Spitalfields Works Residential Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 14048219 (England and Wales)

Unaudited Financial Statements

for the Period 14 April 2022 to 31 December 2022

for

Spitalfields Works Residential Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

D C D Richards

REGISTERED OFFICE:

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

REGISTERED NUMBER:

14048219 (England and Wales)

ACCOUNTANTS:

Ballams Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

FIXED ASSETS

Investment property

4

21,122,595

CURRENT ASSETS

Debtors

5

141,615

Cash at bank

80,325

221,940

CREDITORS

Amounts falling due within one year

6

21,559,037

NET CURRENT LIABILITIES

(21,337,097

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(214,502

)

CAPITAL AND RESERVES

Called up share capital

7

100

Retained earnings

(214,602

)

SHAREHOLDERS' FUNDS

(214,502

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 September 2023 and were signed by:

D C D Richards - Director

1.	STATUTORY INFORMATION

Spitalfields Works Residential 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Where loans and borrowings are repayable on demand no notional interest charge is accrued.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Going concern

At the statement of financial position date, the company had negative reserves of £214,602. However the director has indicated a willingness to continue to support he company as necessary. The residential properties were only available for rent part way through the accounting period, thus it is expected that the company will be profitable in future years. Accordingly the director considers that the company is a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

21,122,595

At 31 December 2022

21,122,595

NET BOOK VALUE

At 31 December 2022

21,122,595

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by group undertakings

15,838

Other debtors

125,777

141,615

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

46,658

Amounts owed to group undertakings

21,403,487

Other creditors

108,892

21,559,037

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 were issued during the period for cash of £ 100 .

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Architekton Limited.

The ultimate controlling party is Lord M Hintze.