| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Spitalfields Works Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Spitalfields Works Limited |
| Spitalfields Works Limited (Registered number: 09996618) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Spitalfields Works Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Crane Court |
| 302 London Road |
| Ipswich |
| Suffolk |
| IP2 0AJ |
| Spitalfields Works Limited (Registered number: 09996618) |
| Statement of Financial Position |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Share premium |
| Fair value reserve |
| Retained earnings | (9,542,831 | ) | (9,538,806 | ) |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| Spitalfields Works Limited (Registered number: 09996618) |
| Statement of Financial Position - continued |
| 31 December 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Spitalfields Works Limited (Registered number: 09996618) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Spitalfields Works Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The following principal accounting policies have been applied; |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties. |
| Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Where loans and borrowings are repayable on demand no notional interest charge is accrued. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement. |
| 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 statement of financial position date. |
| Spitalfields Works Limited (Registered number: 09996618) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2023 | 70,330 |
| Cost | 4,848,212 |
| 4,918,542 |
| Spitalfields Works Limited (Registered number: 09996618) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | INVESTMENT PROPERTY - continued |
| If the investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 4,848,212 | 4,758,383 |
| The investment properties were valued on an open market basis on 31 December 2024 by the director . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Related party loans |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| VAT | 5,673 | - |
| Other creditors |
| Accruals and deferred income |
| £22,169,644 (2023: £21,326,590) recorded within related party loans is secured on this company's investment properties and the investment properties of Spitalfields Work Residential Limited, interest is charged at 4.75% per annum and the loan is repayable on demand. |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| Preference | 0.000000001 | - | - |
| 100 | 100 |
| 9. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Architekton Limited. |
| The ultimate controlling party is |