LONDON PROPCO 2 LIMITED
COMPANY INFORMATION
Directors
Mr B J Chambers
Mr N Thompson
Mr J A Fresnedo Amado
Company number
13904989
Registered office
WSM, Connect House
133-137 Alexandra Road
Wimbledon
London
England
SW19 7JY
Auditor
Deloitte LLP
1 New Street Square
London
EC4A 3HQ
LONDON PROPCO 2 LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
LONDON PROPCO 2 LIMITED
DIRECTORS' REPORT
For the year ended 31 December 2023
The directors present their annual report on the affairs of the company, together with the financial statements and auditor’s report, for the period ended 31 December 2023.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption; accordingly no separate strategic report has been presented.
Principal activities
The principal activity of London Propco 2 Limited (the "company") is that of an investment holding company.
The financials are prepared on basis other than going concern and the intention is to liquidate the company post year end.
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr B J Chambers
Mr N Thompson
Mr J A Fresnedo Amado
Directors' insurance
The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.
Auditor
In accordance with the company's articles, a resolution proposing that Deloitte LLP be reappointed as auditor of the company will be put at a General Meeting.
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.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Approved by the board and signed on its behalf by
Mr N Thompson
Director
22 April 2024
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LONDON PROPCO 2 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
For the year ended 31 December 2023
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), including FRS101 'Reduced Disclosure Framework'. 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; and
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.
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LONDON PROPCO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF LONDON PROPCO 2 LIMITED
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of London Propco 2 Limited Limited (the ‘company’):
give a true and fair view of the state of the company’s affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 101 “Reduced Disclosure Framework “and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
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 Financial Reporting Council’s (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.
Emphasis of matter - Financial statements prepared other than on a going concern basis
We draw attention to note 1.2 in the financial statements, which indicates that the financial statements have been prepared on a basis other than that of a going concern. Our opinion is not modified in respect of this matter.
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.
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.
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LONDON PROPCO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LONDON PROPCO 2 LIMITED
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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act and tax legislation; and
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.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
reading minutes of meetings of those charged with governance.
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LONDON PROPCO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LONDON PROPCO 2 LIMITED
Report on other legal and regulatory requirements
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.
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 any material misstatements in the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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.
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
We have nothing to report in respect of these matters.
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.
Charlotte Lord (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London
22 April 2024
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LONDON PROPCO 2 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2023
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Cost of sales
3
(74,531)
(116,379)
Administrative expenses
(17,310)
(16,721)
Operating loss
4
(91,841)
(133,100)
Interest receivable and similar income
6
1,307
33
Impairment of investment
7
(5)
(11,549)
Loss before taxation
(90,539)
(144,616)
Tax on loss
Loss for the financial year
(90,539)
(144,616)
The profit and loss account has been prepared on the basis that all operations are discontinued operations.
There were no items of other comprehensive income therefore a separate statement of other comprehensive income has not been prepared.
The notes on page 9 to 14 form an integral part of the financial statements.
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LONDON PROPCO 2 LIMITED
BALANCE SHEET
As at 31 December 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
8
5
-
5
Current assets
Other asset
9
-
4,655,806
Debtors
10
4,893,056
28,950
Cash at bank and in hand
82,211
400,967
4,975,267
5,085,723
Creditors: amounts falling due within one year
11
(19,838)
(39,760)
Net current assets
4,955,429
5,045,963
Net assets
4,955,429
5,045,968
Capital and reserves
Share capital
12
5,190,584
5,190,584
Profit and loss reserves
(235,155)
(144,616)
Total equity
4,955,429
5,045,968
The financial statements of the company have been prepared in accordance with the small companies regime, and delivered in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006.
The financial statements of London Propco 2 Limited (registered number 13904989) were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-04-22
Mr N Thompson
Director
Company registration number 13904989
The notes on page 9 to 14 form an integral part of the financial statements..
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LONDON PROPCO 2 LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 9 February 2022
-
-
Period ended 31 December 2022:
Total comprehensive loss for the period
-
(144,616)
(144,616)
Issue of share capital
12
100
-
100
Issue of redeemable share
12
5,190,484
-
5,190,484
Balance at 31 December 2022
5,190,584
(144,616)
5,045,968
Year ended 31 December 2023:
Total comprehensive loss for the year
-
(90,539)
(90,539)
Balance at 31 December 2023
5,190,584
(235,155)
4,955,429
The notes on page 9 to 14 form an integral part of the financial statements..
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LONDON PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
1
Accounting policies
Company information
London Propco 2 Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2016 and is registered in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
related party disclosures for transactions with the parent or wholly owned members of the group;
disclosure of prior year comparatives of investment property.
