Permitted Developments Investments No 8 - Accounts to registrar (filleted)

REGISTERED NUMBER: 11319715 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

Permitted Developments Investments No 8

Ltd

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

11

DIRECTORS:

Mr M R Shooter

Mr J M Weinzweig

REGISTERED OFFICE:

S223 - S224 Churchill House

120 Bunns Lane

London

NW7 2AS

REGISTERED NUMBER:

11319715 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Alan Kaye (FCA)

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

FIXED ASSETS

Tangible assets

4

5,902

-

Investments

5

100

Investment property

6

32,080,913

31,969,960

32,086,915

31,970,060

CURRENT ASSETS

Stocks

7

348,948

330,000

Debtors

8

2,743,520

3,391,457

Cash at bank

94,999

159,192

3,187,467

3,880,649

CREDITORS

Amounts falling due within one year

9

(14,599,015

)

(14,219,595

)

NET CURRENT LIABILITIES

(11,411,548

)

(10,338,946

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

20,675,367

21,631,114

CREDITORS

Amounts falling due after more than one year

10

(19,949,113

)

(19,949,113

)

PROVISIONS FOR LIABILITIES

(1,046,897

)

(1,046,897

)

NET (LIABILITIES)/ASSETS

(320,643

)

635,104

CAPITAL AND RESERVES

Called up share capital

12

120

Retained earnings

13

(320,763

)

634,984

SHAREHOLDERS' FUNDS

(320,643

)

635,104

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2025 and were signed on its behalf by:

Mr J M Weinzweig - Director

1.	STATUTORY INFORMATION

Permitted Developments Investments No 8 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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:

Revenue from development and sale of property

Where the company provides services together with construction materials in order to perform its contractual obligation to deliver real estate to the buyer, revenue is recognised, as sales of goods, on delivery of the completed real estate to the buyer. Revenue represents the market value of development stock appropriated to investment properties.

Rental income

Revenue comprises income from the lessee of the company's investment property held within investment property. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

25%

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value.

Foreign currency transactions and balances

Transactions in foreign currency are initially recorded at the functional currency rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements for at least twelve months after the reporting date they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement t of the liability for at least twelve months after the reporting date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Going Concern

The Company's activities generated a loss of £955,747 (2023: £1,894,688) and has a net liability of £320,643 (net assets 2023: £635,104 ) The Company's operational existence is still dependent on the ability to raise further funding from its parent company and other group members.

After making due enquires, the directors have formed a judgement that there is a reasonable expectation that the group can secure further adequate resources to continue in operational existence for the foreseeable future and that adequate arrangements will be in place to enable the settlement of their financial commitments, as and when they fall due.

For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. Whilst there are inherent uncertainties in relation to future events, and therefore no certainty over the outcome of the matters described, the directors consider that, based upon the financial projections and dependent upon the success of their efforts to complete these activities, the group will be a going concern for the next twelve months.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

7,869

At 31 December 2024

7,869

DEPRECIATION

Charge for year

1,967

At 31 December 2024

1,967

NET BOOK VALUE

At 31 December 2024

5,902

5.	FIXED ASSET INVESTMENTS

Centric

House

Apart Ltd

- Shar

£

COST

At 1 January 2024

and 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

At 31 December 2023

100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

31,969,960

Additions

110,953

At 31 December 2024

32,080,913

NET BOOK VALUE

At 31 December 2024

32,080,913

At 31 December 2023

31,969,960

7.

STOCKS

31.12.24

31.12.23

£

Work-in-progress

348,948

330,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

(202,010

)

891

Other debtors

1,323,028

1,674,336

VAT

20,822

24,056

Prepayments and accrued income

1,601,680

1,692,174

2,743,520

3,391,457

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

(153,026

)

38,996

Amounts owed to group undertakings

11,356,089

11,582,561

Tax

34,734

61,577

Other creditors

69,299

Accrued expenses

3,291,919

2,467,162

14,599,015

14,219,595

Amounts owed to group undertakings are unsecured, repayable on demand and subject to interest at 8%.

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans (see note 11)

19,949,113

11.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

49,113

Arbuthnot Lathem mortgage

19,900,000

19,949,113

Bank loans of £49,112.64 (2023: £49,112.64) are subject to interest charges of 2.5% per annum, are repayable between 2021 and 2026 and are unsecured.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

120

Ordinary

£1

120

13.

RESERVES

Retained

earnings

£

At 1 January 2024

634,984

Deficit for the year

(955,747

)

At 31 December 2024

(320,763

)

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Alan Kaye (FCA) (Senior Statutory Auditor)

for and on behalf of BBK Partnership

15.	RELATED PARTY DISCLOSURES

Included within 'Amounts owed to group undertakings' is an amount of £ 1,368,257.03 (2023: £1,480,987.07) due from Centric House Apartment Limited, a subsidiary.

Included within 'Amounts owed to group undertakings' is an amount of £ 9,987,831.80 (2023: £10,101,573.62) due from Gold Wynn UK Holdings, the immediate parent company.

Included within 'Trade debtors' is a credit amount of £ 205,909.50 was due to Permitted Development Investments No 13 Limited, a company under common ownership.

16.	CONTROLLING PARTY

The immediate parent undertaking of the company is Gold Wynn UK Holdings Limited, whose registered office is at S223 - S224 Churchill House 120 Bunns Lane, London, United Kingdom, NW7 2AS.

The ultimate controlling party is Jeffrey Weinzweig.

17.

CHARGES

During the year the company had granted charges in favour of Arbuthnot Latham & Co., Limited over its fixed and floating assets covering all property and undertakings.