SOLIDSPACE EASTDOWN PARK LIMITED - Accounts to registrar (filleted) - small 18.2

SOLIDSPACE EASTDOWN PARK LIMITED - Accounts to registrar (filleted) - small 18.2

SOLIDSPACE EASTDOWN PARK LIMITED - Company Information

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REGISTERED NUMBER: 11987799 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2020

for

SOLIDSPACE EASTDOWN PARK LIMITED
SOLIDSPACE EASTDOWN PARK LIMITED (Registered number: 11987799)






Contents of the Financial Statements
for the Year Ended 30 September 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOLIDSPACE EASTDOWN PARK LIMITED

Company Information
for the Year Ended 30 September 2020







DIRECTORS: P Marko
R Zogolovitch
G Cherry
S Allan-Sinclair





REGISTERED OFFICE: 32 Rathbone Place
London
W1T 1JJ





REGISTERED NUMBER: 11987799 (England and Wales)





ACCOUNTANTS: Alphanumeric Accountants Limited
LABS ATRIUM
Stables Market
Chalk Farm Road
London
NW1 8AH
Page 1
SOLIDSPACE EASTDOWN PARK LIMITED (Registered number: 11987799)

Balance Sheet
30 September 2020

30.9.20 30.9.19
Notes £    £   
CURRENT ASSETS
Stocks 4,048,541 3,483,367
Debtors 4 22,854 56,440
Cash at bank 2,489 -
4,073,884 3,539,807
CREDITORS
Amounts falling due within one year 5 (36,209 ) (58,173 )
NET CURRENT ASSETS 4,037,675 3,481,634
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,037,675
3,481,634

CREDITORS
Amounts falling due after more than one
year
6
(4,044,605
)
(3,483,654
)
NET LIABILITIES (6,930 ) (2,020 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (6,931 ) (2,021 )
(6,930 ) (2,020 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2021 and were signed on its behalf by:




S Allan-Sinclair - Director


The notes form part of these financial statements

Page 2
SOLIDSPACE EASTDOWN PARK LIMITED (Registered number: 11987799)

Notes to the Financial Statements
for the Year Ended 30 September 2020

1. STATUTORY INFORMATION

SOLIDSPACE EASTDOWN PARK LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Page 3 continued...
SOLIDSPACE EASTDOWN PARK LIMITED (Registered number: 11987799)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Other debtors 22,854 56,440

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Trade creditors 13,394 46,470
Amounts owed to group undertakings 21,440 10,453
Other creditors 1,375 1,250
36,209 58,173

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.20 30.9.19
£    £   
Other creditors 4,044,605 3,483,654

Page 4 continued...
SOLIDSPACE EASTDOWN PARK LIMITED (Registered number: 11987799)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

7. SECURED DEBTS

The following secured debts are included within creditors:

30.9.20 30.9.19
£    £   
Other loans 4,044,605 3,483,654

The loan will be repaid in full in September 2022 and Interest is being charged on the balance at 6% + Libor.

8. RELATED PARTY DISCLOSURES

During the year Solidspace Limited (Parent Company) charged a management fee of £135,000 to Solidspace Eastdown Park Limited. At the year end £21,440 was owed to Solidspace Limited.

During the year one of the directors has charged interest at 6% + Libor per annum of £231,686 (2019: £43,718) on loan to the company. The total amount of loan from the director at the year end was £4,044,605.

9. ULTIMATE CONTROLLING PARTY

The parent company is Solidspace Limited a company incorporated in the UK. It's registered office and principal place of business is 32 Rathbone Place, London, England, W1T 1JJ.

There is no controlling party.

Page 5