Registration number: 13986894

Second Place Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 5

Second Place Limited

Company Information

Directors

S C Burdge N R Wood

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Second Place Limited

Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Investment property	4	4,684,687	4,679,284
Current assets
Debtors	5	540,548	564,541
Cash at bank and in hand		16,593	63,356
		557,141	627,897
Creditors: Amounts falling due within one year	6	(5,377,933)	(5,344,337)
Net current liabilities		(4,820,792)	(4,716,440)
Net liabilities		(136,105)	(37,156)
Capital and reserves
Called up share capital		2	2
Retained earnings		(136,107)	(37,158)
Shareholders' deficit		(136,105)	(37,156)

For the financial period ending 31 December 2024 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 period 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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors of Second Place Limited have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the Board on 10 September 2025 and signed on its behalf by:
 

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

S C Burdge

Director

Company registration number: 13986894

Second Place Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 December 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 investment.

2	Accounting policies

Statement of compliance

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

Disclosure of long accounting period

The financial statements relate to the 14 months ended 31 December 2024. The comparatives relate to the year ended 31 October 2023.

Going concern

The company made a loss for the period ended 31 December 2024 and had net liabilities of £136,105 at that date.

The directors have considered the potential effect of the current economic outlook and any possible effect on their tenant, and their view is that the impact remains manageable.

At 31 December 2024 an amount of £1,212,851 was due to a related party who has confirmed they will not call for repayment until such time as the company has sufficient working capital.

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

Second Place Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 December 2024

Revenue recognition

The turnover shown in the profit and loss account represents the fair value of rents received or receivable by the company in the normal course of the company's activities. The company recognises income from rent receivable evenly over the period of the lease or license.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuation uses 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.

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 period, was 0 (2023 - 0).

4	Investment properties

Fair value	2024 £
At 1 November 2023	4,679,284
Additions	5,403
At 31 December 2024	4,684,687

The company's investment property is included at fair value as estimated by the directors at 31 December 2024 at an amount of £4,684,687.

Second Place Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 December 2024

5

Debtors

	2024 £	2023 £
Trade debtors	5,203	5,414
Other debtors	535,345	559,127
	540,548	564,541

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Loans and borrowings	7	4,100,000	4,100,000
Trade creditors		52,879	165,778
Accruals and deferred income		12,203	6,000
Other creditors		1,212,851	1,072,559
		5,377,933	5,344,337