Fashion Street Regeneration Limited
Financial Statements
For Filing with Registrar
For the year ended 31 March 2021
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
Devonshire House
60 Goswell Road
London
EC1M 7AD
Fashion Street Regeneration Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Fashion Street Regeneration Limited
Balance Sheet
As at 31 March 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,689
1,233
Investment properties
3
25,500,000
26,840,000
Investments
4
37,500
37,500
25,541,189
26,878,733
Current assets
Debtors
6
337,483
87,408
Cash at bank and in hand
2,661,052
1,104,186
2,998,535
1,191,594
Creditors: amounts falling due within one year
7
(1,032,105)
(1,162,677)
Net current assets
1,966,430
28,917
Total assets less current liabilities
27,507,619
26,907,650
Creditors: amounts falling due after more than one year
8
(5,300,000)
(3,300,000)
Provisions for liabilities
Deferred tax liability
9
(3,970,519)
(4,224,547)
(3,970,519)
(4,224,547)
Net assets
18,237,100
19,383,103
Capital and reserves
Called up share capital
10
101,000
101,000
Non-distributable reserve
18,124,709
19,221,005
Profit and loss reserves
11,391
61,098
Total equity
18,237,100
19,383,103
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 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 June 2021 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 2021
Page 3
Share capital
Non-distributable reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2019
101,000
20,826,117
134,081
21,061,198
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
-
(628,095)
(628,095)
Dividends
-
-
(1,050,000)
(1,050,000)
Transfer fair value loss on investment property to non-distributable reserve
-
(1,415,820)
1,415,820
-
Transfer deferred tax charge on revaluation of investment property to non-distributable reserve
-
(189,292)
189,292
-
Balance at 31 March 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)
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 credit 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
Fashion Street Regeneration Limited
Notes to the Financial Statements
For the year ended 31 March 2021
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 pound.
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:
Plant and equipment
20% straight line
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 2021
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 at bank and in hand
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.
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 2021
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
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
34,358
Additions
3,764
Disposals
(32,091)
At 31 March 2021
6,031
Depreciation and impairment
At 1 April 2020
33,125
Depreciation charged in the year
1,308
Eliminated in respect of disposals
(32,091)
At 31 March 2021
2,342
Carrying amount
At 31 March 2021
3,689
At 31 March 2020
1,233
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 7
3
Investment property
2021
£
Fair value
At 1 April 2020
26,840,000
Additions
13,452
Revaluations
(1,353,452)
At 31 March 2021
25,500,000
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 2021. 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 £3,565,839 (2020: £3,552,387).
4
Fixed asset investments
2021
2020
£
£
Investments
37,500
37,500
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020 & 31 March 2021
37,500
Carrying amount
At 31 March 2021
37,500
At 31 March 2020
37,500
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 8
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 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.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
44,343
22,642
Other debtors
293,140
64,766
337,483
87,408
Included within other debtors is a balance of £150,000 (2020: £nil) due from the directors. This loan was subject to interest at 2.5% and the total balance including interest was repaid to the company in April 2021. Also included within other debtors is a balance of £75,000 (2020: £nil) due from the LLP of which this company's directors are the designated members. This balance was repaid in full in June 2021 including interest charged at 2.5%.
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
6,448
27,999
Corporation tax
218,643
232,480
Other taxation and social security
64,398
67,426
Other creditors
742,616
834,772
1,032,105
1,162,677
Other creditors includes tenant rent deposits totalling £345,182 (2020: £397,693). These deposits are included within the £2,661,052 cash at bank and in hand figure.
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 9
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
5,300,000
3,300,000
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.
During the year the company obtained additional financing from its existing loan provider. The additional loan of £2.0m is repayable in May 2023 and the original loan of £3.3m is repayable in June 2024.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
161,067
157,939
Unrealised gain on investment property
3,809,452
4,066,608
3,970,519
4,224,547
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
50,000 Ordinary A shares of £1 each
50,000
50,000
50,000 Ordinary B shares of £1 each
50,000
50,000
1,000 Ordinary C shares of £1 each
1,000
1,000
101,000
101,000
11
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.
The auditor was Moore Kingston Smith LLP.
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
11
Audit report information
(Continued)
Page 10
2021-03-31
2020-04-01
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30 June 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
This audit opinion is unqualified
M Beckett
K Whitten
M Beckett
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