BELSIZE_HOLDINGS_LTD - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Belsize Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Court, 37 Belsize Avenue, London, UK, NW3 4BN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

During the early part of 2020 the international community was impacted by the COVID-19 pandemic, which caused significant disruption to UK businesses. The directors have assessed the risk that the company is not a going concern, with reference to its financial position and performance. The company forecasts that it is able to continue to meet all of its obligations without recourse either to additional third party capital or additional capital from the shareholders. The directors are not aware of any significant impact from the COVID-19 pandemic on the company operations. However, the directors continue to assess its impact on an ongoing basis as it is expected that market value of property will decrease in 2020 but due to the strong financial position of the company, this will have no significant impact. true

The directors have also received undertakings from the fellow group companies that amounts owed to them will not be paid until such time as the company is able to do so.

The directors have therefore concluded that the going concern assumption is appropriate and continue to prepare the annual report and the financial statements on that basis.

Investments in subsidiary undertakings are stated at the amount of net asset values at the balance sheet date. The surplus or deficit on annual revaluation of investments is transferred to an investments revaluation reserve.

Provision is made for any permanent diminution in the valuation of investments in subsidiary undertakings.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).

During the year 52,000 ordinary shares were issued to acquire the whole of the issued share capital of Welby Limited.

The group has a claim for professional negligence against previous accountants of certain subsidiaries in respect of an SDLT liability,which has crystallised and is fully provided for in the accounts. The group is seeking a full indemnity against liability from the accountants and has instructed lawyers to pursue the claim. The group is advancing the claim under the Professional Negligence Pre-Action Protocol, as it is required, and the accountants and insurers are at the date of these accounts disputing liability.  Proceedings have not yet been issued and the claim is therefore at an early stage.  The directors believe that the group is entitled to a full indemnity.