Pressfield Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05024572 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

PRESSFIELD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Y Cohen

G Cohen

A Kohen

SECRETARY:

A Kohen

REGISTERED OFFICE:

50 Seymour Street

London

W1H 7JG

REGISTERED NUMBER:

05024572 (England and Wales)

ACCOUNTANTS:

Orcom Civvals Limited

Accountants

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

4,913,996

4,981,775

CURRENT ASSETS

Stocks

28,816

22,102

Debtors

5

2,289,993

2,532,188

Cash at bank

112,660

16,530

2,431,469

2,570,820

CREDITORS

Amounts falling due within one year

6

2,446,379

2,331,775

NET CURRENT (LIABILITIES)/ASSETS

(14,910

)

239,045

TOTAL ASSETS LESS CURRENT LIABILITIES

4,899,086

5,220,820

CREDITORS

Amounts falling due after more than one year

7

5,723,770

5,734,008

NET LIABILITIES

(824,684

)

(513,188

)

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

559,154

559,154

Retained earnings

9

(1,383,938

)

(1,072,442

)

SHAREHOLDERS' FUNDS

(824,684

)

(513,188

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 29 September 2023 and were signed on its behalf by:

Y Cohen - Director

1.	STATUTORY INFORMATION

Pressfield 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 as modified by the revaluation of certain assets.

The accounts have been prepared on the going concern basis which is dependant upon continued support from the directors and the group companies. The directors and the group companies have validated to support the working capital requirements of the company for the foreseeable future.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

10% on cost and 2% on cost

Fixtures and fittings

-

20% on reducing balance

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investment property

investment property is included at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2021 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Investment

Freehold

and

property

property

fittings

Totals

£

£

£

£

COST

At 1 October 2021

2,500,000

3,142,630

325,159

5,967,789

Additions

-

-

10,554

10,554

At 30 September 2022

2,500,000

3,142,630

335,713

5,978,343

DEPRECIATION

At 1 October 2021

-

752,420

233,594

986,014

Charge for year

-

57,910

20,423

78,333

At 30 September 2022

-

810,330

254,017

1,064,347

NET BOOK VALUE

At 30 September 2022

2,500,000

2,332,300

81,696

4,913,996

At 30 September 2021

2,500,000

2,390,210

91,565

4,981,775

The investment property was valued by the directors on a fair value basis at 30 September 2022.

On historical basis the investment property would have been included at an original cost of £1,940,846 (2021: £1,940,846).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

74,650

262,400

Amounts owed by group undertakings

14,700

19,700

Amounts owed by participating interests

2,134,284

2,196,665

Other debtors

53,532

53,423

Prepayments and accrued income

12,827

-

2,289,993

2,532,188

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

70,836

80,390

Trade creditors

31,567

74,376

Amounts owed to group undertakings

1,979,741

1,797,085

Amounts owed to participating interests

27,300

26,300

Social security and other taxes

152,077

168,128

Other creditors

104,528

91,941

Accrued expenses

80,330

93,555

2,446,379

2,331,775

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

3,835,000

3,905,000

Other loans

1,888,770

1,829,008

5,723,770

5,734,008

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

3,905,000

3,975,000

The bank loans are secured by fixed charges over the freehold property and investment property and guarantees provided by the directors.

Amounts owed to group undertakings and the directors are unsecured, subordinated to the bank loans and only repayable when the company has sufficient funds.

Other loans are secured by a charge over the share capital of the company.

9.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 October 2021

(1,072,442

)

559,154

(513,288

)

Deficit for the year

(311,496

)

(311,496

)

At 30 September 2022

(1,383,938

)

559,154

(824,784

)

10.	RELATED PARTY DISCLOSURES

Included in amounts owed by / (to) participating interest (notes 8 & 9) are amounts of £135,836, £349,062, £37,000 and £(27,300) (2021: Amounts owed by / (to) £146,517, £400,762, £37.000 and £(26,300) Summit Hotels Limited, Wembley City Hix Limited, Risinghurst Limited and Avenue Banqueting Limited, respectively, being companies in which the directors have an interest .

Also included in amounts owed by participating interests (note 8) is £1,612,386 (2021: £1,612,386) due from Property Participation Cell C2106D PC, an entity in which members of the Cohen family have an interest. Interest for the year has been waived.

Included in other loans (note 9) is £1,888,770 (2021 £1,782,658) due to Risinghirst Limited, a company in which members of the Cohen family have an interest. During the year £59,762 (2021: £46,350) of interest was charged on this loan.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the company are Y Cohen, G Cohen & A Kohen by virtue of their beneficial interest in the entire share capital of Gyda Properties Limited.