IRIS Accounts Production v23.3.1.45 14173180 Board of Directors Board of Directors Board of Directors 15.6.22 31.12.22 31.12.22 0 false true true false false true false 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure141731802022-06-14141731802022-12-31141731802022-06-152022-12-31141731802022-06-1414173180ns16:EnglandWales2022-06-152022-12-3114173180ns15:PoundSterling2022-06-152022-12-3114173180ns11:Director12022-06-152022-12-3114173180ns11:Director22022-06-152022-12-3114173180ns11:Director32022-06-152022-12-3114173180ns11:PrivateLimitedCompanyLtd2022-06-152022-12-3114173180ns11:SmallEntities2022-06-152022-12-3114173180ns11:Audited2022-06-152022-12-3114173180ns11:SmallCompaniesRegimeForDirectorsReport2022-06-152022-12-3114173180ns11:SmallCompaniesRegimeForAccounts2022-06-152022-12-3114173180ns11:FullAccounts2022-06-152022-12-3114173180ns11:RegisteredOffice2022-06-152022-12-3114173180ns6:CurrentFinancialInstruments2022-12-3114173180ns6:ShareCapital2022-12-3114173180ns6:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 14173180 (England and Wales)















99 York Road Commercial Limited

Directors' Report and

Financial Statements

for the period

15 June 2022 to 31 December 2022






99 York Road Commercial Limited (Registered number: 14173180)

Contents of the Financial Statements
for the period 15 June 2022 to 31 December 2022










Page

Company Information 1

Directors' Report 2

Independent Auditors' Report 4

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


99 York Road Commercial Limited

Company Information
for the period 15 June 2022 to 31 December 2022







Directors: P H Gheysens
M M Gheysens
P J Pannier





Registered office: 48 Berkeley Square
London
W1J 5AX





Registered number: 14173180 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

99 York Road Commercial Limited (Registered number: 14173180)

Directors' Report
for the period 15 June 2022 to 31 December 2022


The directors present their report with the financial statements of the company for the period 15 June 2022 to 31 December 2022.

Incorporation
The company was incorporated on 15 June 2022 .

Principal activity
The principal activity of the company in the year under review was that of property investment.

The Company is part of the Ghelamco Group Comm. VA. ("Ghelamco"), a 100% family owned leading international real estate developer and investor mainly active in the offices, residential, retail, leisure and logistics markets and leader in the Polish and Belgium markets. Ghelamco maintains high quality internal controls with respect for agreed milestones over all its project development phases: land purchase, planning, coordinating the construction phase and sale or lease.

Going concern
The directors are of the view that external circumstances potentially impacting the property development sector to
which the Company finances are susceptible will not have a materially adverse effect on the ability of the Company to continue as a going concern for the foreseeable future. The directors are confident that overriding economic factors such as the continuing under-supply of housing and strong occupational demand for state of the art, sustainable buildings and healthy workspaces will minimise the potential impact of external circumstances such as the conflict in Ukraine and increasing rates of inflation.

The company will continue to benefit from financial support from its parent company, which has confirmed that it will provide the company with sufficient resources to enable it to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors, therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

Directors
The directors who have held office during the period from 15 June 2022 to the date of this report are as follows:

P H Gheysens - appointed 15 June 2022
M M Gheysens - appointed 15 June 2022
P J Pannier - appointed 15 June 2022

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

Auditors
The audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

Statement of directors' responsibilities
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 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

99 York Road Commercial Limited (Registered number: 14173180)

Directors' Report
for the period 15 June 2022 to 31 December 2022


Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





M M Gheysens - Director


22 February 2024

Independent Auditors' Report to the Members of
99 York Road Commercial Limited


Opinion
We have audited the financial statements of 99 York Road Commercial Limited (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Balance Sheet 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).

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 period 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.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

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.

In connection with our audit of the financial statements, 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 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 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.

Independent Auditors' Report to the Members of
99 York Road Commercial Limited


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 where 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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 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.

