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Trammell Crow Company Logistics Limited

Registered number: 13390508
Annual Report 
For the year ended 31 December 2022

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
COMPANY INFORMATION


Directors
M J Forster 
D R Neuman 
S A Gray 




Registered number
13390508



Registered office
One Fleet Place

London

England

EC4M 7WS




Independent auditor
BDO LLP

55 Baker Street

London

W1U 7EU





 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 25


 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the audited financial statements of Trammell Crow Company Logistics Limited ("the Company") for the year ended 31 December 2022.

Principal activity

The principal activity of the Company is that of an investment holding company that provides development management services.
The prior period accounting reference date was shortened from 31 May 2022 to 31 December 2021 to bring it in line with group companies, therefore, the prior period results are not directly comparable.

Results and dividends

The loss for the year, after taxation, amounted to £3,423,561 (7 months period ended 31 December 2021: loss of £895,857).

The directors do not recommend the payment of a dividend for the year (7 months period ended 31 December 2021: £nil).

Directors

The directors who served during the year and to the date of this report were:

M J Forster 
M S Khourie (resigned 13 February 2023)
M J Lafitte (resigned 13 February 2023)
D R Neuman 
I Worboys (resigned 10 February 2023)
S A Gray (appointed 21 February 2023)
 
Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
Page 1

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Directors' responsibilities statement (continued)
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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Going concern

The directors perform an annual going concern review that considers the Company's ability to meet its financial obligations as they fall due, for a period of at least twelve months after the date that the financial statements are signed. The Company's ultimate parent company CBRE Group, Inc. has agreed to provide the necessary financial support to enable the Company to meet its commitments as they fall due and to enable the Company to continue as a going concern for at least 12 months from the date of approval of these financial statements. CBRE Group, Inc. has also undertaken to guarantee the recoverability of the intercompany receivable balances owed to the Company such that the balances are settled in full and no credit loss is incurred by the Company. Based on the above, the directors have concluded that the Company has adequate resources to continue in operational existence to the foreseeable future (for a period of at least twelve months after the date that the financial statements are signed). Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Qualifying third party indemnity provisions

The Group has made qualifying third party indemnity provisions for the benefit of the Company's directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the year. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

On 30 October 2023, the Company expanded its real estate development business in the United Kingdom with the acquisition of Candour, a London based office developer for consideration of approximately £2.5 million.

Auditor

BDO LLP were re-appointed as auditor during the year in accordance with section 485 of the Companies Act 2006.

Small companies' note

The directors have taken advantage of the small companies’ exemption provided by section 414B of the Companies Act 2006 and not prepared a strategic report.

Page 2

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

This report was approved by the board and signed on its behalf by:
 



D R Neuman
Director

Date: 30 January 2024

Page 3

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRAMMELL CROW COMPANY LOGISTICS LIMITED
 

Opinion
 
In our opinion, the financial statements:
 
give a true and fair view of the state of the Company’s affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements of Trammell Crow Company Logistics Limited ("the Company") for the year ended 31 December 2022 which comprise Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and notes to the financial statements, including a summary of 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).
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that 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.

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 directors are responsible for the 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.
Page 4

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRAMMELL CROW COMPANY LOGISTICS LIMITED
 

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.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.

In 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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
 
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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
Page 5

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRAMMELL CROW COMPANY LOGISTICS LIMITED
 

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 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:
 
We obtained an understanding of the legal and regulatory frameworks applicable to the Company, and determined that the most significant which are directly relevant to specific assertions in the Financial Statements are those related to the reporting framework (Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006);
We determined how the entity is complying with these legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures, corroborating our enquiries through  review of board minutes;
We used an engagement team with appropriate competence and capabilities to identify non-compliance with laws and regulations, with the engagement team members remaining alert to any indications of fraud of non­compliance with laws and regulations throughout the audit; and
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management from various parts of the business to understand where it is considered there was a susceptibility to fraud. We also considered the processes and controls that the entity has established to address risks identified, or that otherwise prevent, deter and detect fraud, and how senior management monitors those process controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing journal entries meeting certain risk based criteria and considering whether material accounting estimates are free from bias.  

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting on resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 6

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRAMMELL CROW COMPANY LOGISTICS LIMITED
 


Use of the audit 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.




Joseph Aswani (Senior statutory auditor)  
For and on behalf of BDO LLP, Statutory Auditor
London, United Kingdom
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).


