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Registered number: 11439136 BLACKHORSE MEWS LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
BLACKHORSE MEWS LIMITED REGISTERED NUMBER: 11439136 BALANCE SHEET AS AT 30 SEPTEMBER 2024
| 2024 | 2024 | 2023 | 2023
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Investments | 4 |  | 1,627,550 |  | 1,624,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 125,618 |  | 103,478 |
Cash at bank and in hand | 6 | 1,947 |  | 1,897 |
|  | 127,565 |  | 105,375 |
Creditors: amounts falling due within one year | 7 | (746,092) |  | (708,294) |
Net current liabilities |  |  | (618,527) |  | (602,919)
Total assets less current liabilities |  |  | 1,009,023 |  | 1,021,081
Creditors: amounts falling due after more than one year | 8 |  | (337,359) |  | (337,359)
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 |  | (62,250) |  | (62,250)
Net assets |  |  | 609,414 |  | 621,472
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 1,000 |  | 1,000
Share premium account | 11 |  | 294,090 |  | 294,090
Revaluation reserve | 11 |  | 186,750 |  | 186,750
Profit and loss account | 11 |  | 127,574 |  | 139,632
|  |  | 609,414 |  | 621,472
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. Page 1
BLACKHORSE MEWS LIMITED REGISTERED NUMBER: 11439136 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 May 2026.
M Polledri
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
BLACKHORSE MEWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. | General information
Blackhorse Mews Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA. The principal activity of the Company during the year was that of property investment. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
The Company's only source of revenue is rental income from investment properties let to third parties. Revenue is recognised in the accounting period in which the services are rendered. Revenue represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company.
| 2.3 | Finance costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that 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. Page 3
BLACKHORSE MEWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.4 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.5 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.6 | Investment property
Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income, with unrealised gains over original cost being transferred to a seperate revaluation reserve. Page 4
BLACKHORSE MEWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.7 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.11 | Financial instruments
The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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BLACKHORSE MEWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
4. | Investment Property
|  | Investment Property
|  | £
| Cost or valuation |
| At 1 October 2023 | 1,624,000
| Additions | 3,550
| At 30 September 2024 | 1,627,550
| A formal valuation was undertaken by Jones Lang LaSalle Limited on 07 February 2023, on an open market value for existing use basis. The director considers the valuation to be appropriate at 30 September 2024. The historic cost of the investment property is £1,330,147 (2023 - £1,326,597).
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 3,347 | 5,592
| Other debtors | 122,271 | 94,851
| Prepayments and accrued income | - | 3,035
|  | 125,618 | 103,478
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,947 | 1,897
Page 6
BLACKHORSE MEWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 15,262 | 11,852
| Corporation tax | 106 | 12,070
| Other creditors | 723,649 | 677,216
| Accruals and deferred income | 7,075 | 7,156
|  | 746,092 | 708,294
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 337,359 | 337,359
| During 2019, the bank loan was repaid in full and a new loan was received by the parent company, Lee Valley Estates Limited, which was subsequently allocated around the Group. The Company is liable to pay interest on it's portion of the loan and this is paid quarterly in line with the loan agreement. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies and by floating charges over all other property, rights and assets both present and future. Please see note 12 for further information.
9. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (62,250) | (175,000)
| Charged to profit or loss | - | 112,750
| At end of year | (62,250) | (62,250)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Unrealised gains on investment property revaluation | (62,250) | (62,250)
Page 7
BLACKHORSE MEWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2023 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
| During 2019, 1 ordinary share was issued at par and 999 ordinary £1 shares were issued at a premium of £294.38 per share.
11. | Reserves
Share premium account The share premium account represents amounts paid above the share capital par value. Revaluation reserve The revaluation reserve account represents unrealised value gains of investment property. Profit and loss account The Statement of comprehensive income represents cumulative distributable profits and losses net of dividends and other adjustments.
12. | Contingent liabilities
During the prior year the parent company, Lee Valley Estates Limited, received a bank loan for £22,000,000. These funds were subsequently distributed between the subsidiaries within the Group. The Company received £337,359 (2023 - £337,359) of this loan. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies.
13. | Related party transactions
| Included within other debtors are amounts of £117,271 (2023 - £94,851) due from companies under common control. Included within other creditors are amounts of £697,749 (2023 - £654,559) due to companies under common control.
Page 8
BLACKHORSE MEWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
14. | Directors' benefits: advances, credits and guarantees
|  | 2024 | 2023
|  | £ | £
| Balance brought forward | - | -
| Advances | 5,000 | -
| Repayments | - | -
| Interest | - | -
|  | 5,000 | -
15. | Controlling party
The immediate parent company is Lee Valley Estates Limited. The ultimate controlling party is considered to be M Polledri.
Page 9