| Augur Liverpool Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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At the balance sheet date the company had net liabilities of £12,495,089 having incurred a loss of £2,741,631 for the year. At that date the company had net current liabilities of £9,767,866 (2023: Assets £4,388,294). The company is principally funded by an interest-free loan from its parent company which stood at a discounted amount of £13,846,611 (2023: £11,796,103) at the balance sheet date. The parent company has indicated its intention to provide support for a period at least a year from the date of approval of the financial statements and the directors anticipate repaying the loan from the proceeds from the sale of land and building assets in the future and from any future surplus rental income. The parent company has continued to support the company since the year end. The Board has prepared cash flow projections for the period ending 31 December 2026. These projections indicate that, with the ongoing support of its parent company, with the bank funding available, and with careful monitoring of the company's level of expenditure, the company is expected to have sufficient funds available to meet its liabilities as and when they fall due for at least the next twelve months. On the basis of these cash flow projections and that its parent company has indicated its intention to continue supporting the company, these financial statements have been prepared on a going concern basis. |
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Revenue |
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Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. It includes revenue earned from the rendering of services. This primarily relates to the charging of rent, and service charges to tenants in respect of costs they have contractually agreed to recover. Service charge income is recognised at the point at which the related costs have been incurred and to the extent that the costs are expected to be recoverable from tenants. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. |
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Stocks |
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Stocks and work-in-progress of land and buildings are measured at the lower of cost and estimated future selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock and work-in-progress sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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| 1 |
Accounting policies (continued) |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Loans and other liabilities |
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Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The inter-company loan is interest-free and therefore has been discounted back to its deemed fair value based on a rate considered to be a market rate by the Board. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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Any operating lease receipts are recognised as income on a straight line basis over the lease term. |
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Key accounting estimates and judgements |
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The company necessarily makes estimates and assumptions concerning its future. The resulting accounting estimates will, by definition, seldom equal the actual future outcome. The key areas where the Board have used estimates and judgements in preparing these financial statements and therefore the areas where there is a risk that the future actual outcome may vary from the estimates used are as follows: |
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Carrying value of stock and work-in-progress on the balance sheet: |
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The company has considered possible outcomes in respect of the recovery by the company of development project costs incurred to date on its projects which are included within stocks and work-in-progress and their estimate of the likelihood of these outcomes arising. These estimates are used to arrive at a weighted average expected recovery of costs included in work-in-progress. This weighted average has been used to assess the need for provisions against amounts included within work-in-progress. Any movement in provisions in included within Cost of Sales. |
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Key accounting estimates and judgements (continued) |
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Carrying value of loans from parent company |
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The carrying value of the various interest-free loans from the parent company included in other creditors is required to be measured at amortised cost using the effective interest rate, less any impairment losses. The effective interest rate that has been used for advances in 2024 is 11.63% per annum (2023: 11.25%). |
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| 2 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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Cost at 1 January 2024 |
3 |
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Impairment |
(3) |
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Net book value at 31 December 2024 |
- |
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The subsidiary undertakings have remained dormant since incorporation. All three subsidiaries have their registered office at 13 Breasy Place, Burroughs Gardens, London NW4 4AT. |
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The Company's wholly owned subsidiary undertakings at the end of the financial year were: |
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Circus Hotel Trading Ltd |
A dormant private company incorporated in England and Wales |
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Circus Holding Company Ltd |
A dormant private company incorporated in England and Wales |
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Circus Property Holding Ltd |
A dormant private company incorporated in England and Wales |
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| 4 |
Stocks |
2024 |
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2023 |
| £ |
£ |
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Stocks and work-in progress of development land and property |
3,975,113 |
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4,369,051 |
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3,975,113 |
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4,369,051 |
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| 5 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Other taxes and social security |
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28,075 |
|
50,743 |
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Other debtors |
283,525 |
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336,418 |
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311,600 |
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387,161 |
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| 6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
226,826 |
|
148,224 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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13,846,611 |
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- |
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Other creditors |
115,660 |
|
457,844 |
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14,189,097 |
|
606,068 |
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The amounts owed to group undertakings above and in note 7 below are interest free and stated at their deemed fair value, in accordance with the company's accounting policy. |
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| 7 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
| £ |
£ |
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Bank loans |
2,760,431 |
|
2,560,431 |
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Deferred finance cost on bank loans |
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(33,208) |
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(39,636) |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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11,796,103 |
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2,727,223 |
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14,316,898 |
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| 8 |
Loans |
2024 |
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2023 |
| £ |
£ |
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Creditors include: |
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Secured bank loans payable within one year |
- |
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- |
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Secured bank loans payable in one to two years by instalments |
- |
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- |
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Secured bank loans payable in two to five years by instalments |
- |
|
840,000 |
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Secured bank loans payable after five years by instalments |
- |
|
1,720,431 |
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Secured bank loans payable after five years not by instalments |
2,760,431 |
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- |
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Secured parent company loans |
14,667,782 |
|
13,297,773 |
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The bank loan is secured against certain land and buildings held within stock and work-in-progress. Interest is charged at 2.75% over SONIA and is repayable in one tranche in 2030. |
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The amounts owed to group undertakings above are interest free and stated in notes 6 and 7 at their deemed fair value in accordance with the company's accounting policy. The amounts in this note are undiscounted. The parent company has indicated that it intends to continue supporting the Company for a date at least twelve months after the date that these accounts are signed. |
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| 9 |
Post balance sheet events |
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At the balance sheet date the company had agreed terms and was very close to exchange on the sale of a significant element of its property assets at what was considered by the directors to be a fair market value. These 2024 financial statements have been prepared on the basis of the Board's very high expectation at 31 December 2024 that this sale would proceed, in line with the requirements of UK accounting standards. However, in February 2025 the buyer unexpectedly pulled out of the transaction. Any impact of this post-balance sheet event will be reflected in the 2025 financial statements of the company. It is not possible to estimate the financial impact of this event which will be determined by future market interest which is uncertain. |
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| 10 |
Related party transactions |
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The company has taken advantage of the exemption from disclosing transactions with its immediate parent company on the basis that it is a wholly-owned subsidiary undertaking. |
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| 11 |
Controlling party |
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The immediate and ultimate parent company is Augur Northwest Limited, a company incorporated in England and Wales. No statutory consolidated accounts are prepared for the group. |
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| 12 |
Other information |
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Augur Liverpool Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is at: |
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Unit 13 Breasy Place |
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Burroughs Gardens |
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London |
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NW4 4AT |
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The company's principal place of business is at its registered office. |
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| 13 |
Audit |
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The audit report on the company's full 2024 statutory accounts was unqualified. |
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The report was signed on: |
26 September 2025 |
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The report was signed by: |
Ian Daniels (Senior Statutory Auditor) for and on behalf of |
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HaysMac LLP |