13 Holland Park Ltd
|
Registered number: 09619603 |
Balance Sheet |
as at 31 December 2019
|
|
|
|
Notes |
|
|
2019 |
|
|
2018 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
962,837 |
|
|
36,283,880 |
Investment property |
4 |
|
|
44,006,238 |
|
|
- |
|
|
|
|
44,969,075 |
|
|
36,283,880 |
Current assets |
Debtors |
5 |
|
2,290 |
|
|
2,911 |
Cash at bank |
|
|
69,407 |
|
|
- |
|
|
|
71,697 |
|
|
2,911 |
Creditors: amounts falling due within one year |
6 |
|
(38,878,582) |
|
|
(37,509,869) |
|
Net current liabilities |
|
|
|
(38,806,885) |
|
|
(37,506,958) |
|
Total assets less current liabilities |
|
|
|
6,162,190 |
|
|
(1,223,078) |
|
Provisions for liabilities |
|
|
|
(972,427) |
|
|
- |
|
Net assets/(liabilities) |
|
|
|
5,189,763 |
|
|
(1,223,078) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Fair value reserve |
7 |
|
|
6,241,129 |
|
|
- |
Profit and loss account |
|
|
|
(1,051,368) |
|
|
(1,223,080) |
|
Shareholder's funds |
|
|
|
5,189,763 |
|
|
(1,223,078) |
|
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The company has taken the option not to deliver a profit and loss account to the Registrar of Companies.
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|
|
|
Mehmet Ali Erdoğan |
Director |
Approved by the board on 25 March 2020
|
|
13 Holland Park Ltd
|
Notes to the Accounts |
for the year ended 31 December 2019
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard).
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|
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Turnover |
|
Turnover represents rental and other property income receivable.
|
|
|
Tangible fixed assets |
|
Assets under construction are stated at cost and not depreciated. Upon completion they are reclassified as investment property or tangible fixed assets as appropriate. Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:
|
|
Fixtures and fittings |
over 4 years |
|
|
Investment property |
|
The investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Fair value is ascertained by an open market valuation on freehold basis, conducted annually by the directors. |
|
|
Debtors |
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Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
|
Creditors |
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Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
|
Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, excpet for investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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|
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Impairment |
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Assets are reviewed at each balance sheeet date for any indication of impairment. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount, in which case the impairment loss is a revaluation decrease. |
|
|
2 |
Employees |
2019 |
|
2018 |
Number |
Number |
|
|
Average number of persons employed, including directors |
3 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Assets under construction |
|
Fixtures and Fittings |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2019 |
36,283,880 |
|
- |
|
36,283,880 |
|
Additions |
1,095,132 |
|
697,453 |
|
1,792,585 |
|
Reclassifications |
(37,379,012) |
|
586,330 |
|
(36,792,682) |
|
At 31 December 2019 |
- |
|
1,283,783 |
|
1,283,783 |
|
|
|
|
|
|
|
|
|
|
Depreciation and impairment |
|
Charge for the year |
- |
|
320,946 |
|
320,946 |
|
At 31 December 2019 |
- |
|
320,946 |
|
320,946 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
- |
|
962,837 |
|
962,837 |
|
At 31 December 2018 |
36,283,880 |
|
- |
|
36,283,880 |
|
|
4 |
Investment property |
|
|
|
£ |
|
Fair value |
|
Reclassifications |
36,792,682 |
|
Fair value gain |
7,213,556 |
|
|
At 31 December 2019 |
44,006,238 |
|
|
The company's investment property acts as security for the parent company's bank borrowing. |
|
|
5 |
Debtors |
2019 |
|
2018 |
£ |
£ |
|
|
Other debtors |
2,290 |
|
2,911 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
£ |
£ |
|
|
Trade creditors |
- |
|
436,800 |
|
Amounts owed to group undertakings |
|
37,240,653 |
|
35,695,386 |
|
Taxation and social security |
289,478 |
|
- |
|
Other creditors |
1,348,451 |
|
1,377,683 |
|
|
|
|
|
|
38,878,582 |
|
37,509,869 |
|
|
|
|
|
|
|
|
|
|
|
7 |
Fair value reserve |
2019 |
|
2018 |
£ |
£ |
|
|
Transfer from profit and loss account |
6,241,129 |
|
- |
|
At 31 December 2019 |
6,241,129 |
|
- |
|
|
|
|
|
|
|
|
|
|
8 |
Company information |
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The company is a private company limited by shares, incorporated in England and registered at 2nd Floor 23 College Hill, London, United Kingdom,EC4R 2RP. The principal place of business is 13 Holland Park, London, W11 3TH. |