Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalse32023-01-01rental of investment property3falsefalse 03737824 2023-01-01 2023-12-31 03737824 2022-01-01 2022-12-31 03737824 2023-12-31 03737824 2022-12-31 03737824 2022-01-01 03737824 5 2023-01-01 2023-12-31 03737824 5 2022-01-01 2022-12-31 03737824 d:CompanySecretary1 2023-01-01 2023-12-31 03737824 d:Director1 2023-01-01 2023-12-31 03737824 d:Director2 2023-01-01 2023-12-31 03737824 d:Director3 2023-01-01 2023-12-31 03737824 d:RegisteredOffice 2023-01-01 2023-12-31 03737824 d:Agent1 2023-01-01 2023-12-31 03737824 e:CurrentFinancialInstruments 2023-12-31 03737824 e:CurrentFinancialInstruments 2022-12-31 03737824 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03737824 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 03737824 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 03737824 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 03737824 e:ShareCapital 2023-12-31 03737824 e:ShareCapital 2022-12-31 03737824 e:ShareCapital 2022-01-01 03737824 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03737824 e:RetainedEarningsAccumulatedLosses 2023-12-31 03737824 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03737824 e:RetainedEarningsAccumulatedLosses 2022-12-31 03737824 e:RetainedEarningsAccumulatedLosses 2022-01-01 03737824 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03737824 d:OrdinaryShareClass1 2023-12-31 03737824 d:OrdinaryShareClass1 2022-12-31 03737824 d:FRS102 2023-01-01 2023-12-31 03737824 d:Audited 2023-01-01 2023-12-31 03737824 d:FullAccounts 2023-01-01 2023-12-31 03737824 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03737824 e:WithinOneYear 2023-12-31 03737824 e:WithinOneYear 2022-12-31 03737824 e:BetweenOneFiveYears 2023-12-31 03737824 e:BetweenOneFiveYears 2022-12-31 03737824 e:MoreThanFiveYears 2023-12-31 03737824 e:MoreThanFiveYears 2022-12-31 03737824 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03737824









VERVE PROPERTIES LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VERVE PROPERTIES LIMITED
 
 
COMPANY INFORMATION


Directors
T E Pain 
R A Nicholson 
J A Watson 




Company secretary
J A Watson



Registered number
03737824



Registered office
10 Blandford Street

London

W1U 4AZ




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA




Solicitors
Mishcon de Reya
Africa House

70 Kingsway

London

WC2B 6AH





 
VERVE PROPERTIES LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 16


 
VERVE PROPERTIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 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 judgments 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 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.

Results and dividends

The profit for the year, after taxation, amounted to £23,983 (2022 - loss £11,695).

Directors

The directors who served during the year were:

T E Pain 
R A Nicholson 
J A Watson 

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 1

 
VERVE PROPERTIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





T E Pain
Director

Date: 3 June 2024

Page 2

 
VERVE PROPERTIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PROPERTIES LIMITED
 

Opinion


We have audited the financial statements of Verve Properties Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 2023 and of its profit 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.


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 United Kingdom, including the Financial Reporting Council'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.


Page 3

 
VERVE PROPERTIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PROPERTIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 4

 
VERVE PROPERTIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PROPERTIES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the industry, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and value added tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Making enquries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpeceted transactions;
Assessing whether judgement and assumptions made in determing significant accounting estimates were indicative of management bias.
 
Page 5

 
VERVE PROPERTIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PROPERTIES LIMITED (CONTINUED)




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 2006Our 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.





Sooreeyen Iyaroo (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA


3 June 2024
Page 6

 
VERVE PROPERTIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
30,500
29,570

Cost of sales
  
28,761
(5,442)

Gross profit
  
59,261
24,128

Administrative expenses
  
(35,278)
(35,823)

Operating profit/(loss)
  
23,983
(11,695)

Profit/(loss) for the financial year
  
23,983
(11,695)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
VERVE PROPERTIES LIMITED
REGISTERED NUMBER: 03737824

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 8 
689,637
686,347

  
689,637
686,347

Creditors: amounts falling due within one year
 9 
(402,430)
(423,123)

Net current assets
  
 
 
287,207
 
 
263,224

  

Net assets
  
287,207
263,224


Capital and reserves
  

Called up share capital 
 10 
2
2

Retained earnings
 11 
287,205
263,222

  
287,207
263,224


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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




J A Watson
Director

Date: 3 June 2024

The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
VERVE PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Retained earnings
Total equity

£
£
£


At 1 January 2022
2
274,917
274,919



Loss for the year
-
(11,695)
(11,695)



At 1 January 2023
2
263,222
263,224



Profit for the year
-
23,983
23,983


At 31 December 2023
2
287,205
287,207


The notes on pages 10 to 16 form part of these financial statements.

