177 Shaftesbury Avenue Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09214230 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

177 SHAFTESBURY AVENUE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Mansour

Mr A Mansour

Ms S F Mansour

REGISTERED OFFICE:

177 Shaftesbury Avenue

London

WC2H 8JR

REGISTERED NUMBER:

09214230 (England and Wales)

ACCOUNTANTS:

David Simon Limited

Chartered Certified Accountants

5 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

FIXED ASSETS

Tangible assets

4

8,382

8,382

Investments

5

1,650,000

1,650,000

Investment property

6

5,600,000

5,500,000

7,258,382

7,158,382

CURRENT ASSETS

Stocks

404

-

Debtors

7

16,490

1,687,600

Cash at bank and in hand

55,503

47,660

72,397

1,735,260

CREDITORS

Amounts falling due within one year

8

260,068

318,350

NET CURRENT (LIABILITIES)/ASSETS

(187,671

)

1,416,910

TOTAL ASSETS LESS CURRENT LIABILITIES

7,070,711

8,575,292

CREDITORS

Amounts falling due after more than one year

9

(6,270,781

)

(6,279,906

)

PROVISIONS FOR LIABILITIES

(49,587

)

(308,248

)

NET ASSETS

750,343

1,987,138

CAPITAL AND RESERVES

Called up share capital

1,650,100

1,650,100

Non-distributable reserves

11

1,278,240

1,200,109

Retained earnings

(2,177,997

)

(863,071

)

SHAREHOLDERS' FUNDS

750,343

1,987,138

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 8 December 2023 and were signed on its behalf by:

Mr J Mansour - Director

1.	STATUTORY INFORMATION

177 Shaftesbury Avenue 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.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be readily measured. Turnover is measured as 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 each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 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 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 (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

8,382

NET BOOK VALUE

At 31 December 2022

8,382

At 31 December 2021

8,382

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2022

and 31 December 2022

1,650,000

NET BOOK VALUE

At 31 December 2022

1,650,000

At 31 December 2021

1,650,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

5,500,000

Revaluations

100,000

At 31 December 2022

5,600,000

NET BOOK VALUE

At 31 December 2022

5,600,000

At 31 December 2021

5,500,000

Fair value at 31 December 2022 is represented by:

£

Valuation in 2022

5,600,000

The valuations were made by the directors on an open market value for existing use basis.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

12,000

12,000

Amounts owed by group undertakings

-

1,675,600

Other debtors

4,490

-

16,490

1,687,600

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

64,464

39,918

Taxation and social security

89,615

60,215

Other creditors

105,989

218,217

260,068

318,350

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

3,998,121

3,998,121

Amounts owed to group undertakings

2,243,910

2,244,285

Other creditors

28,750

37,500

6,270,781

6,279,906

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,998,121

3,998,121

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

3,998,121

3,998,121

The bank loan is secured by way of a fixed and floating charge over the assets of the company and contains a negative pledge.

11.

RESERVES

Non-distribu

reserves

£

At 1 January 2022

1,200,109

Transfer

78,131

At 31 December 2022

1,278,240

12.	RELATED PARTY DISCLOSURES

As at 31 December 2022, included in debtors is a balance of £Nil (2021: £1,675,600) due from related companies in which a director has an interest.

As at 31 December 2022, included in creditors is an amount of £2,243,910 (2021: £2,244,285) due to related companies in which a director has an interest.

13.	ULTIMATE CONTROLLING PARTY