BELSIZE_HOLDINGS_LTD - Accounts

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Belsize Holdings Ltd for the year ended 31 December 2021 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

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 https://www.icaew.com/regulation

This report is made solely to the Board of Directors of Belsize Holdings Ltd, as a body, in accordance with the terms of our engagement letter dated 16 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Belsize Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of Belsize Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Belsize Holdings Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Belsize Holdings Ltd 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 Belsize Holdings Ltd. You consider that Belsize Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Belsize Holdings Ltd. 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.

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 31 December 2021 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.

The comparatives relate to the eighteen months ended 31 December 2020.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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. 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 and cash equivalents 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 costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The Company's issued share capital, consisting of 52,100 ordinary shares of £1 each be reclassified as follows, each having the rights and being subject to the restrictions contained in the New Articles.

The A shares and B shares shall entitle holders to receive notice of, attend and vote at meetings of the shareholders of the company. Dividends may be declared and paid on one or more class of shares to the exclusion of any other classes of shares and dividends at different rates may be declared on different classes of shares. On a distribution of assets on a liquidation or a return of capital (Other than a conversion, redemption or purchase of shares) The assets of the company shall (To the extent that the company is lawfully permitted to do so) be distributed as follows (A) to the holder of the A shares, the company’s shares in Welby London LTD pro rata to such members respective holdings of A shares; (B) To the holders of the B shares, the company’s shares in Welby UK LTD prorate to such members respective holdings of B shares; and (C) to the holders of the A shares and B shares the surplus assets of the company remaining after payments of its Liabilities pro rata to such members respective holdings of A shares and B shares (as if they constituted the same class).