COMPANY REGISTRATION NUMBER:
15324364
|
Unaudited financial statements |
|
|
Statement of financial position |
|
31 December 2025
Fixed assets
|
Tangible assets |
5 |
|
4,004,877 |
|
3,933,471 |
|
|
|
|
|
|
Current assets
|
Cash at bank and in hand |
46,646 |
|
– |
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year |
6 |
(
4,057,605) |
|
(
4,062,885) |
|
|
----------- |
|
----------- |
|
|
Net current liabilities |
|
(
4,010,959) |
|
(
4,062,885) |
|
|
----------- |
|
----------- |
|
Total assets less current liabilities |
|
(
6,082) |
|
(
129,414) |
|
|
------ |
|
--------- |
|
Net liabilities |
|
(
6,082) |
|
(
129,414) |
|
|
------ |
|
--------- |
|
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
|
100 |
|
Profit and loss account |
|
(
6,182) |
|
(
129,514) |
|
|
------ |
|
--------- |
|
Shareholders deficit |
|
(
6,082) |
|
(
129,414) |
|
|
------ |
|
--------- |
|
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31 December 2025 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
;
-
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 were approved by the
board of directors
and authorised for issue on
29 July 2026
, and are signed on behalf of the board by:
Company registration number:
15324364
|
Notes to the financial statements |
|
Year ended 31 December 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 Flat 4, 29 Ravenscroft Avenue, London, NW11 8BH.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income, stated net of discounts and of Value Added Tax. Rental income is recognised on an accruals basis in line with lease terms and arises solely in the UK.
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 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at transaction price where the arrangement has no stated interest rate or repayment terms, otherwise it is measured at amortised cost. Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4.
Employee numbers
The average number of employees during the year was
1
(2024:
1
).
5.
Tangible assets
|
Investment property |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 January 2025 |
3,894,745 |
39,710 |
3,934,455 |
|
Additions |
79,348 |
– |
79,348 |
|
----------- |
------- |
----------- |
|
At 31 December 2025 |
3,974,093 |
39,710 |
4,013,803 |
|
----------- |
------- |
----------- |
|
Depreciation |
|
|
|
|
At 1 January 2025 |
– |
984 |
984 |
|
Charge for the year |
– |
7,942 |
7,942 |
|
----------- |
------- |
----------- |
|
At 31 December 2025 |
– |
8,926 |
8,926 |
|
----------- |
------- |
----------- |
|
Carrying amount |
|
|
|
|
At 31 December 2025 |
3,974,093 |
30,784 |
4,004,877 |
|
----------- |
------- |
----------- |
|
At 31 December 2024 |
3,894,745 |
38,726 |
3,933,471 |
|
----------- |
------- |
----------- |
|
|
|
|
The investment property has been valued at cost based on an assessment by the director at 31 December 2025.
6.
Creditors:
Amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
540 |
– |
|
Social security and other taxes |
1,448 |
– |
|
Other creditors |
4,055,617 |
4,062,885 |
|
----------- |
----------- |
|
4,057,605 |
4,062,885 |
|
----------- |
----------- |
|
|
|
7.
Related party transactions
At the reporting date, the Company had outstanding loan balances of £2,022,565 and £2,022,429 due to both Barrow Properties (PTY) Ltd and Salbro Ltd, respectively, both 50% shareholders of
Salbar Ltd
, resulting in a collective liability of £4,044,994 (2024: £4,030,503). These companies can request repayment within one year. It has been confirmed with the directors of the financing companies that it is not their intention to make immediate demands for the loans in whole or in part in the forseeable future. The accounts have been prepared on a going concern basis, the validity of which depends on the support from the financing companies continuing to be made available.