Company No:
Contents
DIRECTORS | R S Broadhurst CVO CBE FRICS |
G Spinks |
SECRETARY | T M West |
REGISTERED OFFICE | 22 Chancery Lane |
London | |
WC2A 1LS | |
England | |
United Kingdom |
COMPANY NUMBER | 09707251 (England and Wales) |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 December 2021.
DIRECTORS
The directors who held office during the year were as follows:
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DIRECTORS' INDEMNITIES
Approved by the Board of Directors and signed on its behalf by:
T M West
Secretary |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Sableknight Fleet Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sableknight Fleet Limited. You consider that Sableknight Fleet Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Sableknight Fleet Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountant
Note | 2021 | 2020 | ||
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Turnover |
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Cost of sales | (
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Gross profit |
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Administrative expenses | (
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Loss on fair value movement of investment property | 4 | (
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Operating loss | (
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Interest receivable and similar income |
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Loss before taxation | (
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Tax on loss |
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Profit/(loss) for the financial year |
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2021 | 2020 | |||
£ | £ | |||
Profit/(loss) for the financial year |
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Other comprehensive income | 0 | 0 | ||
Total comprehensive income/(loss) for the financial year |
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Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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Investments | 5 |
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23,000,102 | 24,350,102 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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9,140,283 | 7,834,494 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current liabilities | (20,422,353) | (21,791,091) | ||
Total assets less current liabilities | 2,577,749 | 2,559,011 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Sableknight Fleet Limited (registered number:
R S Broadhurst CVO CBE FRICS
Director |
The principal accounting policies are summarised below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Sableknight Fleet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The impact of the COVID-19 pandemic (coronavirus) on the ability of the company to continue as a going concern has been assessed by the directors. It is expected that the pandemic may impact to some extent on rental income receivable in future periods.
As at the date of approval of these financial statements, the directors have prepared the financial statements on the going concern basis.
In assessing whether the going concern basis is appropriate, the directors have considered the considerable cash held by the company, which they consider continue to be easily sufficient to meet ongoing third party liabilities. The most significant creditor balance is owed to group undertakings and the directors do not expect this balance to be called for repayment within the next twelve months. The financial statements do not include any adjustments that would be necessary if the going concern basis was not appropriate.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investments in subsidiaries are included at cost. Dividends on equity securities are recognised in income when receivable.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the Profit and Loss Account.
The only financial instruments held by the Company are trade debtors, trade creditors and investments in subsidiaries. Their recognition and measurement is set out elsewhere in the accounting policies.
Deferred tax is provided in respect of this valuation and is therefore subject to the same uncertainty. The carrying amount is £1,623,526 (2020 -£976,430).
2021 | 2020 | ||
Number | Number | ||
The average number of persons employed by the company during the year was |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2021 |
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Additions | 5,000 |
Fair value movement | (1,355,000) |
As at 31 December 2021 |
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The investment property is held at fair value, with changes in fair value being recognised in the Profit and Loss Account.
Fair value is based on a third party valuation at the balance sheet date by an independent valuer. The valuation has been prepared in accordance with the RICS Valuation – Global Standards effective from 31 January 2020.
The historic cost of the investment property is £29,494,104 (2020 - £29,489,104)
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£ | £ | ||
Participating interests |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.12.2021 |
Ownership 31.12.2020 |
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22 Chancery Lane, WC2A 1LS | Other letting and operating of own or leased real estate |
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22 Chancery Lane, WC2A 1LS | Other letting and operating of own or leased real estate |
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22 Chancery Lane, WC2A 1LS | Development of building projects |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Deferred tax asset |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
Other creditors |
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2021 | 2020 | ||
£ | £ | ||
At the beginning of financial year |
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Credited to the Profit and Loss Account |
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At the end of financial year |
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The most senior parent entity producing publicly available financial statements is Sableknight Limited. These financial statements are publicly available from Companies House.
The address of Sableknight Limited is:
22 Chancery Lane
London
WC2A 1LS