Page 9

 
VERVE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Verve Properties Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The registered office of the Company is 10 Blandford Street, London W1U 4AZ.
The principal activity of the Company is that of deriving ground rent from reversionary interests in freehold property.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on going concern basis. The directors considered the going concern basis to be appropriate because the Company's immediate parent, Verve Group Limited has confirmed that it will provide financial support to the company to the extent that funds for working capital requirements are not otherwise available for a period of at least 12 months from the date of signing of financial statements. The directors understand that the immediate parent is currently in a strong financial position to support the Company.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental income is recognised on straight line basis over the term of the lease. Amounts invoiced in advance of a tenancy period are deferred accordingly and recognised as income in the period to which they relate.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of comprehensive income on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 10

 
VERVE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

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.

  
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

  
2.7

Creditors

Short-term creditors are measured at the transaction price.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 11

 
VERVE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In process of applying its accounting policies, the Company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. The judgements, estimates and assumptions affect the amount of assets and liabilities at the date of the financial statements and the amount of revenue and the expenses recognised during the reporting periods presented.
On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.
Going concern
Significant judgement is required in the Company’s assessment of its use of the going concern basis, and further information on this is included in note 2.2. These include preparing cashflow, and budgets and timing of events held in next accounting period.


4.


Turnover

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


2023
2022
£
£

Rent receivables
30,500
29,570


All turnover arose within the United Kingdom.

Page 12

 
VERVE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
5,650
-

Fees payable to the Company’s auditor for the audit of the Company’s annual financial statements in the prior year were borne by the immediate parent company, Verve Group Limited


6.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3


7.


Taxation


2023
2022
£
£



Total current tax
-
-
Page 13

 
VERVE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
7.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
23,983
(11,695)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
5,996
(2,222)

Effects of:


Unrelieved tax losses carried forward
-
2,222

Group relief claimed
(5,996)
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
587,175
663,913

Other debtors
102,462
22,434

689,637
686,347


Page 14

 
VERVE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
392,960
388,840

Other taxation and social security
1,420
1,014

Other creditors
2,275
10,758

Accruals and deferred income
5,775
22,511

402,430
423,123


A provision of £Nil (2022 - £22,511) related to lift replacement costs is recognised within the accruals and deferred income balance at year end.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2

The ordinary share carries the right to one vote per share and the rights to share in any distribution of profits on returns of capital.



11.


Reserves

Retained earnings

The reserve includes all current and prior period retained profits and losses which are considered distributable.

Page 15

 
VERVE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Commitments under operating leases - Lessor

The Company has entered into lease where it earns ground rent. The leases typically have remaining lease terms between 245 to 990 years and include clauses to enable periodic upward revisions of the rental charge according to prevailing market conditions. Some lease contain options to break before the end of the lease term.


At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
30,187
30,187

Later than 1 year and not later than 5 years
120,746
120,746

Later than 5 years
9,162,120
9,192,390

9,313,053
9,343,323


13.


Related party transactions

The Company has taken advantage of exemptions provided by Section 33 of FRS 102 ‘Related Party Disclosures’ and has not disclosed transactions entered into between two or more members of the group provided that any subsidiary undertaking which is party to the transactions is wholly owned by a member of that group.
Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. Key management personal are considered the directors of the Company. The Directors remuneration is borne by another group company.


14.


Controlling party

The Company’s immediate parent company is Verve Group Limited, heading the smallest group for which group accounts containing this company are prepared. The company is domiciled and incorporated in the UK. Copies of the financial statements are available at 10 Blandford Street, London, United Kingdom, W1U 4AZ.
The Company’s ultimate controlling party is Valeura Holding Foundation, an entity domiciled in Liechtenstein.

 
Page 16