Company registration number 13935661 (England and Wales)
CER III UK 02 PROPCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
CER III UK 02 PROPCO LIMITED
COMPANY INFORMATION
Directors
J Van Beek
(Appointed 23 February 2022)
N Bland
(Appointed 10 March 2022)
S Kenny
(Appointed 2 May 2023)
Secretary
Ocorian Administration (UK) Limited
Company number
13935661
Registered office
c/o Apam Ltd 4th Floor
84 Grosvenor Street
London
W1K 3JZ
Auditor
UHY Hacker Young Manchester LLP
St James Building
79 Oxford Street
Manchester
M1 6HT
CER III UK 02 PROPCO LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
Notes to the financial statements
9 - 16
CER III UK 02 PROPCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -

The directors present their annual report and financial statements for the Period ended 30 June 2023.

Principal activities

The company was incorporated on 23 February 2022. It's principal activity is that of renting and operating of own or leased real estate.

Results and dividends

The results for the Period are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

W Powell
(Resigned 2 May 2023)
J Van Beek
(Appointed 23 February 2022)
N Bland
(Appointed 10 March 2022)
S Kenny
(Appointed 2 May 2023)
Financial instruments

The company has a normal level of exposure to price, credit, liquidity, commodity and cash flow risks arising from its trading activities which are conducted in sterling. The company does not enter into any complex financial instruments.

Future developments

There were no significant events arising after the year-end affecting the company. The company is developing opportunities contributing to its growth and the business is expected to continue its development over the next twelve months through domestic markets.

Auditor

UHY Hacker Young Manchester LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CER III UK 02 PROPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

On behalf of the board
S Kenny
Director
21 November 2023
CER III UK 02 PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CER III UK 02 PROPCO LIMITED
- 3 -
Opinion

We have audited the financial statements of CER III UK 02 PropCo Limited (the 'company') for the Period ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CER III UK 02 PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CER III UK 02 PROPCO LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:

CER III UK 02 PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CER III UK 02 PROPCO LIMITED
- 5 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Zoë Duffy BFP FCA
Senior Statutory Auditor
For and on behalf of UHY Hacker Young Manchester LLP
21 November 2023
Chartered Accountants
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
CER III UK 02 PROPCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
Period
ended
30 June
2023
Notes
£
Turnover
-
Administrative expenses
(91,100)
Operating loss
(91,100)
Interest receivable and similar income
5
9,651
Interest payable and similar expenses
6
(229,438)
Loss before taxation
(310,887)
Tax on loss
7
74,176
Loss for the financial Period
(236,711)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CER III UK 02 PROPCO LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 7 -
2023
Notes
£
£
Fixed assets
Tangible assets
8
15,475,604
Current assets
Debtors
9
1,682,785
Cash at bank and in hand
919,045
2,601,830
Creditors: amounts falling due within one year
10
(2,509,163)
Net current assets
92,667
Total assets less current liabilities
15,568,271
Creditors: amounts falling due after more than one year
11
(7,890,885)
Net assets
7,677,386
Capital and reserves
Called up share capital
14
7,914,097
Profit and loss reserves
15
(236,711)
Total equity
7,677,386

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
S Kenny
Director
Company registration number 13935661 (England and Wales)
CER III UK 02 PROPCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 23 February 2022
7,914,097
-
0
7,914,097
Period ended 30 June 2023:
Loss and total comprehensive income
-
(236,711)
(236,711)
Balance at 30 June 2023
7,914,097
(236,711)
7,677,386
CER III UK 02 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 9 -
1
Accounting policies
Company information

CER III UK 02 PropCo Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Apam Ltd 4th Floor, 84 Grosvenor Street, London, W1K 3JZ.

1.1
Reporting period

The reporting period is for a long period from the date of incorporation, being 23 February 2023, to 30 June 2023. The year end was extended so that it aligned with other group companies.

1.2
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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Catella European Residential Fund III S.C.S SICAV-SIF. These consolidated financial statements are available from its registered office, Rue Eugene Ruppert 16, 2453 Luxembourg, Luxembourg.

