Company No:
Contents
DIRECTOR | Mr D L Bearman |
REGISTERED OFFICE | 7th Floor South Block |
55 Baker Street | |
London | |
W1U 8EW | |
United Kingdom |
COMPANY NUMBER | 10795718 (England and Wales) |
The director presents his report and the financial statements for the year ended 31 December 2021.
DIRECTOR
The director, who held office during the year, was as follows:
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Approved and signed by:
Mr D L Bearman
Director |
2021 | 2020 | |||
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Administrative expenses | (
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Operating loss | (
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Income from participating interests |
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Profit before interest and taxation | 32,730 | 32,392 | ||
Interest receivable and similar income |
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Interest payable and similar expenses | (
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Loss before taxation | (
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Tax on loss |
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Loss for the financial year | (
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Note | 2021 | 2020 | ||
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Fixed assets | ||||
Investments | 3 |
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46,891 | 46,891 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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3,036,316 | 3,054,090 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (173,193) | (158,269) | ||
Total assets less current liabilities | (126,302) | (111,378) | ||
Net liabilities | (
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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 deficit | (
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Director's responsibilities:
The financial statements of Cheshire Street Holdings Limited (registered number:
Mr D L Bearman
Director |
Called-up share capital | Profit and loss account | Total | |||
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At 01 January 2020 |
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Loss for the financial year |
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Total comprehensive loss |
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At 31 December 2020 |
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At 01 January 2021 |
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Loss for the financial year |
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Total comprehensive loss |
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At 31 December 2021 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Cheshire Street Holdings 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 7th Floor South Block, 55 Baker Street, London, W1U 8EW, United Kingdom.
The financial statements have been prepared under the historical cost convention, except that as disclosed in the accounting policies certain items are shown 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.
As at the date of the approval of these financial statements, the directors have prepared the financial statements on a going concern basis.
In assessing whether the going concern basis is appropriate, the directors have considered the ability of the company to meet its external financing obligations, the ability of tenants to continue to provide rental income to group companies which in turn owe amounts to the Company, and that the ultimate shareholder will continue to support the company for a period of no less than twelve months from the date of approval of the accounts. 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 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.
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.
Loans at non-market rates of interest are measured at the present value of future cash flows, and are discounted at the market rate of interest that would apply to similar debt instruments, with the difference taken as a capital contribution recognised in other comprehensive income. Loans made to joint ventures at non-market rates of interest are discounted to net present value, with the difference taken as an addition to the investment in joint venture.
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.
Investments in Joint Ventures are measured at cost less impairment.
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. Financial instruments are impaired when an indication of impairment has become evident.
2021 | 2020 | ||
Number | Number | ||
The average number of persons employed by the company during the year was |
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2021 | 2020 | ||
£ | £ | ||
Participating interests |
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Investments in joint ventures | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 January 2021 |
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At 31 December 2021 |
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Provisions for impairment | |||
At 01 January 2021 |
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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Carrying value at 31 December 2020 |
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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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England and Wales | Other letting and operating of own or leased real estate |
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2021 | 2020 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Amounts owed by joint ventures |
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Amounts owed by related parties |
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Other debtors |
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Within amounts owed by joint ventures is an unsecured loan which has an interest rate of 2.25% on the first £1,669,517 and the remaining balance is interest free. The full loan is repayable as soon as reasonably practicable if Cheshire Street Limited sells its investment property.
During the year interest of £37,564 (2020 - £37,564) was accrued.
The balance of the loan at the year end is £2,769,625 (2020 - £2,769,625).
The loan and interest owed at the year end have been repaid in full on 27 May 2022 following the partial sale of Cheshire Street Limited's investment property.
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£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to related parties |
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Other creditors |
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The bank loan is denominated in Sterling with an interest rate of 1.55% and was due for repayment on 8 April 2022, having been extended from 8 October 2021. The carrying amount at the year end was £3,099,999 (2020 - £3,111,771). The loan is guaranteed by the ultimate shareholder.
The bank loan outstanding at the year end was repaid post year end, with £2,856,000 repaid on 31 May 2022 and £244,000 repaid on 4 July 2022.
Amounts owed to related parties
Within amounts owed to related parties is an unsecured loan from Bancroft Capital Limited, a company under common control of the director. The loan is unsecured with an interest rate of 2.25% on the first £53,425 and the remaining balance is interest free. The loan is repayable on demand as soon as reasonably practicable if Cheshire Street Limited sells its investment property.
During the year interest of £1,202 (2020 - £1,202) was recognised.
The balance of the loan at the year end is £88,628 (2020 - £88,628).
The loan outstanding at the year end was repaid in full on 30 May 2022.
The most senior parent entity producing publicly available consolidated financial statements is Firefly Capital Limited. These financial statements are publicly available from Companies House.