REGISTERED NUMBER: 12651171 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

Centric House Apartments Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

Mr M R Shooter

Mr J M Weinzweig

REGISTERED OFFICE:

S223 - S224 Churchill House

120 Bunns Lane

London

NW7 2AS

REGISTERED NUMBER:

12651171 (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

CURRENT ASSETS

Debtors

4

1,476,478

1,596,504

Cash at bank

18,032

8,467

1,494,510

1,604,971

CREDITORS

Amounts falling due within one year

5

(1,801,973

)

(1,827,528

)

NET CURRENT LIABILITIES

(307,463

)

(222,557

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(307,463

)

(222,557

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

(307,563

)

(222,657

)

SHAREHOLDERS' FUNDS

(307,463

)

(222,557

)

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

Centric House Apartments 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1

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 relates to rent receivable from tenants. 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 relates to rent receivable from tenants. 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 relates to rent receivable from tenants. 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.

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 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.

Going concern

The Company's activities generated a loss of £84,906 (2023: £167,881) and has a net current liability of £307,463 (2023: £222,557) 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.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

7,691

21,537

Amounts owed by group undertakings

1,368,257

1,480,987

Other debtors

100,530

93,980

1,476,478

1,596,504

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

19,158

11,296

Taxation and social security

1,100

782

Other creditors

1,781,715

1,815,450

1,801,973

1,827,528

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 January 2024

(222,657

)

Deficit for the year

(84,906

)

At 31 December 2024

(307,563

)

8.	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

9.	RELATED PARTY DISCLOSURES

Included within ‘Amounts owed by group undertakings’ is an amount of £1,368,257 due from Permitted Developments Investments No 8 Ltd, the immediate parent company.

10.

CHARGES

Arbuthnot Latham & Co. Limited has placed a specific equitable charge over all freehold and leasehold properties and/or the proceeds of sale thereof fixed and floating charges over undertaking and all property and assets present and future including goodwill book debts and the benefits of any licenses and charge of deposit.

11.	CONTROLLING PARTY

The immediate parent undertaking of the company is Permitted Developments Investments No 8 Limited, whose registered office is at S223 - S224 Churchill House, 120 Bunns Lane, London, England, NW7 2AS.

The ultimate controlling party is Jeffrey Weinzweig.