Company Registration No. 11787009 (England and Wales)
101 CLEVELAND STREET MIDCO 2 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
101 CLEVELAND STREET MIDCO 2 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
101 CLEVELAND STREET MIDCO 2 LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
8,733,375
8,733,375
Current assets
Debtors
6
2
35,317,206
Cash at bank and in hand
879
2,586
881
35,319,792
Creditors: amounts falling due within one year
7
(16,554)
(44,325,100)
Net current liabilities
(15,673)
(9,005,308)
Total assets less current liabilities
8,717,702
(271,933)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
8,717,700
(271,935)
Total equity
8,717,702
(271,933)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
A Abbas
Director
Company Registration No. 11787009
101 CLEVELAND STREET MIDCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

101 Cleveland Street Midco 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Red Place, London, England, W1K 6PL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its investments to determine whether there is any indication that those investments have suffered an impairment loss. If any such indication exists, the recoverable amount of the investmentt is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

101 CLEVELAND STREET MIDCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

101 CLEVELAND STREET MIDCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

101 CLEVELAND STREET MIDCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2021
Number
Number
Total
2
2
101 CLEVELAND STREET MIDCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
8,733,375
8,733,375
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2022 & 31 December 2022
8,733,375
Carrying amount
At 31 December 2022
8,733,375
At 31 December 2021
8,733,375
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Soho Data Holdings Ltd
England and Wales
Property Development
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Soho Data Holdings Ltd
17,744,170
11,542,056
101 CLEVELAND STREET MIDCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2
35,317,206

Amounts owed by group undertakings falling due within one year consists of:

 

a) £Nil (2021 - £29.3m) related to unsecured and interest free loans which was repaid during the year.

 

b) £Nil (2021 - £6m) related to the balance (principal and interest) of an unsecured £20m interest bearing loan at 8% p.a. which was repaid during the year.

7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,780
-
0
Amounts owed to group undertakings
5,600
44,319,018
Other creditors
7,174
6,082
16,554
44,325,100

Included in the amounts owed to group undertakings is £Nil (2021 - £38,276,041) which related to unsecured, interest free loans which were settled during the year,

8
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Berlyn FCA
Statutory Auditor:
Gravita II LLP
10
Events after the reporting date

The directors are of the opinion that there are no significant adjusting or non-adjusting events occurring after the reporting date.

101 CLEVELAND STREET MIDCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
11
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the Group to which it is party to the transactions.

12
Parent company

The immediate parent undertaking is 101 Cleveland Street Midco 1 Limited.

 

The ultimate parent undertaking and controlling party is Kommanditgesellschaft CURA Vermögensverwaltung G.m.b.H. & Co., a company registered in Germany.

 

The smallest group into which the entity is consolidated is 101 Cleveland Street JV Company Limited and largest group is Kommanditgesellschaft CURA Vermögensverwaltung G.m.b.H. & Co. The registered office address of smallest group is 1 Red Place, London, England, W1K 6PL and that of largest group is Saseler Damm 39 a, 22395 Hamburg, Germany from which copies of the group financial statements can be obtained.

2022-12-312022-01-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedA AbbasR Leslie117870092022-01-012022-12-31117870092022-12-31117870092021-12-3111787009core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111787009core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3111787009core:ShareCapital2022-12-3111787009core:ShareCapital2021-12-3111787009core:RetainedEarningsAccumulatedLosses2022-12-3111787009core:RetainedEarningsAccumulatedLosses2021-12-3111787009bus:Director12022-01-012022-12-31117870092021-01-012021-12-3111787009core:CurrentFinancialInstruments2022-12-3111787009core:CurrentFinancialInstruments2021-12-3111787009bus:PrivateLimitedCompanyLtd2022-01-012022-12-3111787009bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3111787009bus:FRS1022022-01-012022-12-3111787009bus:Audited2022-01-012022-12-3111787009bus:Director22022-01-012022-12-3111787009bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP