Registration number:
Poland Street Properties Limited
for the Year Ended 31 March 2025
Poland Street Properties Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
Poland Street Properties Limited
Company Information
|
Directors |
M B Gluck H Wilson P F C Fairbairn D Earle |
|
Registered office |
|
|
Accountants |
|
|
Auditors |
|
Poland Street Properties Limited
(Registration number: 00470026)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|||
|
£ |
£ |
£ |
£ |
||
|
Fixed assets |
|||||
|
Investment property |
|
|
|||
|
Current assets |
|||||
|
Other financial assets |
639,480 |
692,831 |
|||
|
Debtors |
|
|
|||
|
Cash at bank and in hand |
|
|
|||
|
|
|
||||
|
Creditors: Amounts falling due within one year |
( |
( |
|||
|
Net current liabilities |
( |
( |
|||
|
Total assets less current liabilities |
|
|
|||
|
Provisions for liabilities |
( |
( |
|||
|
Net assets |
|
|
|||
|
Capital and reserves |
|||||
|
Called up share capital |
540 |
540 |
|||
|
Other reserves |
459 |
459 |
|||
|
Retained earnings |
3,245,415 |
3,108,716 |
|||
|
Shareholders' funds |
3,246,414 |
3,109,715 |
|||
Approved and authorised by the
|
......................................... |
Poland Street Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Audit report
As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
Judgements
The fair value of the investment property is derived by the directors from current market data available. |
Revenue recognition
Revenue comprises rents receivable from tenants under operating leases and are recognised on a straight line basis over the term of the lease. VAT is excluded from all amounts.
Cost of sales
Included in cost of sales are managing agent fees in respect of repairs, commissions, and other ancillary items relating to the company's investment property. Such expenses are charged to the profit and loss account in the year they are incurred.
Poland Street Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Operating expenses
Operating expenses are recognised in the Profit and loss account as the service is used or as incurred.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except where a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Investment property
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Financial Instruments
Introduction
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Poland Street Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial Liabilities
Classification
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Poland Street Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Investment properties |
|
2025 |
|
|
At 1 April 2024 |
|
|
Fair value adjustments |
|
|
At 31 March 2025 |
|
The investment property fair values are based on an open market value for existing use. The valuations are performed by qualified directors on a 'desktop valuation' basis.
|
Other financial assets (current and non-current) |
|
Financial assets at fair value through profit and loss |
Total |
|
|
Current financial assets |
||
|
Cost or valuation |
||
|
At 1 April 2024 |
692,831 |
692,831 |
|
Fair value adjustments |
(33,478) |
(33,478) |
|
Additions |
20,775 |
20,775 |
|
Disposals |
(40,648) |
(40,648) |
|
At 31 March 2025 |
639,480 |
639,480 |
|
Carrying amount |
||
|
At 31 March 2025 |
|
639,480 |
|
At 31 March 2024 |
|
692,831 |
Poland Street Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
|
Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 section 1a ’The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with fellow group entities and transactions undertaken under normal market conditions.
The remuneration of the directors of the company is carried by the parent company.
Loans to related parties
|
2025 |
Other related parties |
Total |
|
At start of period |
|
|
|
Repaid |
( |
( |
|
At end of period |
- |
- |
|
|
||
|
2024 |
Other related parties |
Total |
|
At start of period |
|
|
|
At end of period |
|
|
|
|
||
Terms of loans to related parties
Poland Street Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is