Permitted Developments Investments No 13 - Accounts to registrar (filleted)

REGISTERED NUMBER: 11937440 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

Permitted Developments Investments No 13

Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J M Weinzweig

Mr M R Shooter

REGISTERED OFFICE:

S223 - S224 Churchill House

120 Bunns Lane

London

NW7 2AS

REGISTERED NUMBER:

11937440 (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

531,757

561,502

Investments

5

3

Investment property

6

56,683,739

51,882,253

57,215,499

52,443,758

CURRENT ASSETS

Stocks

7

8,643

-

Debtors

8

2,135,206

5,378,389

Cash at bank and in hand

611,846

53,375

2,755,695

5,431,764

CREDITORS

Amounts falling due within one year

9

(28,568,647

)

(31,012,755

)

NET CURRENT LIABILITIES

(25,812,952

)

(25,580,991

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

31,402,547

26,862,767

CREDITORS

Amounts falling due after more than one year

10

(35,070,667

)

(30,696,667

)

NET LIABILITIES

(3,668,120

)

(3,833,900

)

CAPITAL AND RESERVES

Called up share capital

12

120

Retained earnings

13

(3,668,240

)

(3,834,020

)

SHAREHOLDERS' FUNDS

(3,668,120

)

(3,833,900

)

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 13 Limited 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.

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 as modified by the revaluation of certain assets.

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 £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognized 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.

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.

Tangible fixed assets

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

life.

Fixtures & Fittings

25%

Plant and Machinery

25%

Computer equipment

25%

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is carried at fair value determined annually by external valuers 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

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions

Provisions are recognized 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.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, including investment properties, are capitalised as part of the cost of those assets.

All other borrowing costs are recognised as an expense in the period in which they are incurred.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

COST

At 1 January 2024

-

748,669

-

748,669

Additions

46,189

100,604

715

147,508

At 31 December 2024

46,189

849,273

715

896,177

DEPRECIATION

At 1 January 2024

-

187,167

-

187,167

Charge for year

11,547

165,527

179

177,253

At 31 December 2024

11,547

352,694

179

364,420

NET BOOK VALUE

At 31 December 2024

34,642

496,579

536

531,757

At 31 December 2023

-

561,502

-

561,502

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

3

NET BOOK VALUE

At 31 December 2024

3

At 31 December 2023

3

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

51,882,253

Additions

4,801,486

At 31 December 2024

56,683,739

NET BOOK VALUE

At 31 December 2024

56,683,739

At 31 December 2023

51,882,253

7.

STOCKS

31.12.24

31.12.23

£

Stocks

8,643

-

8.

DEBTORS

31.12.24

31.12.23

£

Amounts falling due within one year:

Trade debtors

46,071

50,609

Baumarkt Ltd

79,355

VAT

-

36,385

Prepayments and accrued income

1,974,206

1,670,786

2,099,632

1,837,135

Amounts falling due after more than one year:

Other debtors

35,574

3,541,254

Aggregate amounts

2,135,206

5,378,389

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts (see note 11)

13,333

Trade creditors

(84,576

)

109,112

Other creditors

222,573

358,578

Amounts owed to group undertakings

18,312,640

23,066,828

Corporation tax

2,000

1,000

VAT

3,572

-

Accruals and deferred income

7,158

3,314,746

Accrued expenses

10,091,947

4,149,158

28,568,647

31,012,755

The amounts owed to group undertakings and shareholder loans include a loan of £16,367,158.34 (2023: £22,738,904.31) bearing interest at 8%. The loan is unsecured and has no fixed repayment date.

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Debentures (see note 11)

35,034,000

30,660,000

Bank loans (see note 11)

36,667

35,070,667

30,696,667

11.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

Amounts falling due within one year or on demand:

Bank loans

13,333

Amounts falling due between one and two years:

Debentures - 1-2 years

35,034,000

30,660,000

Bank loans - 1-2 years

10,000

35,044,000

30,670,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

26,667

Debentures of £30,660,000 are subject to interest charges of 5.961% - 6.8114% per annum, are secured by way of fixed and floating charges over the property.

Debentures of £4,374,000 are subject to interest charges of 9.157% per annum, are secured by way of fixed and floating charges over the property.

Bank loans of £50,000 (2023: £50,000) are subject to interest charges of 2.5% per annum, are repayable between 2022 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:

£

40

Ordinary A

£1

40

Ordinary B

£1

40

Ordinary C

£1

40

120

13.

RESERVES

Retained

earnings

£

At 1 January 2024

(3,834,020

)

Profit for the year

165,780

At 31 December 2024

(3,668,240

)

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 £1,945,482.43 due to Station House Management Services Ltd, a subsidiary.

Included within 'Trade creditors' is an amount of £205,909.50 due from Permitted Developments Investments No 8 Ltd, a company under common control.

16.

CHARGES

During the year the company had granted charges in favour of Secure Trust Bank PLC over its fixed and floating assets covering all property and undertaking.

17.	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.