| Albany Mews Development Ltd |
| Registered number: |
13188227 |
| Balance Sheet |
| as at 31 December 2024 |
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| Notes |
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2024 |
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2023 |
| £ |
| Fixed assets |
| Investments |
3 |
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1,737,974 |
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1,099,637 |
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| Current assets |
| Debtors |
4 |
|
110,671 |
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46,123 |
| Cash at bank and in hand |
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113 |
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4,980 |
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110,784 |
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51,103 |
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| Creditors: amounts falling due within one year |
5 |
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(1,978,292) |
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(1,186,565) |
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| Net current liabilities |
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(1,867,508) |
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(1,135,462) |
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| Net liabilities |
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(129,534) |
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(35,825) |
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| Capital and reserves |
| Called up share capital |
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1 |
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1 |
| Profit and loss account |
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(129,535) |
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(35,826) |
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| Shareholders' funds |
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(129,534) |
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(35,825) |
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| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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| Robert Barker |
| Director |
| Approved by the board on 28 October 2025 |
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| Albany Mews Development Ltd |
| 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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Investment Property |
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Investment properties in the process of construction are stated at cost less impairment. Completed investment properties will be included at fair value with gains recognised in the income statement. Deferred tax will be provided on these gains at the rate expected to apply when the property is sold. |
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Debtors |
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Short term 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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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). 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. |
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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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| 2 |
Employees |
2024 |
2023 |
| Number |
Number |
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Average number of persons employed by the company |
0 |
0 |
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| 3 |
Investments |
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| Other |
Total |
| investments |
| £ |
£ |
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Cost |
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At 1 January 2024 |
1,099,637 |
1,099,637 |
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Additions |
638,337 |
638,337 |
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At 31 December 2024 |
1,737,974 |
1,737,974 |
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Historical cost |
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At 1 January 2024 |
1,099,637 |
1,099,637 |
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At 31 December 2024 |
1,737,974 |
1,737,974 |
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One investment property is held which is in the process of construction. |
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| 4 |
Debtors |
2024 |
2023 |
| £ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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11,885 |
28,935 |
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Other debtors |
98,786 |
17,188 |
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110,671 |
46,123 |
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| 5 |
Creditors: amounts falling due within one year |
2024 |
2023 |
| £ |
£ |
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Bank loans and overdrafts |
1,047,425 |
410,405 |
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Trade creditors |
53,781 |
16,560 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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770,102 |
738,602 |
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Other creditors |
106,984 |
20,998 |
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1,978,292 |
1,186,565 |
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| 6 |
Loans |
2024 |
2023 |
| £ |
£ |
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Creditors include: |
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Secured bank loans |
1,047,425 |
410,405 |
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The bank loan is secured by means of |
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A first legal charge over the investment property under development. |
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A first debenture over all assets. |
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A joint and several personal guarantee from the directors limited to £1,144,827 |
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A full suite of collateral warranties in respect of the main contractors, professional consultants and principal design sub contractors. |
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A cost Overrun Guarantee to be provided the by the Guarantors for punctual performance by the Borrower of its obligations to fund any cost overrun. |
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A deed of subordination in respect of the existing director loans to the borrower |
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| 7 |
Related party transactions |
2024 |
2023 |
| £ |
£ |
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Included in debtors are the following loans due from related parties |
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Parks Farm Investments Ltd (100% subsidiary of House of Tuesday Ltd) |
11,885 |
28,935 |
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Included in creditors are the following loans due to related parties |
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House of Tuesday Ltd |
748,102 |
738,602 |
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The Parks Investments Ltd |
22,000 |
- |
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Fees were paid to the following related parties during the financial period |
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Stolon Studio Ltd (controlled by Robert Barker) |
106,178 |
22,000 |
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| 8 |
Controlling party |
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Albany Mews Development Ltd is a fully owned subsidiary of House Of Tuesday Ltd (CRN: 09361736) whose registered office is 10 Durham Avenue, Gidea Park, Romford, RM2 6JS. |
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| 9 |
Other information |
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Albany Mews Development Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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10 Durham Avenue |
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Gidea Park |
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Romford |
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RM2 6JS |