Fashion Street Regeneration Limited
Financial Statements
For the year ended 31 March 2022
For Filing with Registrar
Company Registration No. 03675760 (England and Wales)
Fashion Street Regeneration Limited
Company Information
Directors
M Beckett
K Whitten
Secretary
M Beckett
Company number
03675760
Registered office
Unit 2.6, Second Floor
11-29 Fashion Street
London
E1 6PX
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Fashion Street Regeneration Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Fashion Street Regeneration Limited
Balance Sheet
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,311
3,689
Investment properties
4
26,775,000
25,500,000
Investments
5
37,500
37,500
26,815,811
25,541,189
Current assets
Debtors
7
299,448
337,483
Cash at bank and in hand
2,617,132
2,661,052
2,916,580
2,998,535
Creditors: amounts falling due within one year
8
(842,005)
(1,032,105)
Net current assets
2,074,575
1,966,430
Total assets less current liabilities
28,890,386
27,507,619
Creditors: amounts falling due after more than one year
9
(5,300,000)
(5,300,000)
Provisions for liabilities
Deferred tax liability
10
(5,542,223)
(3,970,519)
(5,542,223)
(3,970,519)
Net assets
18,048,163
18,237,100
Capital and reserves
Called up share capital
11
101,000
101,000
Revaluation reserve
17,841,759
18,124,709
Profit and loss reserves
105,404
11,391
Total equity
18,048,163
18,237,100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Fashion Street Regeneration Limited
Balance Sheet (Continued)
As at 31 March 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 14 July 2022 and are signed on its behalf by:
M Beckett
Director
Company Registration No. 03675760
Fashion Street Regeneration Limited
Statement of Changes in Equity
For the year ended 31 March 2022
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2020
101,000
19,221,005
61,098
19,383,103
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
-
(156,003)
(156,003)
Interim dividends
-
-
(990,000)
(990,000)
Transfer fair value loss on investment property to non-distributable reserve
-
(1,353,452)
1,353,452
-
Transfer deferred tax charge on revaluation of investment property to non-distributable reserve
-
257,156
(257,156)
-
Balance at 31 March 2021
101,000
18,124,709
11,391
18,237,100
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
531,063
531,063
Interim dividends
-
-
(720,000)
(720,000)
Transfer fair value loss on investment property to non-distributable reserve
-
1,226,713
(1,226,713)
-
Transfer deferred tax credit on revaluation of investment property to non-distributable reserve
-
(1,509,663)
1,509,663
-
Balance at 31 March 2022
101,000
17,841,759
105,404
18,048,163
Fashion Street Regeneration Limited
Notes to the Financial Statements
For the year ended 31 March 2022
Page 4
1
Accounting policies
Company information
Fashion Street Regeneration Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 2.6, Second Floor, 11-29 Fashion Street, London, E1 6PX.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis. Due to the nature of the company's activities the impact of the ongoing Covid-19 pandemic has not been significant to the company and it has continued to operate as normal. The decrease in the fair value of the investment property is anticipated to be temporary.
1.3
Turnover
Turnover is
comprised of rental and associated income and is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental income is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging a
lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
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
.
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 5
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.6
Fixed asset investments
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.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021
6,031
Additions
1,798
At 31 March 2022
7,829
Depreciation and impairment
At 1 April 2021
2,342
Depreciation charged in the year
2,176
At 31 March 2022
4,518
Carrying amount
At 31 March 2022
3,311
At 31 March 2021
3,689
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 7
4
Investment property
2022
£
Fair value
At 1 April 2021
25,500,000
Additions
48,287
Revaluations
1,226,713
At 31 March 2022
26,775,000
Investment property represents a multi-let office building in the Spitalfields area of London.
The fair value of investment property has been arrived at on the basis of a directors' valuation as at 31 March 2022. The directors have prepared their valuation on an open market basis, by reference to available market data, including the financial statements of several listed companies holding comparable property.
If the investment property had been accounted for under the historic cost accounting rules, the property would have a value of £3,614,126 (2021: £3,565,839).
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
37,500
37,500
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
132 Commercial Street LLP
United Kingdom
Property investment
Members capital
75.00
The investment in subsidiary is stated at cost.
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
4,289
44,343
Other debtors
295,159
293,140
299,448
337,483
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
7
Debtors
(Continued)
Page 8
Included within other debtors is a balance of £nil (2021: £150,000) due from the directors.
During the year the company advanced loans totalling £250,000 to shareholders. During the year repayments of £170,000 were made, leaving outstanding balances totalling £80,000 at the balance sheet date. This amount is included in other debtors. Immediately after the year end, on 6 April 2022, the outstanding amount was repaid in full. No interest was charged on these loans.
During the year, the company advanced a loan totalling £400,000 to a director. Interest was charged on the loan at a rate of 2.5%. The loan and interest were repaid in full before the year end. There was no balance outstanding in relation to this loan at the balance sheet date.
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,986
6,448
Corporation tax
155,384
218,643
Other taxation and social security
31,065
64,398
Other creditors
653,570
742,616
842,005
1,032,105
Other creditors includes tenant rent deposits totalling £321,537(2021: £345,182). These deposits are included within the £2,617,131 cash at bank and in hand figure.
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
5,300,000
5,300,000
The bank loan is secured on a fixed charge over the Fashion Street property. There is a Composite Guarantee between Fashion Street Regeneration Limited and 132 Commercial Street LLP.
Bank loans of £2.0m are repayable in May 2023 and bank loans of £3.3m are repayable in June 2024.
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 9
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
223,108
161,067
Unrealised gain on investment property
5,319,115
3,809,452
5,542,223
3,970,519
11
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
50,000
50,000
Ordinary B shares of £1 each
50,000
50,000
Ordinary C shares of £1 each
1,000
1,000
101,000
101,000
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Guy Richardson and the auditor was Moore Kingston Smith LLP.
2022-03-31
2021-04-01
false
15 July 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
K Whitten
K Whitten
M Beckett
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