REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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PRESSFIELD LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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FOR |
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PRESSFIELD LIMITED |
PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PRESSFIELD LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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50 Seymour Street |
London |
W1H 7JG |
PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572) |
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BALANCE SHEET |
30 SEPTEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 9 |
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Retained earnings | 9 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Pressfield Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounts have been prepared on the going concern basis which is dependant upon continued support from the directors and the group companies. The directors and the group companies have validated to support the working capital requirements of the company for the foreseeable future. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Investment property |
investment property is included at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 -
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PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Investment | Freehold | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2020 |
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Additions |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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The investment property was valued by the directors on a fair value basis at 30 September 2020. |
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On historical basis the investment property would have been included at an original cost of £1,940,846 (2018: £1,940,846). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by participating interests | 2,196,665 | 2,228,674 |
Other debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to participating interests | 26,300 | 19,800 |
Social security and other taxes |
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Other creditors |
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Accrued expenses |
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PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Other loans | 1,829,008 | 1,782,658 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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The bank loans are secured by fixed charges over the freehold property and investment property and guarantees provided by the directors. |
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Amounts owed to group undertakings and the directors are unsecured, subordinated to the bank loans and only repayable when the company has sufficient funds. |
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Other loans are secured by a charge over the share capital of the company. |
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9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2020 | ( |
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(336,244 | ) |
Deficit for the year | ( |
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At 30 September 2021 | ( |
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(513,288 | ) |
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10. | RELATED PARTY DISCLOSURES |
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Included in amounts owed by / (to) participating interest (notes 8 & 9) are amounts of £146,517, £400,762, £37,000 and £(26,300) (2020: Amounts owed by / (to) £149,120, £430,168, £37.000 and £(19,800) Summit Hotels Limited, Wembley City Hix Limited, Risinghurst Limited and Avenue Banqueting Limited, respectively, being companies in which the directors have a participating interest in. . |
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Also included in amounts owed by participating interests (note 8) is £1,612,386 (2020: £1,612,386) due from Property Participation Cell C2106D PC, an entity in which members of the Cohen family have an interest. Interest for the year has been waived. |
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Included in other loans (note 9) is £1,782,658 (2020: £1,732,586) due to Risinghirst Limited, a company in which members of the Cohen family have an interest. During the year £50,072 (2020: £50,072) of interest was charged on this loan. |
PRESSFIELD LIMITED (REGISTERED NUMBER: 05024572) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties of the company are Y Cohen, G Cohen & A Kohen by virtue of their beneficial interest in the entire share capital of Gyda Properties Limited. |