10 Fitzroy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Fitzroy Square, London, W1T 5HP.
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 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 .
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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). 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.
Basic financial assets, which include trade and other receivables 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 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.
Basic financial liabilities, including trade and other payables, 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 paymen ts 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The balance includes freehold property with a cost of £5,863,935. In calculating the depreciation an estimation has been made of the residual value. There remains a risk that the residual value will change over time.
In computing the NPV of future cash outflows represented by interest free loans shown as other borrowings, a discount rate of 4% is used and is considered to be a market rate equivalent.
The average monthly number of persons (including directors) employed by the company during the year was:
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
At the balance sheet date, included in creditors is an amount due to Fitzpatrick International Limited of £217,653 (2019: £204,795), a company with common directors and which is indirectly controlled by The Fitzpatrick Family Discretionary Settlement 2014, a shareholder of the company. During the year, interest of £12,858 (2019: £16,120) was charged on the loan.
During the year, Fitzpatrick Projects Limited charged rent of £172,333 (2019: £188,000) to 10 Fitzroy Limited. During the year, 10 Fitzroy Limited recharged costs of £15,517 (2019: £22,175) to Fitzpatrick Projects Limited. At 31 December 2020, £Nil (2019: £Nil) was outstanding to Fitzpatrick Projects Limited. The parties are related by virtue of common directors and the same significant shareholder, The Fitzpatrick Family Discretionary Settlement 2014.
During the year, rent totalling £129,617 (2019: £141,000) was charged by The Fitzpatrick Family Discretionary Settlement 2014, a significant shareholder of the company. During the year, 10 Fitzroy Limited recharged costs of £7,646 (2019: £9,488) to The Fitzpatrick Family Discretionary Settlement 2014. At 31 December 2020, £Nil (2019:£5,408) was due from the Fitzpatrick Family Discretionary Settlement 2014.
During the year, the company incurred expenditure totalling £2,854 (2019:£4,310) on behalf of P H M Fitzpatrick, a director, and £2,933 (2019:£2,775) was repaid during the year. At the balance sheet date, £1,323 (2019: £1,243) was due to P H M Fitzpatrick.
At the balance sheet date £602,875 (2019: £723,125) of the loan advanced to 10 Fitzroy Limited by A C Fitzpatrick, the late mother of P H M Fitzpatrick, was outstanding. The loan was arranged in 2015 over a 10 year period and interest imputed during the year was £29,750 (2019: £35,750). A present value adjustment has been made relating to the loan in accordance with applicable accounting standards. The loan is repayable over a remaining period of 5 years.
During the year, £39,600 (2019: £31,780) was invoiced by Evina Consulting Services Limited to the company for the provision of consultancy services. At the balance sheet date £Nil (2019: £2,250) was due to Evina Consulting. Evina Consulting Services Limited is controlled by S Templeman, the daughter of K Williams.
During the year, the company earned rental income from Mayford James Limited of £13,194 (2019: £16,697). At the balance sheet date £Nil (2019: £1,200) was due to Mayford James Limited. Also during the year, £34,650 (2019: £Nil) was invoiced by Mayford James Limited to the company for the supply of temporary work. At the balance sheet date £1,236 (2019: £Nil) was owed by the company. Mayford James Limited is also controlled by S Templeman.
There is no single ultimate controlling party.