| IRIS LONDON GROWTH TWO LIMITED |
| Registered number: |
13188246 |
| Balance Sheet |
| as at 28 February 2022 |
|
| Notes |
|
|
2022 |
|
| £ |
|
| Fixed assets |
| Tangible assets |
3 |
|
|
10,488,752 |
|
| Current assets |
| Debtors |
4 |
|
88,352 |
| Cash at bank and in hand |
|
|
1,087,722 |
|
|
|
1,176,074 |
|
|
|
| Creditors: amounts falling due within one year |
5 |
|
(5,970,135) |
|
| Net current liabilities |
|
|
|
(4,794,061) |
|
|
| Total assets less current liabilities |
|
|
|
5,694,691 |
|
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(5,700,000) |
|
|
|
| Net liabilities |
|
|
|
(5,309) |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
| Profit and loss account |
|
|
|
(5,409) |
|
| Shareholders' funds |
|
|
|
(5,309) |
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr F N Kaimakamis |
Mr F D Kaimakamis |
| Director |
Director |
| Approved by the board on 26 September 2022 |
|
| IRIS LONDON GROWTH TWO LIMITED |
| Notes to the Accounts |
| for the period from 9 February 2021 to 28 February 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going concern |
|
The accounts have been prepared on a going concern basis even though this basis may not be approriate as the company made a loss in the period and had a net liabilities position at the year end. However the directors believe that the company will continiue its operating existence in the foreseeable future as its ultimate beneficial shareholders have pledged to provide working capital and support to the company in order to meet its obligations as they fall due. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and bulidings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2022 |
|
| Number |
|
|
|
Average number of persons employed by the company |
0 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
Additions |
10,488,752 |
|
At 28 February 2022 |
10,488,752 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 28 February 2022 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2022 |
10,488,752 |
|
|
| 4 |
Debtors |
2022 |
|
| £ |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
100 |
|
Other debtors |
88,252 |
|
|
|
|
|
|
88,352 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
| £ |
|
|
|
Trade creditors |
117,601 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
5,801,000 |
|
Other creditors |
51,534 |
|
|
|
|
|
|
5,970,135 |
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings include an unsecured loan amounting to £5,800,000 which is repayable on demand and subject to interest of 2% per annum commencing 01/01/22. |
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
| £ |
|
|
|
Bank loans |
5,700,000 |
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2022 |
|
| £ |
|
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
5,368,577 |
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
5,700,000 |
|
|
|
|
|
|
|
|
|
The bank loans are secured by a fixed and floating charge over the assets of the company. |
|
|
| 8 |
Controlling party |
|
|
Iris London Growth Holdings Limited, a company registered in England, is the company's immediate controlling party. |
|
|
| 9 |
Other information |
|
|
IRIS LONDON GROWTH TWO LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
51 The Grove |
|
London |
|
W5 5DX |
