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.
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 £.
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.
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, 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.
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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
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 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.
The directors consider that there are no significant adjusting or non-adjusting events to disclose.
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.
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.