COMPANY REGISTRATION NUMBER:
12358206
|
RST BALDWIN STREET COMMERCIAL LIMITED |
|
|
FILLETED FINANCIAL STATEMENTS |
|
|
RST BALDWIN STREET COMMERCIAL LIMITED |
|
|
STATEMENT OF FINANCIAL POSITION |
|
30 September 2024
Fixed assets
|
Investments |
4 |
2,983,307 |
2,983,307 |
|
|
|
|
Current assets
|
Debtors |
5 |
76,418 |
85,992 |
|
Cash at bank and in hand |
495 |
62,743 |
|
--------- |
---------- |
|
76,913 |
148,735 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
4,042,564) |
(
3,457,007) |
|
------------- |
------------- |
|
Net current liabilities |
(
3,965,651) |
(
3,308,272) |
|
------------- |
------------- |
|
Total assets less current liabilities |
(
982,344) |
(
324,965) |
|
---------- |
---------- |
|
Net liabilities |
(
982,344) |
(
324,965) |
|
---------- |
---------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
(
982,444) |
(
325,065) |
|
---------- |
---------- |
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Shareholder deficit |
(
982,344) |
(
324,965) |
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---------- |
---------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
26 December 2025
, and are signed on behalf of the board by:
Company registration number:
12358206
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RST BALDWIN STREET COMMERCIAL LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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YEAR ENDED 30 SEPTEMBER 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 York Street, London, W1H 1EZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared in sterling on the historical cost basis.
Going concern
The company is part of the Acorn Property Group and the ultimate parent company is Acorn PG Holdings Limited. The group has made a loss and has net liabilities however has unrealised profits on future development projects and is managing group cashflows to ensure liabilities are being paid as they fall due for payment. The group is receiving financial support from related companies to provide it with adequate working capital for a period of at least 12 months from the date of signing the financial statements and the ultimate parent company has provided group support. For these reasons, the directors have prepared the company's financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The key judgements and sources of estimation uncertainty that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Funding arrangements Management has assessed the substance of funding agreements for other loans and consider them to be financing arrangements. The sums advanced under these agreements are therefore included in creditors as financial liabilities. The financial liabilities are measured at transaction price, including any transaction costs and subsequent measurement is at amortised cost using the effective interest rate method. (ii) Investment properties Investment properties are valued annually at fair value. Fair value is ascertained through review of comparable market data and rent levels and cash flows for the respective investment property. There is an inevitable degree of judgement involved. Given the property market knowledge and expertise of the directors and within the group, no third party formal valuation has been considered necessary. Whist the directors exercise due care and attention to made reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from charging rent and services.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investments
Investment property is carried at fair value and any revaluation surpluses are recognised in the profit and loss account. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Investments
|
Investment property |
|
£ |
|
Cost |
|
|
At 1 October 2023 and 30 September 2024 |
2,983,307 |
|
------------- |
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Impairment |
|
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At 1 October 2023 and 30 September 2024 |
– |
|
------------- |
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|
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Carrying amount |
|
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At 30 September 2024 |
2,983,307 |
|
------------- |
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At 30 September 2023 |
2,983,307 |
|
------------- |
|
|
The original cost of the investment property is £1,440,083 (2023 - £1,440,083). The investment property was valued on an open market basis on 30 September 2024 by he directors.
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
– |
7,500 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
76,418 |
76,272 |
|
Other debtors |
– |
2,220 |
|
--------- |
--------- |
|
76,418 |
85,992 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
26,086 |
27,945 |
|
Amounts owed to group undertakings |
4,950 |
47,674 |
|
Accruals and deferred income |
31,750 |
– |
|
Social security and other taxes |
5,670 |
1,929 |
|
Amounts owed to related parties |
|
|
|
Other creditors |
2,516,122 |
2,404,459 |
|
------------- |
------------- |
|
4,042,564 |
3,457,007 |
|
------------- |
------------- |
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£2,064,632 (2023 - £667,963) of other loans which are included within other creditors are secured.
7.
Summary audit opinion
The auditor's report dated
26 December 2025
was unqualified
, however, the auditor drew attention to the following by way of emphasis.
We draw attention to note 3 in the financial statements, which indicates that the company is reliant on support from the ultimate parent undertaking, Acorn PG Holdings Limited. We note the group is receiving financial support from related companies. The ability of the company to continue as a going concern is dependent on continuing financial support by the ultimate parent undertaking, which in turn is dependent on the continuing financial support of these related companies. These conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
The senior statutory auditor was
Jonathan Day
, for and on behalf of Streets Audit LLP
.
8.
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
9.
Controlling party
APG Bristol Limited is the immediate parent company. Acorn PG Holdings Limited is the ultimate parent company. The registered office of the companies is 29 York Street, London, England, W1H 1EZ. Copies of the financial statements for the parent company and group can be obtained from Companies House.