COMPANY REGISTRATION NUMBER:
03516957
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
31 March 2025
FIXED ASSETS
|
Tangible assets |
5 |
|
1,630,701 |
1,630,201 |
|
Investments |
6 |
|
4 |
4 |
|
|
------------- |
------------- |
|
|
1,630,705 |
1,630,205 |
|
|
|
|
|
CURRENT ASSETS
|
Debtors |
7 |
7,863,331 |
|
7,504,196 |
|
Cash at bank and in hand |
87,019 |
|
328,575 |
|
------------- |
|
------------- |
|
7,950,350 |
|
7,832,771 |
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
(
9,478,118) |
|
(
9,156,378) |
|
------------- |
|
------------- |
|
NET CURRENT LIABILITIES |
|
(
1,527,768) |
(
1,323,607) |
|
|
------------- |
------------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
102,937 |
306,598 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
|
(
290,695) |
(
290,695) |
|
|
|
|
|
PROVISIONS
|
Taxation including deferred tax |
|
(
48,957) |
(
48,957) |
|
|
---------- |
---------- |
|
NET LIABILITIES |
|
(
236,715) |
(
33,054) |
|
|
---------- |
---------- |
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
|
100 |
100 |
|
Profit and loss account |
|
(
236,815) |
(
33,154) |
|
|
---------- |
--------- |
|
SHAREHOLDERS DEFICIT |
|
(
236,715) |
(
33,054) |
|
|
---------- |
--------- |
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
BALANCE SHEET (continued) |
|
31 March 2025
These financial statements were approved by the
board of directors
and authorised for issue on
18 June 2026
, and are signed on behalf of the board by:
|
Mr J Oestreicher |
|
Director |
|
Company registration number:
03516957
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2025
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
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 on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows: (i) Property valuation The valuation of the company's investment property is inherently subjective, depending on many factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. (ii) Trade and other debtors Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.
Turnover
The Turnover of the Company is represented by Rents and Charges receivable in respect of its investment properties.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Joint venture project
The Company has a 25% proportionate interest in a property investment project and its interest in the income, expenditure, assets and liabilities of the project are included proportionally in the Company's Financial Statements.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. This treatment, as regards the company's investment properties, may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. Debt instruments are subsequently measured at amortised cost.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
10
(2024:
10
).
5.
TANGIBLE ASSETS
|
Land and buildings |
|
£ |
|
Fair value |
|
|
At 1 April 2024 |
1,630,201 |
|
Additions |
500 |
|
------------- |
|
At 31 March 2025 |
1,630,701 |
|
------------- |
|
Carrying amount |
|
|
At 31 March 2025 |
1,630,701 |
|
------------- |
|
At 31 March 2024 |
1,630,201 |
|
------------- |
|
|
The historical cost of the properties is £1,421,767. Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition.
6.
INVESTMENTS
|
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 1 April 2024 and 31 March 2025 |
4 |
|
---- |
|
Impairment |
|
|
At 1 April 2024 and 31 March 2025 |
– |
|
---- |
|
|
|
Carrying amount |
|
|
At 31 March 2025 |
4 |
|
---- |
|
At 31 March 2024 |
4 |
|
---- |
|
|
The company owns the whole of the issued share capital of Sondale Limited and Dalby Realty Limited, companies incorporated in the United Kingdom.
7.
DEBTORS
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
5,440 |
19,928 |
|
Amounts owed by group undertakings |
1,016,908 |
1,013,734 |
|
Other debtors |
6,840,983 |
6,470,534 |
|
------------- |
------------- |
|
7,863,331 |
7,504,196 |
|
------------- |
------------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Other creditors |
9,478,118 |
9,156,378 |
|
------------- |
------------- |
|
|
|
9.
CREDITORS:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
|
Bank loans and overdrafts |
290,695 |
290,695 |
|
---------- |
---------- |
|
|
|
Bank loans and overdrafts are secured by legal charges over the Company's investment properties.
10.
RELATED PARTY TRANSACTIONS
Included in debtors is £3,795,324 due from companies connected with the directors. Included in creditors is £9,207,327 due to companies connected with the directors.