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Hornsey Town Hall update - the first set of accounts - early days, yet, and no profits

The first set of accounts for Crouch End (FEC) Limited have been published covering the period 27th October 2016 - 31st March 2018. 

Crouch End (FEC) Limited is a company , limited by shares, registered in England and Wales on 27th October 2016. The shares by which the company is limited are 1 (one) in number and are held by Shevlock Limited of Tortola in the British Virgin Islands.

The accounts show a loss over the period of £386,653 and unrelieved tax losses carried forward of £74,580.

Tags: fec, hornsey town hall, shevlock

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Don't forget that Shevlock (BVIs) is in turn connected to Chameleon Holdings (based in the Isle of Man), the ultimate beneficial owner of which is David Chiu, the Chairman and SEO of FEC (in Hong Kong).

I imagine there's a good reason to arrange things as such.

I imagine that the reason is completely unconnected to the fact that in the Isle of Man Corporation Tax (or Corporation Income Tax as it's known on the island) is for most companies 0%, and that in Hong Kong income tax is either: starting at 2% and ending at 17%; or at a standard rate of 15% on net income (i.e. income after deductions), whichever is lower.

WHEN the last Administration flogged off the town hall, the Cabinet Member for wasting money  Economic Development, Social Inclusion and Sustainability referred to the tax status of the buyer.

New Labour's Joe Goldberg is recorded as claiming that it was none of the council's business.

I could never really understand why the council even included the Green in the deal, practically the only green area in the heart of Crouch End …

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