ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

DOWNWELL (HOXTON) LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2020-09-282020-09-28true2019-09-29falseNo description of principal activity00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10964979 2019-09-29 2020-09-28 10964979 2018-09-29 2019-09-28 10964979 2020-09-28 10964979 2019-09-28 10964979 c:Director1 2019-09-29 2020-09-28 10964979 c:Director2 2019-09-29 2020-09-28 10964979 d:Buildings d:LongLeaseholdAssets 2019-09-29 2020-09-28 10964979 d:Buildings d:LongLeaseholdAssets 2020-09-28 10964979 d:Buildings d:LongLeaseholdAssets 2019-09-28 10964979 d:CurrentFinancialInstruments 2020-09-28 10964979 d:CurrentFinancialInstruments 2019-09-28 10964979 d:Non-currentFinancialInstruments 2020-09-28 10964979 d:Non-currentFinancialInstruments 2019-09-28 10964979 d:CurrentFinancialInstruments d:WithinOneYear 2020-09-28 10964979 d:CurrentFinancialInstruments d:WithinOneYear 2019-09-28 10964979 d:Non-currentFinancialInstruments d:AfterOneYear 2020-09-28 10964979 d:Non-currentFinancialInstruments d:AfterOneYear 2019-09-28 10964979 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-09-28 10964979 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2019-09-28 10964979 d:ShareCapital 2020-09-28 10964979 d:ShareCapital 2019-09-28 10964979 d:RetainedEarningsAccumulatedLosses 2020-09-28 10964979 d:RetainedEarningsAccumulatedLosses 2019-09-28 10964979 c:FRS102 2019-09-29 2020-09-28 10964979 c:AuditExempt-NoAccountantsReport 2019-09-29 2020-09-28 10964979 c:FullAccounts 2019-09-29 2020-09-28 10964979 c:PrivateLimitedCompanyLtd 2019-09-29 2020-09-28 iso4217:GBP xbrli:pure

Registered number: 10964979

DOWNWELL (HOXTON) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 SEPTEMBER 2020


DOWNWELL (HOXTON) LIMITED REGISTERED NUMBER:10964979

BALANCE SHEET

AS AT 28 SEPTEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		1,379,622		1,390,838
			1,379,622		1,390,838
Current assets
Debtors: amounts falling due within one year	5	100		100
		100		100
Creditors: amounts falling due within one year	6	(248,274)		(217,346)
Net current liabilities			(248,174)		(217,246)
Total assets less current liabilities			1,131,448		1,173,592
Creditors: amounts falling due after more than one year	7		(1,261,078)		(1,232,950)

Net liabilities			(129,630)		(59,358)

Capital and reserves
Called up share capital	100	100
Retained earnings	(129,730)	(59,458)
Shareholder's deficit	(129,630)	(59,358)

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DOWNWELL (HOXTON) LIMITED REGISTERED NUMBER:10964979

BALANCE SHEET (CONTINUED)

AS AT 28 SEPTEMBER 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

G A Charles	P Bent
Director	Director

Date: 2 December 2022	2 December 2022

The notes on pages 3 to 6 form part of these financial statements.

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DOWNWELL (HOXTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 SEPTEMBER 2020

1.	General information

Downwell (Hoxton) Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 10964979). The address of the registered office is 295 Hoxton Street, London, N1 5JX.
The Company's functional and presentational currency is GBP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Company has net current liabilities of £129,630 (2019 - £59,358) the directors have reviewed cashflow forecasts for the 12 month period from the date of sign off and believe the company to be a going concern.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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DOWNWELL (HOXTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 SEPTEMBER 2020

2.Accounting policies (continued)

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property

125 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2019 - Nil).

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DOWNWELL (HOXTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 SEPTEMBER 2020

4.	Tangible fixed assets

		Long-term leasehold property
		£
	Cost
	At 29 September 2019	1,402,054
	At 28 September 2020	1,402,054
	Depreciation
	At 29 September 2019	11,216
	Charge for the year	11,216
	At 28 September 2020	22,432
	Net book value
	At 28 September 2020	1,379,622
	At 28 September 2019	1,390,838

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	100	100

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Other creditors	209,026	215,996
Accruals and deferred income	39,248	1,350
	248,274	217,346

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DOWNWELL (HOXTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 SEPTEMBER 2020

7.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

	Bank loans	1,261,078	1,232,950

The bank loans represent mortgages payable secured over the leasehold properties.


Amounts falling due after more than 5 years
Bank loans	1,261,078	1,232,950

9.	Related party transactions
	The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

10.	Controlling party

The immediate and ultimate parent undertaking is Downwell LLP, a company registered in England and Wales.
The directors do not consider there to be an ultimate controlling party.

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