Pressfield Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05024572 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2017

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:

Civvals Limited

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

5,175,054

5,243,166

CURRENT ASSETS

Stocks

25,767

28,292

Debtors

5

1,692,305

1,695,179

Cash at bank

52,369

27,433

1,770,441

1,750,904

CREDITORS

Amounts falling due within one year

6

1,817,069

1,742,214

NET CURRENT (LIABILITIES)/ASSETS

(46,628

)

8,690

TOTAL ASSETS LESS CURRENT LIABILITIES

5,128,426

5,251,856

CREDITORS

Amounts falling due after more than one year

7

5,145,521

5,225,882

NET (LIABILITIES)/ASSETS

(17,095

)

25,974

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

559,154

559,154

Retained earnings

9

(576,349

)

(533,280

)

SHAREHOLDERS' FUNDS

(17,095

)

25,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 28 June 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Investment

Freehold

and

property

property

fittings

Totals

£

£

£

£

COST

At 1 October 2016

2,500,000

3,142,630

214,639

5,857,269

Additions

-

-

3,100

3,100

At 30 September 2017

2,500,000

3,142,630

217,739

5,860,369

DEPRECIATION

At 1 October 2016

-

462,873

151,230

614,103

Charge for year

-

57,910

13,302

71,212

At 30 September 2017

-

520,783

164,532

685,315

NET BOOK VALUE

At 30 September 2017

2,500,000

2,621,847

53,207

5,175,054

At 30 September 2016

2,500,000

2,679,757

63,409

5,243,166

The investment property was valued by the directors on a fair value basis at 30 September 2017.

On historical basis the investment property would have been included at an original cost of £1,940,846 (2016:

£1,940,846).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

5,211

31,035

Amounts owed by group undertakings

22,136

-

Amounts owed by participating interests

1,612,386

1,612,386

Other debtors

38,500

37,000

Prepayments and accrued income

14,072

14,758

1,692,305

1,695,179

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

120,000

126,696

Trade creditors

155,707

123,499

Amounts owed to group undertakings

1,311,738

1,233,017

Tax

5,403

13,248

Social security and other taxes

46,162

49,580

Other creditors

105,833

85,974

Directors' loan accounts

-

37,495

Accrued expenses

72,226

72,705

1,817,069

1,742,214

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

3,520,000

3,640,000

Other loans

1,625,521

1,585,882

5,145,521

5,225,882

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

3,640,000

3,760,000

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 2016

(533,280

)

559,154

25,874

Deficit for the year

(43,069

)

(43,069

)

At 30 September 2017

(576,349

)

559,154

(17,195

)

10.	RELATED PARTY DISCLOSURES

Included in other creditors are amounts of £22,560, £42,500 and £33,000 (2016: £22,560, £12,500 and £33,000)

due to Summit Hotels Limited, Wembley City Hix Limited and Avenue Banqueting Limited, respectively, being

companies in which the directors are also directors.

Included in debtors falling due within one year is £1,612,386 (2016: £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 £1,625,521 (2016: £1,585,882) due to Risinghirst Limited, a company in

which members of the Cohen family have an interest. During the year £39,639 (2016: £46,191) of interest was

charged on this loan.

Included in other debtors falling due within one year is £37,000 (2016: £37,000) due from Risinghurst Limited.

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.