Registration number:
Year Ended
Cheshire Street Holdings Limited
Contents
Company Information |
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Director's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Cheshire Street Holdings Limited
Company Information
Director |
Mr D L Bearman |
Registered office |
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Page 1 |
Cheshire Street Holdings Limited
Director's Report
Year Ended 31 December 2018
The report and the financial statements for the year ended 31 December 2018.
Director of the company
The director who held office during the year was as follows:
Going concern
The financial statements have been prepared on a going concern basis as it is expected the business will be profitable in the foreseeable future and due to the ongoing support from the shareholder.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the director on
.........................................
Mr D L Bearman
Director
Page 2 |
Cheshire Street Holdings Limited
Profit and Loss Account
Year Ended 31 December 2018
Note |
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Turnover |
- |
- |
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Administrative expenses |
( |
( |
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Other operating income |
- |
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Operating loss |
( |
( |
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Interest from participating interests |
|
|
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Other interest receivable and similar income |
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- |
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Interest payable and similar expenses |
( |
( |
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(27,699) |
(9,923) |
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Loss before tax |
( |
( |
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Taxation |
|
- |
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Loss for the financial year |
( |
( |
Page 3 |
Cheshire Street Holdings Limited
(Registration number: 10795718)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Investments |
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Debtors |
- |
9,251,234 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 4 |
Cheshire Street Holdings Limited
(Registration number: 10795718)
Balance Sheet as at 31 December 2018
Approved and authorised by the
.........................................
Mr D L Bearman
Director
Page 5 |
Cheshire Street Holdings Limited
Statement of Changes in Equity
Year Ended 31 December 2018
Share capital |
Profit and loss account |
Total |
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At 1 January 2018 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2018 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
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At 31 May 2017 |
- |
- |
- |
Loss for the period |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
New share capital subscribed |
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- |
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At 31 December 2017 |
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( |
( |
Page 6 |
Cheshire Street Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2018
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.
Disclosure of long or short period
Going concern
The financial statements have been prepared on a going concern basis as the underlying business is expected to be profitable in the foreseeable future and due to the ongoing support from the shareholder.
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.
Group and consortium relief
Charges for amounts payable in respect of tax losses surrendered to the company or credits for amounts receivable in respect of tax losses surrendered by the company and utilised by other group or consortium companies are recognised in the year to which they relate.
Page 7 |
Cheshire Street Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Investments
Investments in Joint Ventures are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when declared
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Financial instruments
Staff numbers |
The average number of persons employed by the company during the year was
Investments |
2018 |
2017 |
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Investments in joint ventures |
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Page 8 |
Cheshire Street Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Joint ventures |
£ |
Cost |
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At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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Provision |
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At 1 January 2018 |
- |
At 31 December 2018 |
- |
Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
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Joint Venture undertakings |
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United Kingdom |
Ordinary Shares |
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Debtors (due after more than one year) |
2018 |
2017 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest due after more than one year |
- |
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Page 9 |
Cheshire Street Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Debtors (due within one year) |
2018 |
2017 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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16,250 |
Other debtors |
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The loan of £6,500,000 made to Cheshire Street Limited attracts an interest rate of 2.88%. During the year interest of £187,200 (2017 - £46,672) was recognised. The carrying amount at the year end was £6,500,000 (2017 - £6,500,000).
The loan of £2,769,625 made to Cheshire Street Limited attracts an interest rate of 2.25% charged on the first £1,669,517 and the remaining balance is interest free. During the year interest of £37,564 (2017 - £9,365) was recognised.
The interest free portion of the loan is being held at amortised cost using an effective interest rate of 2.25%. During the year notional interest income of £23,966 (2017- £6,062) was recognised.
The loans were due for repayment on 18 August 2019 and were refinanced on 31 July 2019, further detail is included within Note 11. The carrying amount of the loans due to Cheshire Street Holdings Limited is £9,253,262 (2017 - £9,251,234 held within debtors due after more than one year).
A first legal charge in respect of this loan is held over Cheshire Street Limited's investment property at 110-126 Cheshire Street London, E2 6HE and its associated assets.
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Amounts owed to group undertakings |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 10 |
Cheshire Street Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The bank loan is denominated in Sterling with an interest rate of 2.88%. The loan was due for repayment on 29 September 2020, but was refinanced on 6 August 2019, further detail is included within Note 11. The carrying amount at the year end was £9,600,000 (2017 - £9,601,515).
Related party transactions |
Summary of transactions with joint ventures
Loans to related parties
2018 |
Joint ventures |
At start of period |
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Repaid |
( |
Interest transactions |
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At end of period |
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2017 |
Joint ventures |
Advanced |
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Parent and ultimate parent undertaking |
The company's parent is Firefly Capital Limited, incorporated in the United Kingdom.
The most senior parent entity producing publicly available financial statements is Firefly Capital Limited. These financial statements are publicly available from Companies House.
Page 11 |
Cheshire Street Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Non adjusting events after the financial period |
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Page 12 |