31 January 2024
Page 7

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

Year ended
31 December
7 month period ended
31 December
2022
2021
£
£

  

Turnover
 4 
742,435
-

Administrative expenses
  
(4,318,772)
(844,831)

Operating loss for the financial year/period
 5 
(3,576,337)
(844,831)

Interest receivable and similar income
 8 
3,664,241
-

Interest payable and similar expenses
 9 
(4,274,323)
(261,165)

Loss before tax for the financial year/period
  
(4,186,419)
(1,105,996)

Tax on loss
 10 
762,858
210,139

Loss after taxation and total comprehensive expense for the financial year/period
  
(3,423,561)
(895,857)

There was no other comprehensive income or loss during the year ended 31 December 2022, or the 7 month period ended 31 December 2021.
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 25 form part of these financial statements.

Page 8

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
REGISTERED NUMBER: 13390508

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Non-current assets
  

Investments in subsidiaries
 11 
3
2

Debtors: Amounts falling due after more than one year
 12 
102,631,906
48,201,882

  
102,631,909
48,201,884

Current assets
  

Debtors: Amounts falling due within one year
 12 
3,294,698
21,506,015

Cash and cash equivalents
 13 
971,074
1,260,419

  
4,265,772
22,766,434

Creditors: Amounts falling due within one year
 14 
(6,848,502)
(217,218)

Net current (liabilities)/assets
  
 
 
(2,582,730)
 
 
22,549,216

Total assets less current liabilities
  
100,049,179
70,751,100

Creditors: Amounts falling due after more than one year
 15 
(104,368,596)
(71,646,956)

  

Net liabilities
  
(4,319,417)
(895,856)


Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
 18 
(4,319,418)
(895,857)

Total shareholder's deficit
  
(4,319,417)
(895,856)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D R Neuman
Director

Date: 30 January 2024

The notes on pages 11 to 25 form part of these financial statements.

Page 9

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total shareholder's deficit

£
£
£


At date of incorporation on 12 May 2021
1
-
1


Comprehensive expense for the period

Loss after taxation and total comprehensive expense for the financial period
-
(895,857)
(895,857)
Total comprehensive expense for the period
-
(895,857)
(895,857)



At 1 January 2022
1
(895,857)
(895,856)


Comprehensive expense for the year

Loss after taxation and total comprehensive expense for the financial year
-
(3,423,561)
(3,423,561)
Total comprehensive expense for the year
-
(3,423,561)
(3,423,561)


At 31 December 2022
1
(4,319,418)
(4,319,417)


The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Trammell Crow Company Logistics Limited is a private company, limited by shares and incorporated in England and Wales. The address of its registered office is One Fleet Place, London, England, EC4M 7WS.
The principal activity of the Company is that of an investment holding company that provides development management services.
The prior period accounting reference date was shortened from 31 May 2022 to 31 December 2021 to bring it in line with group companies, therefore, the prior period results are not directly comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
The financial statements have been presented in Pound Sterling (£) as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CBRE Group, Inc as at 31 December 2022 and these financial statements may be obtained from 2100 McKinney Ave, Suite 1250, Dallas TX 75201, USA.

Page 11

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.3

Consolidation

The Company is exempt by virtue of Section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. The Company is a wholly owned subsidiary of its ultimate parent company CBRE Group, Inc., and is included in their consolidated financial statements, which are publicly available and can be obtained from the address set out in note 20.
These financial statements present information about the Company as an individual undertaking and not about its group.

 
2.4

Going concern

The directors perform an annual going concern review that considers the Company's ability to meet its financial obligations as they fall due, for a period of at least twelve months after the date that the financial statements are signed. The Company's ultimate parent company CBRE Group, Inc. has agreed to provide the necessary financial support to enable the Company to meet its commitments as they fall due and to enable the Company to continue as a going concern for at least 12 months from the date of approval of these financial  statements. CBRE Group, Inc. has also undertaken to guarantee the recoverability of the intercompany receivable balances owed to the Company such that the balances are settled in full and no credit loss is incurred by the Company. Based on the above, the directors have concluded that the Company has adequate resources to continue in operational existence to the foreseeable future (for a period of at least twelve months after the date that the financial statements are signed). Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is Pounds Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'.

