Londonist Estate Agents Ltd

(Registration number: 13752209) (England and Wales)
Balance Sheet as at 31 December 2024

	Note	31 December 2024 £	31 December 2023 £
Fixed assets
Intangible assets	5	24,533	30,933
Tangible assets	6	1,655	2,201
Investments	7	21,470	21,470
		47,658	54,604
Current assets
Debtors	8	109,681	58,988
Cash at bank and in hand		1,848	20,343
		111,529	79,331
Creditors: Amounts falling due within one year	9	(34,435)	(295,052)
Net current assets/(liabilities)		77,094	(215,721)
Total assets less current liabilities		124,752	(161,117)
Creditors: Amounts falling due after more than one year	9	(406,293)	-
Net liabilities		(281,541)	(161,117)
Capital and reserves
Called up share capital	10	100	100
Retained earnings		(281,641)	(161,217)
Shareholders' deficit		(281,541)	(161,117)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 5 December 2025
 

......................................... Mr Asim Erturk Director

Londonist Estate Agents Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Great James Street
London
WC1N 3DB
England

These financial statements were authorised for issue by the director on 5 December 2025.

2	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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Londonist Estate Agents Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis. The company reported a loss for the year of £120,424 (2023: £201,729) and, as at 31 December 2024, had net liabilities of £281,541 (2023: £161,117).

The accumulated deficit primarily reflects ongoing operating losses together with the reclassification of amounts due to related parties from short-term to long-term obligations. During the year, £406,293 owed to related parties was reclassified as a long-term creditor, demonstrating the continued financial support of those parties.

Despite the net liabilities position at the reporting date, the director has assessed the company’s cash flow forecasts and financial commitments for a period of at least 12 months from the date of approval of these financial statements. Based on this assessment, the director is satisfied that the company will be able to meet its liabilities as they fall due. This conclusion is supported by the following factors:
• Ongoing support from related parties, who have confirmed they will not request repayment of outstanding balances for the foreseeable future.
• Improved expected trading performance, supported by significant cost reductions during the year, including a reduction in establishment costs from £59,836 to £12,060 and other administrative efficiencies.
• A more streamlined operating structure, with employee headcount reduced from 7 to 3, resulting in a materially lower ongoing cost base.

Having considered these matters, the director has a reasonable expectation that adequate financial resources will continue to be available and that the company will remain operational for the foreseeable future. Accordingly, the financial statements continue to be prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Londonist Estate Agents Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that 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.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Software costs	Over 5 years straight line basis

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	20% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Londonist Estate Agents Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for 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 payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement 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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Londonist Estate Agents Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
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 other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3	Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 3 (2023: 7).

Londonist Estate Agents Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Taxation

Tax charged/(credited) in the profit and loss account

	12 months to 31 December 2024 £	14 months to 31 December 2023 £
Current taxation
UK corporation tax adjustment to prior periods	-	(9,503)

5	Intangible assets

	Software costs  £
Cost
Additions acquired separately	32,000
At 31 December 2024	32,000
Amortisation
At 1 January 2024	1,067
Amortisation charge	6,400
At 31 December 2024	7,467
Carrying amount
At 31 December 2024	24,533
At 31 December 2023	30,933

Londonist Estate Agents Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6	Tangible assets

	Furniture, fittings and equipment  £
Cost
At 1 January 2024	2,729
At 31 December 2024	2,729
Depreciation
At 1 January 2024	528
Charge for the year	546
At 31 December 2024	1,074
Carrying amount
At 31 December 2024	1,655
At 31 December 2023	2,201

7	Investments

	31 December 2024 £	31 December 2023 £
Investments in subsidiaries	21,470	21,470