| Starclass (The Riverway) Limited |
| Registered number: |
05940925 |
| Balance Sheet |
| as at 31 December 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Investment properties |
2 |
|
|
12,110,000 |
|
|
9,500,000 |
|
| Current assets |
| Debtors |
3 |
|
1,469,710 |
|
|
1,672,918 |
| Cash at bank and in hand |
|
|
52,326 |
|
|
145,291 |
|
|
|
1,522,036 |
|
|
1,818,209 |
|
| Creditors: amounts falling due within one year |
4 |
|
(6,764,438) |
|
|
(7,384,395) |
|
| Net current liabilities |
|
|
|
(5,242,402) |
|
|
(5,566,186) |
|
| Total assets less current liabilities |
|
|
|
6,867,598 |
|
|
3,933,814 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
(3,732,343) |
|
|
(3,732,344) |
|
| Provisions for liabilities |
|
|
|
(815,601) |
|
|
(387,628) |
|
|
| Net assets/(liabilities) |
|
|
|
2,319,654 |
|
|
(186,158) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
2,319,653 |
|
|
(186,159) |
|
| Shareholders' funds |
|
|
|
2,319,654 |
|
|
(186,158) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| A I Spencer |
| Director |
| Approved by the board on 27 September 2018 |
|
| Starclass (The Riverway) Limited |
| Notes to the Accounts |
| for the year ended 31 December 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration receivable, for the rental of the investment properties. |
|
|
Investment properties |
|
Investment properties are included at fair value. Gains and losses on revaluation are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Fair value |
|
At 1 January 2017 |
9,500,000 |
|
Additions |
2,000 |
|
Surplus on revaluation |
2,608,000 |
|
At 31 December 2017 |
12,110,000 |
|
|
|
|
|
|
|
|
|
|
The valuation of the investment properties was made by the director as at 31 December 2017 on an open market basis. On a historical note basis the properties would have been included at an original cost of £9,850,000 (2016: £9.850,000). |
|
|
| 3 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
36,230 |
|
3,183 |
|
Amounts owed by group undertakings |
|
1,014,133 |
|
1,066,549 |
|
Other debtors |
419,347 |
|
603,186 |
|
|
|
|
|
|
1,469,710 |
|
1,672,918 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
- |
|
85,456 |
|
Amounts owed to group undertakings |
|
6,192,714 |
|
7,021,553 |
|
Taxation and social security costs |
33,249 |
|
41,166 |
|
Other creditors |
538,475 |
|
236,220 |
|
|
|
|
|
|
6,764,438 |
|
7,384,395 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
3,732,343 |
|
3,732,344 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Loans |
2017 |
|
2016 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
3,732,344 |
|
3,732,344 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
3,732,344 |
|
3,732,344 |
|
|
|
|
|
|
|
|
|
|
Bank loans are secured by a fixed and floating charge over the investment properties. |
|
|
| 7 |
Financial commitments, guarantees and contingent liabilities |
|
|
The company has cross guarantees totalling £23,412,750 (2016: £23,412,750) in place with other group companies to secure loans against company assets. |
|
|
| 8 |
Related party transactions |
|
|
The company has taken advantage of the exemption available under FRS 102 Section 33, Related Party Disclosure, not to disclose transactions entered into between 2 or more members of a group.
Included in other creditors is a balance of £172,152 (2016: £nil) due to the director. There were no terms with regard to interest or the repayment of the balance. |
|
|
| 9 |
Controlling party |
|
|
The immediate parent company is Starclass Properties Limited, registered in England and Wales. Its registered office is 7 Manchester Square, London, W1U 3PQ.
The ultimate controlling party is A I Spencer. |
|
|
| 10 |
Other information |
|
|
Starclass (The Riverway) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
7 Manchester Square |
|
London |
|
W1U 3PQ |