 
2.6

Turnover

Turnover represents the value of services provided to fellow CBRE group companies, under the intercompany services agreements in place. Turnover is recognised on an accruals basis and calculated at a fixed fee on specified costs incurred as stipulated in the intercompany services agreements. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Page 12

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Interest receivable and similar income

Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.8

Interest payable and similar expenses

Interest payable and similar expenses are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

  
2.9

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is not discounted.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments are assessed at each reporting date to determine whether there is objective evidence that it is impaired. An impairment loss is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate.
Impairment losses on investments are recognised upon evidence of other than temporary losses of value. When testing for impairment on investments that are not actively traded on a public market, we generally use a discounted cash flow approach to estimate the fair value of our Investments and/or look to comparable activities in the market place. Management's judgement is required in developing the assumptions for the discounted cash flow approach. These assumptions include net asset values, internal rates of return, discount and capitalisation rates, etc. Based on our review of these underlying assumptions driven primarily due to changes in the overall macroeconomic environment. 

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Intra group loan receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 14

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash equivalents are highly liquid investments that mature in no more than 90 days from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.

Page 15

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Critical judgements in applying the Company's accounting policies
Certain critical accounting judgements in applying the Company's accounting policies are described below:
Transfer pricing 
The Company enters into a number of transactions with related group companies including borrowings. The Company considers a number of estimates when entering these transactions to ensure that they are conducted on an arms' length basis. When assessing whether transactions, such as interest rates, with other group companies have been conducted on an arms' length basis, the directors note that these decisions involve the input of internal and external tax advisers to the Company, including an analysis of comparable companies and groups who operate in similar markets to the worldwide Group. 
(b) Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will be by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Carrying value of amounts owed by group undertakings
The Company makes an estimate of the recoverable value of amounts owed by group undertakings. When assessing any potential impairment of amounts owed by group undertakings, management considers factors including current market and industry conditions, and historical experience. Furthermore, CBRE Group, Inc., the ultimate parent undertaking, has pledged to correct the financial position of the entities, so that no credit loss is incurred by the Company.
Carrying value of amounts owed to group undertakings
The Company has amounts owed to group undertakings, which it expects will be settled without a reduction to the principal amount owed to the fellow group undertakings. In assessing the Company's ability to repay these amounts owed to fellow group undertakings when called for, management considers factors including current market and industry conditions, as well as historical experience of the group's financial arrangements. 

Page 16

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Turnover

An analysis of turnover by class of business is as follows:


Year ended
31 December
7 month period ended
31 December
2022
2021
£
£

Development management services
742,435
-


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

Year ended
31 December
7 month period ended
31 December
2022
2021
£
£

Exchange differences
11,509
-


6.


Auditor's remuneration

Year ended 31 December 2022
7 month period ended 31 December 2021
£
£



Fees payable to the Company's auditor for the audit of the Company's financial statements
15,000
12,500

Page 17

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Employees

Year ended
31 December
7 month period ended
31 December
2022
2021
£
£

Wages and salaries
2,286,457
370,714

Social security costs
320,434
17,059

Cost of defined contribution scheme
73,416
755

2,680,307
388,528


The average monthly number of employees, including directors, during the year was 8 (2021: 2).


8.


Interest receivable and similar income

Year ended
31 December
7 month period ended
31 December
2022
2021
£
£


Loans from group undertakings
3,664,241
-


9.


Interest payable and similar expenses

Year ended
31 December
7 month period ended
31 December
2022
2021
£
£


Loans from group undertakings
4,274,323
261,165

Page 18

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Tax on loss


Year ended
31 December
7 month period ended
31 December
2022
2021
£
£

Current tax


Group relief receivable
(744,504)
(210,139)

Total current tax credit
(744,504)
(210,139)


Origination and reversal of timing differences
(18,354)
-

Total deferred tax credit
(18,354)
-


Total tax credit for the period
(762,858)
(210,139)

Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2021: the same as) the standard rate of corporation tax in the UK of19% (2021:19%). The differences are explained below:

Year ended
31 December
7 month period ended
31 December
2022
2021
£
£


Loss before tax
(4,186,419)
(1,105,996)


Loss before tax multiplied by standard rate of corporation tax in the UK of 19% (2021: 19%)
(795,420)
(210,139)

Effects of:


Expenses not deductible for tax purposes
32,562
-

Group relief surrendered/(claimed)
744,504
210,139

Payment/(receipt) for group relief
(744,504)
(210,139)

Total tax credit for the year/period
(762,858)
(210,139)

Page 19

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
10.Tax on loss (continued)


Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021.


11.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2022
2


Additions
1



At 31 December 2022
3




On 10 May 2022, Trammell Crow Company Logistics (Heywood) Limited and Trammell Crow Company Logistics (Heywood Holdings) Limited were incorporated at 26 New Street, St Helier, JE2 3RA, Jersey. The Company acquired Trammell Crow Company Logistics (Heywood) Limited and its wholly owned subsidiary Trammell Crow Company Logistics (Heywood Holdings) Limited on incorporation.

