Company registration number 12648076 (England and Wales)
AIRE UK CANADA WATER NOMINEE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AIRE UK CANADA WATER NOMINEE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AIRE UK CANADA WATER NOMINEE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
-
0
23
Creditors: amounts falling due within one year
5
(30,469)
(20,688)
Net current liabilities
(30,469)
(20,665)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(30,470)
(20,666)
Total equity
(30,469)
(20,665)

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. 12648076
AIRE UK CANADA WATER NOMINEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

AIRE UK Canada Water Nominee Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Red Place, Mayfair, London, 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.

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. This is based on the confirmation from its parent company, Art-Invest Real Estate Investment UK LLP, that it would continue to support the company in repaying its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. However, if the support of Art-Invest Real Estate Investment UK LLP ceased, then the company will need to seek alternative finance in order to be able to remain as a going concern.

 

These financial statements do not include any adjustments if the above support is withdrawn.

1.3
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.

1.4
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.

AIRE UK CANADA WATER NOMINEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
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.

1.5
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.

1.6
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.

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.

 

Provisions

 

Management is required to estimate the value and probability of expenses incurred in the year which will not be settled until after the year end.

AIRE UK CANADA WATER NOMINEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Employees

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

2022
2021
Number
Number
Total
-
0
-
0
4
Debtors
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
-
0
23
5
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
4,369
3,048
Other creditors
26,100
17,640
30,469
20,688
6
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.

The senior statutory auditor was Sachin Ramaiya.
The auditor was Gravita Audit Limited.
7
Financial commitments, guarantees and contingent liabilities

The company is a party to a €145m facility agreement between its fellow group undertakings, AIRE UK Canada Water PropCo A LP and AIRE UK Canada Water PropCo B LP, and Ärzteversorgung Westfalen-Lippe ("AEVWL") dated 23 June 2020 and repayable on 30 June 2024. As at the end of the year, 145m of this facility has been utilised. As a result, there are currently 3 outstanding fixed and floating charges over the company's assets in respect of this loan.

 

The company was also party to an agreement between its fellow group undertakings, AIRE UK Canada Water PropCo A LP and AIRE UK Canada Water PropCo B LP, and Project Light Development 1 Limited and Project Light Development 2 Limited dated 3 March 2020, for the purchase of freehold land and buildings in Canada Water, Surrey Docks, London, SE16, for £140m. This includes £60m of deferred consideration. The final payment was made during the year and all obligations have been settled.

AIRE UK CANADA WATER NOMINEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
8
Events after the reporting date

The directors consider that there are no significant adjusting or non-adjusting events to disclose.

9
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.

10
Parent company

The immediate parent undertaking is AIRE UK Canada Water GP PropCos Ltd.

 

The ultimate parent undertaking and controlling party is Art-Invest Real Estate Investment G.m.b.H & Co. KG, a company registered in Germany.

 

The smallest and largest group into which the entity is consolidated is Deutsche Immobilien Holding Aktiengesellschaft, a company registered in Germany. Its registered office is Nordenhamer Str. 180, 27751 Delmenhorst, Germany from which copies of the group financial statements can be obtained.

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