Auditors' 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 Auditors' 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.

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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquiries of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting documentation.


Independent Auditors' Report to the Members of
99 York Road Commercial Limited


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' 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 Auditors' 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.




Nicola Pearson (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

22 February 2024

99 York Road Commercial Limited (Registered number: 14173180)

Income Statement
for the period 15 June 2022 to 31 December 2022

£

Turnover -

Cost of sales (150,557 )
Gross loss (150,557 )

Administrative expenses (3,131 )
Operating loss and
Loss before taxation (153,688 )

Tax on loss -
Loss for the financial period (153,688 )

99 York Road Commercial Limited (Registered number: 14173180)

Balance Sheet
31 December 2022

Notes £
Current assets
Cash at bank 103

Creditors
Amounts falling due within one year 4 153,790
Net current liabilities (153,687 )
Total assets less current liabilities (153,687 )

Capital and reserves
Called up share capital 1
Retained earnings (153,688 )
(153,687 )

The financial statements have been prepared 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 22 February 2024 and were signed on its behalf by:




P H Gheysens - Director M M Gheysens - Director




P J Pannier - Director


99 York Road Commercial Limited (Registered number: 14173180)

Notes to the Financial Statements
for the period 15 June 2022 to 31 December 2022


1. Statutory information

99 York Road Commercial Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company's functional and presentational currency is UK Sterling.

Going concern
The directors intend for the Company's current principal activities to continue for the foreseeable future.

In their assessment of the Company's ability to continue as a going concern, management has considered the current and projected net assets, liquidity positions and the funding of the Company's ongoing expenditure.The company will continue to benefit from financial support from its parent company, which has confirmed that it will provide the company with sufficient resources to enable it to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements.

Having performed their assessment, management believes the Company to have sufficient liquidity to meet its liabilities as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, management adopt the going concern basis in preparing the financial statements.

Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below.

99 York Road Commercial Limited (Registered number: 14173180)

Notes to the Financial Statements - continued
for the period 15 June 2022 to 31 December 2022


2. Accounting policies - continued

Financial instruments
Classification
The Company only enters into basic financial instruments 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 and loans from related parties.

Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, 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 of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow 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 Income Statement.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured as cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimation 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 balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Taxation
Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

99 York Road Commercial Limited (Registered number: 14173180)

Notes to the Financial Statements - continued
for the period 15 June 2022 to 31 December 2022


2. Accounting policies - continued

Foreign currencies
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings
Interest-bearing borrowings are recorded at cost, net of loan set up costs.

Interest and finance costs are recognised on the basis of he effective interest method and, where directly attributable to the acquisition or construction of stock, are included as part of the cost of inventories.

Borrowings are classified as current and non-current liabilities in accordance with the terms of repayment of the loan agreement.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. Employees and directors

The average number of employees during the period was NIL.

4. Creditors: amounts falling due within one year
£
Trade creditors 58,799
Amounts owed to group undertakings 90,501
Other creditors 4,490
153,790

5. Related party disclosures

The company entered into various transactions on an arms length basis with related companies that are related through common control of the directors or part of the wider group.

The Company has taken advantage of the exemptions available in FRS 102 from disclosing related party transactions with other companies that are wholly owned within the group.

99 York Road Commercial Limited (Registered number: 14173180)

Notes to the Financial Statements - continued
for the period 15 June 2022 to 31 December 2022


6. Ultimate controlling party

The Company's immediate parent is Ghelamco Invest NV, incorporated in Belgium.

The ultimate parent is Ghelamco Group Comm. VA, incorporated in Belgium.

The ultimate controlling party is Mr Paul Gheysens.

The most senior parent entity producing consolidated financial statements available publicly via the Group's website is Ghelamco Group Comm. VA, incorporated in Belgium.

The address of Ghelamco Group Comm. VA is:
Zwaanhofweg 10, 8900 Leper, Belgium.