Company No:
Contents
| DIRECTORS | R S Frischmann |
| J E Frischmann | |
| J K Fowler |
| SECRETARY | J K Fowler |
| REGISTERED OFFICE | 5 Manchester Square |
| London | |
| W1U 3PD | |
| United Kingdom |
| COMPANY NUMBER | 03705741 (England and Wales) |
| ACCOUNTANTS | Berg Kaprow Lewis LLP |
| 35 Ballards Lane | |
| London | |
| N3 1XW |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 3,249,034 | 3,249,034 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 7,213,907 | 6,674,921 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| Net current (liabilities)/assets | (1,474,671) | 397,922 | ||
| Total assets less current liabilities | 1,774,363 | 3,646,956 | ||
| Creditors: amounts falling due after more than one year | 6 |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of CES Properties (Manchester Square) Limited (registered number:
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J K Fowler
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
CES Properties (Manchester Square) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Manchester Square, London, W1U 3PD, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements, noting that the Company had net current liabilities of £1,474,671. Included within creditors due within one year are bank loans of £2,252,518, and these loans were repaid in August 2025 using new long term loans from related parties. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Revenue in respect of rent is recognised over the period of the lease.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
This treatment is contrary to the requirements of the Financial Reporting Standard 102 Section 1A, which requires investment properties to be measured at fair value and for the gain or loss to go through the Statement of Income and Retained Earnings. In addition, no deferred tax has been recognised on any fair value gains arising on the investment properties. In the opinion of the directors, revaluation of the investment properties is not practicable.
Further, this is contrary to the Companies Act 2006, which states that fixed assets should be depreciated. In the opinion of the directors, this departure from the Act is necessary in order to give a true and fair view of the financial position of the Company.
Investments held as fixed assets are shown at cost less provision for impairment.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and loans to related parties, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and 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.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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| Investment property | |
| £ | |
| Cost | |
| As at 01 April 2024 |
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| As at 31 March 2025 |
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Investment properties are stated at historic cost and have not, as required by the Financial Reporting Standard 102 Section 1A, been valued at fair value at the Statement of Financial Position date. In the opinion of the directors, the investment property has a value in excess of the amount at which it is included in the financial statements, but do not feel the cost of a professional valuation is justified, and do not feel able to arrive at an accurate valuation.
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by associates |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
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| Amounts owed to group undertakings |
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| Accruals |
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| Corporation tax |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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The company has taken advantage of Section 1AC.35 of FRS 102 (1A) by not disclosing transactions with wholly owned group companies.
Included within other amounts owed by associates is a balance of £429,892 (2024: £454,334) owed by a company under common control. This balance is unsecured and interest free and there are no fixed repayment terms.
Included within other debtors is a balance of £6,782,665 (2024: £6,220,477) owed by a company under common control. This company was charged interest totalling £63,800 (2024: £67,923) during the year.
Included within other creditors are balances of £638,756 (2024: £638,756) owed to directors of the Company. These balances are unsecured and interest free and there are no fixed repayment terms.
The ultimate parent undertaking is Sandor Holdings Limited, a company incorporated in England and Wales.
There is no ultimate controlling party.