
Total equity
69,242
97,496
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
Toby Anstruther
Director
Company Registration No. 03599332
South Kensington Estates Limited
Notes to the financial statements
For the year ended 5 April 2025
2
1
Accounting policies
Company information
South Kensington Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Cromwell Place, London, SW7 2JE.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT, other sales related taxes and trade discounts. The company's principal activity is the provision of management services in relation to the running of property portfolio.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over the life of the lease
Office equipment & fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
South Kensington Estates Limited
Notes to the financial statements (continued)
For the year ended 5 April 2025
1
Accounting policies (continued)
3
1.6
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.
1.7
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.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.8
Equity instruments
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
South Kensington Estates Limited
Notes to the financial statements (continued)
For the year ended 5 April 2025
1
Accounting policies (continued)
4
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. The scheme and its assets are held by independent managers.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
South Kensington Estates Limited
Notes to the financial statements (continued)
For the year ended 5 April 2025
5
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
23
27
4
Tangible fixed assets
Leasehold improvements
Office equipment and fittings
Total
£
£
£
Cost
At 6 April 2024
8,387
556,908
565,295
Additions
15,515
15,515
At 5 April 2025
8,387
572,423
580,810
Depreciation and impairment
At 6 April 2024
7,827
514,001
521,828
Depreciation charged in the year
560
21,452
22,012
At 5 April 2025
8,387
535,453
543,840
Carrying amount
At 5 April 2025
36,970
36,970
At 5 April 2024
560
42,907
43,467
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
16,310
11,252
Corporation tax recoverable
84,963
Other debtors
140,088
102,874
156,398
199,089
South Kensington Estates Limited
Notes to the financial statements (continued)
For the year ended 5 April 2025
6
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
189,415
3,421
Taxation and social security
121,518
196,529
Other creditors
228,355
448,259
539,288
648,209
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jamie Younger BSc CA
Statutory Auditors:
Saffery LLP
Date of audit report:
31 July 2025
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
87,468
9
Contingent liability
In accordance with Section 21 of FRS 102, the company has disclosed a contingent liability in respect of employment-related matters. The contingent liability reflects management’s best estimate of the expenditure required to settle the obligation at the reporting date. The company has taken advantage of the exemption under paragraph 21.17 of FRS 102 not to disclose the nature of the potential obligation in detail, as such disclosure could seriously prejudice the position of the company in relation to the matter.
10
Control
The company is controlled by Toby Anstruther.
11
Related party transactions
During the year South Kensington Estates Limited paid £101,831 (2024: £220,855) to the Alexander Trust in respect of rent and £38,504 (2024: £Nil) to Cromwell Place Limited in respect of rent. A management fee of £3,398,961 (2024:£3,568,798) was charged to the Alexander Trust in respect of managing the Trust's property portfolio. South Kensington Estates Limited and the Alexander Trust share a common management figure who acts as director and trustee respectively for each entity.