176 Holders Hill Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11677346 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2020

for

176 HOLDERS HILL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

Mr L M Perlman

Secretary:

Accomplish Secretaries Limited

Registered office:

3rd Floor, 11-12 St. James`s Square

London

SW1Y 4LB

Registered number:

11677346 (England and Wales)

CURRENT ASSETS

Stocks

5

1,788,946

1,455,473

Debtors

6

23,456

25,714

Cash at bank

7

32,855

392,180

1,845,257

1,873,367

CREDITORS

Amounts falling due within one year

8

(15,116

)

(15,844

)

NET CURRENT ASSETS

1,830,141

1,857,523

TOTAL ASSETS LESS CURRENT LIABILITIES

1,830,141

1,857,523

CREDITORS

Amounts falling due after more than one year

9

(1,929,472

)

(1,905,313

)

NET LIABILITIES

(99,331

)

(47,790

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

(99,431

)

(47,890

)

SHAREHOLDERS' FUNDS

(99,331

)

(47,790

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 9 December 2021 and were signed by:

Mr L M Perlman - Director

1.	Statutory information

176 Holders Hill 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.	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.

3.	Accounting policies

Stock/closing work in progress

Project work in progress includes the cost of purchase of property and other costs attributable to the construction of flats such as interior work,consultancy fees, professional fees.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Going concern

The financial statements have been prepared on the going concern basis and the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future through the continue support from shareholders.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

4.	Employees and directors

The average number of employees during the year was NIL (2019 - NIL).

5.

Stocks

Closing work in progress consists of cost of property and other costs attributable to the construction of flats such as interior work, consultancy fees, professional fees.

The details are as follows:

30/11/20

30/11/19

£

£

as restated

Property cost and other direct costs thereon

1,455,473

1,182,345

Architect fees and interior work

324,000

266,574

Repairs and renewals

9,473

6,554

1,788,946

1,455,473

6.

Debtors: amounts falling due within one year

30/11/20

30/11/19

as restated

£

£

Other debtors

2,274

2,911

Deposit

20,000

20,000

Prepayments

1,182

2,803

23,456

25,714

7.	Cash at bank

30/11/20

30/11/19

as restated

£

£

Cash at bank

32,855

392,180

8.

Creditors: amounts falling due within one year

30/11/20

30/11/19

as restated

£

£

Trade Creditors

10,646

6,394

Accrued expenses

4,470

9,450

15,116

15,844

9.

Creditors: amounts falling due after more than one year

30/11/20

30/11/19

as restated

£

£

Loan from shareholders

1,644,928

1,600,000

Loan Interest payable

44,644

20,485

Contribution from shareholders

239,900

284,828

1,929,472

1,905,313

The above amounts are repayable after the sale of property. Further details are mentioned in Note number 15 - 'Related party disclosures'.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/11/20

30/11/19

value:

as restated

£

£

100

Ordinary

£1

100

100

11.

Reserves

Retained

earnings

£

At 1 December 2019

(42,365

)

Prior year adjustment

(5,525

)

(47,890

)

Deficit for the year

(51,541

)

At 30 November 2020

(99,431

)

12.	Related party disclosures

The company has taken a loan for £1,000,000 in 2019 from one of it's shareholders, Astro International Investments Limited, for purchase of the property. The loan from Astro International Investments Limited is repayable on completion of sale of property and secured at all times as a continuing security by a share charge over the shares in the company held by Suder LLC, the company's other shareholder. Interest is payable at the fixed rate of 1.2% per annum above Sterling LIBOR as varied from time to time accruing daily and payable at the same time as repayment of the principal. Interest on the loan amounts to £14,317 (2019 : £18,020).

The company has also taken an additional loan in 2019 from it's shareholder, Astro International Investments Limited, for £600,000. Interest is payable at the fixed rate of 1.2% per annum above Sterling LIBOR as varied from time to time accruing daily and payable at the same time as repayment of the principal. Interest on the loan amounts to £8,566 (2019 : £2,465).

The company has received contributions from the shareholders Suder LLC £120,000 and Astro International Investments Limited for £164,928. During the year, the company has transferred £44,928 received from Astro Inernational Investments to Loan. Interest is payable at the fixed rate of 1.2% per annum above Sterling LIBOR as varied from time to time accruing daily and payable at the same time as repayment of the principal. Interest on the loan amounts to £1,276.

The controlling parties are Astro International Investments Limited and Suder LLC.