REGISTERED NUMBER: 12462953 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st December 2024

for

Lords View Penthouse Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr. F McKinnon

Mr R McKinnon

Mr A Lock

REGISTERED OFFICE:

3rd Floor

54 Brooks Mews

London

W1K 4EF

REGISTERED NUMBER:

12462953 (England and Wales)

ACCOUNTANTS:

Sampson Fielding Ltd

34 - 35 Clarges Street

Mayfair

London

W1J 7EJ

CURRENT ASSETS

Stocks

16,549,468

18,561,640

Debtors

4

1,114,024

1,132,665

Cash at bank

2,294

329,953

17,665,786

20,024,258

CREDITORS

Amounts falling due within one year

5

8,773,389

8,343,877

NET CURRENT ASSETS

8,892,397

11,680,381

TOTAL ASSETS LESS CURRENT LIABILITIES

8,892,397

11,680,381

CREDITORS

Amounts falling due after more than one year

6

10,295,373

13,031,933

NET LIABILITIES

(1,402,976

)

(1,351,552

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(1,403,976

)

(1,352,552

)

(1,402,976

)

(1,351,552

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd September 2025 and were signed on its behalf by:

Mr. F McKinnon - Director

Mr R McKinnon - Director

1.	STATUTORY INFORMATION

Lords View Penthouse Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover, which represents fee income, is recognised by the company during the period to which the fee relates.

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Property acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as stock and is measured at the lower of cost and NRV.

Cost includes:

Freehold and leaseholds rights for land

Amounts paid to contractors for construction

Borrowing costs, planning and design costs, cost of site preparation, professional fees for legal services, construction and other related costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The financial statements have been prepared on the going concern basis. The company is reliant on the support of the company's Directors. If this support was withdrawn the company would be unable to continue in operational existence. Adjustments would then have to be made to reduce the balance sheet value of assets to their recoverable amounts and to provide for any further liabilities that may arise. The company is unable to quantify the effect of such adjustments on the financial statements. The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

36,000

36,000

Other debtors

1,078,024

1,096,665

1,114,024

1,132,665

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade creditors

376,691

(68,145

)

Taxation and social security

52,821

42,552

Other creditors

8,343,877

8,369,470

8,773,389

8,343,877

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans

10,295,373

13,031,933

7.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/24

31/12/23

£

£

Bank loans

10,295,373

13,031,933

During 2022 the company acquired a loan facility from Close Brother Property Finance to assist with the finance of approved costs incurred in connection with the building works at the leasehold property known as Lords View One, 38-42 St John's Wood, London NW8 7HJ.

The interest rate is 5% above the Bank of England Base Rate (Minimum 6%).

The security is a fixed charge over the property and the assets of the company. The directors also provided personal guarantees.

The loan is repayable in full from the sales proceeds of the above.