Where required, equivalent disclosures are given in the group accounts of Rosp Corunna SL, which are available to the public and can be obtained from the Central Mercantile Register in Spain.
New and amended standards adopted by the Company:
There are no amendments to accounting standards or IFRIC interpretations that are effective for the year ended 31 December 2023 and that had a material impact on the Company.
1.2
Going concern
As a result of winding up in the investment in the Unit Trust and novating the forward purchase agreement to complete a property acquisition to another company within the Group, the Directors have taken the decision that the company will cease to trade and will be wound up post year end. Accordingly, the going concern basis of preparation of the financial statements is not applicable. true
These financial statements have therefore been prepared on a basis other than going concern.
For all other assets, including debtor balances, the fair value is considered to be the book value. There have been no other balances sheet movements other than those discussed above as a result of preparing the accounts on a basis other than going concern.
The financial statements do not include any provision for the future costs of ceasing to trade, except to the extent that such costs were committed at the date of the Statement of Financial Position.
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LONDON PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
1.3
Expenditure
Cost of sales represents management fees incurred by the company. Administrative expenses include costs associated with the operation of the company. Both are recognised in the period to which the expenses relate.
1.4
Impairment of tangible and intangible assets
At each reporting 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.
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.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash at bank and in hand
Cash and cash equivalents 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.
1.6
Financial assets
Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
Financial assets are initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
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LONDON PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.
On initial recognition the company calculates the expected credit loss for debtors based on lifetime expected credit losses under the IFRS 9 simplified approach.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.7
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.
Financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Critical accounting estimates, judgments 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.
There were no accounting estimates and underlying assumptions in the period.
In the prior year, the directors believed their impairment assessment of the investment was an area of judgement. As the investment has been wound up, impairment is no longer deemed an area of judgement.
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LONDON PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
3
Cost of sales
2023
2022
£
£
Management charges
74,531
68,734
Letting and marketing fees
-
47,645
74,531
116,379
Cost of sales relates to expenses incurred as a result of exchanging on an investment property in 2022 via a forward purchase agreement and subsequently novating the forward purchase agreement to another subsidiary within the group on 22nd September 2023.
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,700
10,000
No other amounts were paid to the auditor for any other services.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,307
33
7
Impairments
2023
2022
£
£
Impairment losses
8
(5)
(11,549)
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LONDON PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
8
Investments
2023
2022
£
£
Other investments
-
5
5
The non-current investment of £5 is an investment in units, in a Jersey Property Unit Trust (JPUT).
During the year the company fully impaired the investment in units of a Jersey Property Unit as the JPUT was dissolved on 23 November 2023.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
5
Impairment
(5)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
5
9
Other assets
During the prior period, the company paid £4,655,806 for the deposit and associated fees of an investment property. The forward purchase agreement to complete the acquisition of the investment property was novated to another subsidiary within the group on 22nd September 2023 at a value of £5,095,787 being the prior period balance plus additional investment property expenditure incurred during the year.
10
Debtors
2023
2022
£
£
VAT recoverable
2,162
27,358
Amounts owed by related parties
4,890,894
692
Prepayments
900
4,893,056
28,950
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LONDON PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
10
Debtors
(Continued)
Amounts owed by related parties are unsecure, non-interest bearing and repayable on demand.
11
Creditors
2023
2022
£
£
Trade creditors
876
25,518
Accruals
18,270
13,550
Amount owed to related parties
692
692
19,838
39,760
Amounts owed to related parties are non-interest bearing and repayable on demand.
12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued, authorised and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary redeemable shares of £1 each
5,190,484
5,190,484
5,190,484
5,190,484
5,190,584
5,190,584
5,190,584
5,190,584
The company may in its absolute discretion at any time redeem all or any of the redeemable shares held by a redeemable shareholder. The redemption price shall be an amount equal to the subscription price paid for such shares.
The ordinary shares carry one vote each, entitle the holder to dividends and to participate in a distribution arising from a winding up, but only after the redeemable shareholders have been repaid the full issue price of the redeemable shares.
13
Controlling party
The immediate parent company of London Propco 2 Limited is Ferrado Inmuebles SL, while the ultimate parent company is Rosp Corunna SL whose registered office address is Plaza Maria Pita 17, 5001, A Coruna, Spain. The ultimate controlling party is Sandra Ortega Mera.
The smallest and largest group in which the results of the company are included within is that headed by Rosp Corunna SL. Copies of these consolidated financial statements are publicly available from the Central Mercantile Register in Spain.
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