Company No:
Contents
| DIRECTORS | R S Frischmann |
| J K Fowler |
| SECRETARY | J K Fowler |
| REGISTERED OFFICE | 5 Manchester Square |
| London | |
| W1U 3PD | |
| United Kingdom |
| COMPANY NUMBER | 06414969 (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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| 1,735,786 | 1,735,786 | |||
| Current assets | ||||
| Debtors | 4 |
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| 6,511,838 | 5,693,658 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (1,397,889) | (1,421,185) | ||
| Total assets less current liabilities | 337,897 | 314,601 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net liabilities | (
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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 shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Hinde Street Properties 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.
Hinde Street Properties 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 financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and will be able to meet its debts as they fall due.
At the Statement of Financial Position date, the Company had net current liabilities and net liabilities, and included within creditors due within one year are amounts owed to connected entities of £7,604,818.
The directors have confirmed that the Company will receive continued support from its connected entities for the foreseeable future, and that they consider all debtors to be fully recoverable. On this basis, they consider it appropriate to continue adopting the going concern basis of accounting.
Revenue in respect of rent is recognised over the period of the lease.
Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
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 measure 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.
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 from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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 and accruals, 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. Trade 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 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 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 market value in excess of the amount at which it is included in the financial statments, but do not feel that the cost of a professional valuation is justified, and do not feel able to arrive at an accurate valuation.
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
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| Accruals and deferred income |
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| Corporation tax |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Other loans |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. There were no contributions payable to the fund at the Statement of Financial Position date.
Included within other debtors is a balance of £6,472,013 (2024: £5,661,077) owed by a company with shared directors. This balance is unsecured and interest free, with no fixed repayment terms.
Included within other creditors is a balance of £6,782,665 (2024: £6,220,477) owed to a company with shared directors. This balance is unsecured, interest is charged, and there are no fixed repayment terms.
Also included within other creditors is a balance of £822,153 (2024: £618,855) owed to a partnership of which some of the directors are constituent partners. This balance is unsecured and interest free, with no fixed repayment terms.
Also included within other creditors is a balance of £15,667 (2024: £12,556) owed to a director of the Company. This balance is unsecured and interest free, with no fixed repayment terms.
Included within other creditors due in more than one year is a balance of £347,047 (2024: £327,171) owed to a company with shared directors. This balance is unsecured, interest is charged, and the loan is repayable in December 2027. Hinde Street Properties Ltd paid interest of £19,876 (2024: £19,382) to the company during the year.