Antonine Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12162364 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

ANTONINE HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Rahim Virani

Karim Virani

SECRETARY:

Paul Davis

REGISTERED OFFICE:

Crown House

North Circular Road

London

NW10 7PN

REGISTERED NUMBER:

12162364 (England and Wales)

AUDITORS:

UHY Hacker Young (S.E.) Limited

Chartered Accountants & Statutory Auditor

168 Church Road

Hove

East Sussex

BN3 2DL

BANKERS:

Punjab National Bank (International) Ltd

110 South Road

Southall

UB1 1RB

FIXED ASSETS

Investment property

4

166,124

-

CURRENT ASSETS

Debtors

5

-

1

Cash at bank

4,985

-

4,985

1

CREDITORS

Amounts falling due within one year

6

160,245

-

NET CURRENT (LIABILITIES)/ASSETS

(155,260

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

10,864

1

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

7

10,863

-

SHAREHOLDERS' FUNDS

10,864

1

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 2 September 2021 and were signed on its behalf by:

Rahim Virani - Director

1.	STATUTORY INFORMATION

Antonine Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2.	ACCOUNTING POLICIES

Accounting convention

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 as modified by the revaluation of certain assets.

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Estimates - investment properties

The key source of estimation uncertainty rests in the values of property assets, which significantly affects the value of investment properties in the Statement of Financial Position. The investment property portfolio are carried at fair value, which requires a number of judgements and estimates in assessing the company's assets relative to market transactions.

The approach to the valuations and the amounts affected are set out in the accounting policies and note 4. The company's has valued the investment properties at fair value. To the extent that any future valuation affects the fair value of the investment properties, this will impact on the company's results in the period in which this determination is made. Due to Covid-19, March 2021 valuations have an inherent material uncertainty.

The outbreak of the Novel Coronavirus (Covid-19), declared by the World Health Organisation as a "Global Pandemic" on 11 March 2020, has impacted global financial markets. Travel restrictions have been implemented by many countries. Market activity is being impacted in many sectors. The internal valuers can attach less weight to previous market evidence for comparison purposes to inform opinions of value.

The current response to Covid-19 means that we are faced with an unprecedented set of circumstances on which to base a judgement. The property valuations therefore have an inherent "material valuation uncertainty" and consequently, less certainty - and a higher degree of caution - should be attached to the valuations used in these financial statements than would normally be the case. Given the unknown future impact that Covid-19 might have on the real estate market, the directors will keep the valuation of the company's properties under review.

Turnover

Turnover represents gross amounts receivable from rents charged to tenants and the invoice value of other services.Turnover is recognised when the rent is due from tenants on an accruals basis.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are accounted for as follows:

- Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

- Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the consolidated income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year.

Depreciation is provided only on those investment properties that are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.

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 (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

166,124

At 31 March 2021

166,124

NET BOOK VALUE

At 31 March 2021

166,124

The freehold investment property was valued on 31 March 2021 on a fair value basis as at that date by the directors.

Fair value at 31 March 2021 is represented by:

£

Valuation in 2021

166,124

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

-

1

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

129,988

-

Taxation and social security

2,548

-

Other creditors

27,709

-

160,245

-

7.

RESERVES

Retained

earnings

£

Profit for the year

10,863

At 31 March 2021

10,863

The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity:

Called-up share capital

Called-up share capital represents the nominal value of shares that have been issued.

Revaluation reserve (non-distributable)

The revaluation reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax.

Retained earnings

The retained earnings represent all current and prior period retained profits and losses.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw attention to the disclosures made in the Investment Properties Estimates discussion in the accounting policies note. As described in the note, the valuation of the property portfolio requires significant judgement and estimation by the directors and is therefore considered a significant risk due to the subjective nature of certain assumptions inherent in the valuation. Due to the impact of the Novel Coronavirus (Covid-19) outbreak, the valuation of the company's investment properties has less weight attached to them for previous market evidence for comparison purposes and the property valuations therefore have an inherent 'material valuation uncertainty'. Consequently, less certainty should be attached to the valuation of the Investment Properties this year than would normally be the case. Our opinion is not modified in respect of this matter.

Charles Homan (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (S.E.) Limited

9.	RELATED PARTY DISCLOSURES

There are no related party transactions that require disclosure under FRS102.

10.	ULTIMATE CONTROLLING PARTY

The parent company is Cygnet Properties & Leisure PLC, a company registered in England and Wales.

The company is controlled by some members of the Virani family, some of whom are directors of the company, through their shareholdings in Virani Net Limited and Virani Net Scheme.