Page 20

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Trammell Crow Company Logistics (Milton Keynes Holdings) Limited
26 New Street, St Helier, Jersey, JE2 3RA
Real estate development
Ordinary
100%
Trammell Crow Company Logistics (Sheffield) Limited
26 New Street, St Helier, Jersey, JE2 3RA
Holding company
Ordinary
100%
Trammell Crow Company Logistics (Heywood Holdings) Limited
26 New Street, St Helier, Jersey, JE2 3RA
Holding company
Ordinary
100%
*Trammell Crow Company Logistics (Milton Keynes) Limited
26 New Street, St Helier, Jersey, JE2 3RA
Real estate development
Ordinary
100%
*Trammell Crow Company Logistics (Shepcote) Limited
5 New Street Square, London, England, EC4A 3TW
Real estate development
Ordinary
100%
*Trammell Crow Company Logistics (Heywood) Limited
26 New Street, St Helier, Jersey, JE2 3RA
Real estate development
Ordinary
100%

*indirect holding

Page 21

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Debtors

2022
2021
£
£

Due after more than one year

Intra group loan
102,631,906
48,201,882


Intra group loan, due in greater than one year, relate to the following intragroup  promissory notes:
 
Trammell Crow Company Logistics (Milton Keynes) Limited totalling £38,027,868
Trammell Crow Company Logistics (Shepcote) Limited totalling £20,122,663
Trammell Crow Company Logistics (Heywood) Limited totalling £44,481,375

These amounts are unsecured, accrue interest at a mark up to 6M SONIA and are repayable in full after the sale of the SPVs, which is expected to be no earlier than March 2024.

2022
2021
£
£

Due within one year

Amounts owed by group undertakings
3,108,464
21,348,619

Other debtors
139,337
157,396

Prepayments and accrued income
28,543
-

Deferred taxation
18,354
-

3,294,698
21,506,015


Amounts owed by group undertakings are unsecured, repayable on demand and are earning interest at a mark up to 6M SONIA.


13.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
971,074
1,260,419


Page 22

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
4,535,488
-

Other taxation and social security
279,446
-

Other creditors
90,158
-

Accruals and deferred income
1,943,410
217,218

6,848,502
217,218



15.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
104,368,596
71,646,956


Amounts owed to group undertakings consist of a promissory note granted on 29 September 2021 made by CBRE Global Treasury Limited that is unsecured, incurs interest at a rate of 2.93% and is repayable on 28 September 2026.


16.


Deferred taxation




2022


£






At beginning of year
-


Charged to the Statement of Comprehensive Income
18,354



At end of year
18,354

The deferred tax asset is made up as follows:

2022
2021
£
£


Short term timing differences
18,354
-

18,354
-

Page 23

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

17.


Called up share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021: 1) Ordinary share of £1
1
1

The Company has one class of ordinary shares. Ordinary shares are classified as equity and each share carries one voting right per share but no right to fixed income.


18.


Reserves

Profit and loss account

This reserve represents the cumulative profits and losses net of distributions.


19.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,416 (2021: £755). Contributions totalling £4,108 (2021: £nil) were payable to the fund at the reporting date and are included in creditors.


20.


Related party transactions

The Company is a wholly owned subsidiary of CBRE Group, Inc. and as such has taken advantage of the exemption permitted by Section 33 'Related party disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the group.


21.


Post balance sheet events

On 30 October 2023, the Company expanded its real estate development business in the United Kingdom with the acquisition of Candour, a London based office developer for consideration of approximately £2.5 million.

Page 24

 
TRAMMELL CROW COMPANY LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

22.


Controlling party

Up to 31 July 2023, the immediate parent company was CBRE Holdings Limited, a company incorporated in England and Wales. Its registered office is Henrietta House, Henrietta Place, London, England, W1G 0NB.
On 31 July 2023, the immediate parent company changed from CBRE Holdings Limited to fellow CBRE Group, Inc. subsidiary TCC European Holdings B.V., an entity registered in the Netherlands.
The ultimate parent undertaking and controlling party is CBRE Group, Inc., a company registered in United States of America. The smallest and largest group of which the results of the Company are consolidated is CBRE Group, Inc. Its registered office is 2100 McKinney Ave, Suite 1250, Dallas TX 75201, USA.

Page 25