1.3
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.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and impairment losses, while the asset is developed to full economic use.

Freehold land and assets in the course of construction are not depreciated.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset 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.

CER III UK 02 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 10 -

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.

1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

CER III UK 02 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CER III UK 02 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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
Auditor's remuneration
2023
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
15,750
4
Employees

The average monthly number of persons employed by the company during the Period was:

2023
Number
Total
-
0

The company does not employ any staff, the business and administration of the company is being carried out by staff of another group undertaking.

CER III UK 02 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 13 -
5
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
9,651
2023
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
9,651
6
Interest payable and similar expenses
2023
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
229,438
7
Taxation
2023
£
Deferred tax
Origination and reversal of timing differences
(74,176)

The actual (credit)/charge for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:

2023
£
Loss before taxation
(310,887)
Expected tax credit based on the standard rate of corporation tax in the UK of 20.11%
(62,519)
Tax effect of expenses that are not deductible in determining taxable profit
2,859
Remeasurement of deferred tax rates
(14,516)
Taxation credit for the period
(74,176)
CER III UK 02 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 14 -
8
Tangible fixed assets
Assets under construction
£
Cost
At 23 February 2022
-
0
Additions
15,475,604
At 30 June 2023
15,475,604
Depreciation and impairment
At 23 February 2022 and 30 June 2023
-
0
Carrying amount
At 30 June 2023
15,475,604
9
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
100
Other debtors
1,608,509
1,608,609
2023
Amounts falling due after more than one year:
£
Deferred tax asset (note 13)
74,176
Total debtors
1,682,785
10
Creditors: amounts falling due within one year
2023
£
Other creditors
789,449
Accruals and deferred income
1,719,714
2,509,163
11
Creditors: amounts falling due after more than one year
2023
Notes
£
Other borrowings
12
7,890,885
CER III UK 02 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 15 -
12
Loans and overdrafts
2023
£
Loans from related parties
7,890,885
Payable after one year
7,890,885

The loans due to related parties is from CER III Master Holdco S.A.R.L and relate to a Senior IBL loan £6,411,344 and a Junior IBL loan £1,479,541. The loans are repayable 3 years from the drawdown date of 2 September 2022.

 

The interest rate on the Senior IBL loan is 5.1% and the loan is repayable on the maturity date of 2 September 2025 or following default. Interest is payable quarterly and the providers have an option to capitalise any interest that remains unpaid after a year.

 

The interest rate on the Junior IBL loan is 9% and the loan is repayable on the maturity date of 2 September 2025 or following default. Interest is payable quarterly and the providers have an option to capitalise any interest that remains unpaid after a year.

13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
2023
Balances:
£
Losses available to offset against future profits
74,176
2023
Movements in the Period:
£
Liability at 23 February 2022
-
Credit to profit or loss
(74,176)
Asset at 30 June 2023
(74,176)
14
Share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
7,914,097
7,914,097

On 23 February 1 Ordinary share of £1 was issued at par. On 31 March 2022 a further 7,914,096 Ordinary shares of £1 each were issued at par.

CER III UK 02 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 16 -
15
Profit and loss reserves

This reserve includes all current retained profits and losses, less dividends voted.

16
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
£
Acquisition of tangible fixed assets
22,733,227

The capital commitment is in relation to committed cots to complete the construction of the investment property of Gramercy Tower, 6 Curran Road, Cardiff, CF10 5TG.

17
Related party transactions

At the year end an amount was due to CER III Master Holdco S.a.r.l, a company connected via Catella European Residential Fund III SCS SICAV-SIF. to the value of £8,120,323. This relates to the drawdown of the loans of £7,890,885 and accrued interest of £229,438.

18
Ultimate controlling party

The company's immediate parent undertaking is CER III UK Residential 01 Holdco Limited, a company incorporated in England and Wales. The company is ultimately owned and controlled by Catella European Residential Fund III SCS SICAV SIF an investment fund affiliated with the Catella Group.

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