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Registered number: 13207774 BROADSIDE HOLDINGS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
BROADSIDE HOLDINGS LIMITED REGISTERED NUMBER: 13207774 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 7,515,005 |  | 11,206,892
|  |  | 7,515,005 |  | 11,206,892
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 746,595 |  | 681,541 |
Cash at bank and in hand | 6 | 841,275 |  | 131,525 |
|  | 1,587,870 |  | 813,066 |
Creditors: amounts falling due within one year | 7 | (9,836,977) |  | (8,193,366) |
Net current liabilities |  |  | (8,249,107) |  | (7,380,300)
Total assets less current liabilities |  |  | (734,102) |  | 3,826,592
Net (liabilities)/assets |  |  | (734,102) |  | 3,826,592
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 9,450,000 |  | 7,800,000
Profit and loss account |  |  | (10,184,102) |  | (3,973,408)
|  |  | (734,102) |  | 3,826,592
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BROADSIDE HOLDINGS LIMITED REGISTERED NUMBER: 13207774 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J C Burgess
Director
Date: 4 November 2025
The notes on pages 3 to 7 form part of these financial statements. Page 2
BROADSIDE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Broadside Holdings Limited is a private company, limited by shares and incorporated in England and Wales (registered number: 13207774). Its registered office is 101 New Cavendish Street,1st Floor South, London, W1W 6XH, and the principal place of business address is 7 Trebeck Street, London, W1J 7LU. The principal activity of the company continued to be that of property investment. The financial statements are presented in Sterling, which is the functional currency of the Company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
As at the reporting date, the Company had net liabilities. The financial statements have been prepared on the going concern basis, on the grounds that the shareholders will continue to provide the funds necessary for the Company to meet its obligations as they fall due for a period of not less than 12 months from the date of approval of these financial statements. The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
BROADSIDE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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BROADSIDE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 11,206,892
| Additions at cost | 35,325
| Deficit on revaluation | (3,727,212)
| At 31 December 2024 | 7,515,005
The 2024 valuations were made by the directors, based on information from professional valuers provided under a comparison methodology based on sales of other sites in the vicinity of the property. Loans are secured against the freehold property by way of fixed and floating charges over all the property and undertakings of the Company.
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 2,524 | 60,845
| Amounts owed by group undertakings | 81,929 | 22,500
| Other debtors | 112,583 | 44,947
| Prepayments and accrued income | 549,559 | 553,249
|  | 746,595 | 681,541
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 841,275 | 131,525
|  | 841,275 | 131,525
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BROADSIDE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 5,712,146 | 6,212,146
| Trade creditors | 681,695 | 457,048
| Amounts owed to group undertakings | 1,251,634 | -
| Other creditors | 135,629 | 95,913
| Accruals and deferred income | 2,055,873 | 1,428,259
|  | 9,836,977 | 8,193,366
8. | Creditors: Amounts falling due after more than one year
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 5,712,146 | 6,212,146
|  | 5,712,146 | 6,212,146
|  | 5,712,146 | 6,212,146
Page 6
BROADSIDE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 9,449,000 (2022 - 7,499,000) 6% Preference shares of £1.000 each | 9,449,000 | 7,799,000
|  | 170,835 (2023 - 170,835) A Ordinary shares of £0.001 each | 171 | 171
|  | 170,835 (2023 - 170,835) B Ordinary shares of £0.001 each | 171 | 171
|  | 200,000 (2023 - 200,000) C Ordinary shares of £0.001 each | 200 | 200
|  | 425,000 (2023 - 425,000) D Ordinary shares of £0.001 each | 425 | 425
|  | 33,300 (2023 - 33,300) E Ordinary shares of £0.001 each | 33 | 33
|  |  | 9,450,000 | 7,800,000
During the year, 1,650,000 6% Preference shares of aggregate nominal value £1,650,000 were issued for consideration of £1,650,000. The Company is obliged to redeem the 6% Preference shares in the event of the sale of the investment property, or in the event of the sale of shares in the Company. At the reporting date, 6% Preference share dividends totalling £1,924,542 are in arrears and included within creditors.
11. | Related party transactions
| Incldued within debtors is £81,929 (2023: £22,500) owed by shareholders of the Company. Included within creditors is £3,176,176 (2023: £1,303,855) owed to shareholders of the Company.
Page 7