Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| Investments | 5 |
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| 10,488,691 | 10,492,620 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 107,279 | 107,279 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current liabilities | (10,608,456) | (10,601,002) | ||
| Total assets less current liabilities | (119,765) | (108,382) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Chiswick Works Limited (registered number:
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G Hedger
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Chiswick Works Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company’s current liabilities exceeded its current assets by £10,608,456 and has net deficit of £119,765.
The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain support from the director, fellow group companies and if required from other connected companies under common control for a period of at least 12 months from the date of approval of the financial statements, to enable it to pay its debts as they fall due.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The fair value model is determined annually by the director with the benefit of professional 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.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2025 |
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| At 31 December 2025 |
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| Accumulated depreciation | |||
| At 01 January 2025 |
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| Charge for the financial year |
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| At 31 December 2025 |
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| Net book value | |||
| At 31 December 2025 | 11,785 | 11,785 | |
| At 31 December 2024 | 15,714 | 15,714 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2025 |
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| As at 31 December 2025 |
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No depreciation is provided for on the investment properties.
The directors consider that the historical cost value of the investment property is not different to the fair value at the reporting end date.
| 2025 | 2024 | ||
| £ | £ | ||
| Subsidiary undertakings |
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Investments in subsidiaries
| 2025 | |
| £ | |
| Cost | |
| At 01 January 2025 |
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| At 31 December 2025 |
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| Carrying value at 31 December 2025 |
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| Carrying value at 31 December 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to Group undertakings |
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| Other creditors |
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Included in other creditors is a loan of £9,000,000 (2024 : £9,000,000) from a related party, which is secured by a fixed and floating charge over the company's investment property described in note 4.
Included within amounts owed to group undertakings are loans that are unsecured, interest free, has no fixed date of repayment and is repayable on demand.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts due to related parties - Other related parties | 9,000,000 | 9,000,000 |
Other related party is an entity controlled by one of the directors which have funded the property acquisition. The amounts were outstanding at the reporting end date.
The company has taken advantage of the exemption available under section 1A C.35 of FRS 102 “Related party disclosures” whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.