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COMPANY REGISTRATION NUMBER: 11974103
Edinburgh (London Road) SPV Limited
Filleted Unaudited Financial Statements
31 December 2023
Edinburgh (London Road) SPV Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investment property
5
34,633,000
32,800,000
Current assets
Debtors
6
2,157,008
1,389,474
Investments
7
100
100
Cash at bank and in hand
1,522,501
1,396,148
------------
------------
3,679,609
2,785,722
Creditors: amounts falling due within one year
8
( 1,209,663)
( 609,281)
------------
------------
Net current assets
2,469,946
2,176,441
-------------
-------------
Total assets less current liabilities
37,102,946
34,976,441
Creditors: amounts falling due after more than one year
9
( 19,680,000)
( 19,680,000)
-------------
-------------
Net assets
17,422,946
15,296,441
-------------
-------------
Capital and reserves
Called up share capital
10
4,700,000
4,700,000
Other reserves
12,273,768
10,446,768
Profit and loss account
449,178
149,673
-------------
-------------
Shareholders funds
17,422,946
15,296,441
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Edinburgh (London Road) SPV Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 July 2024 , and are signed on behalf of the board by:
Mr Peter Vincent Young
Director
Company registration number: 11974103
Edinburgh (London Road) SPV Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a)No cash flow statement has been presented for the company. (b)Disclosures in respect of financial instruments have not been presented.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets held under construction will not be depreciated until the construction is completed.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Revenue recognition
Revenue relates to rental income and service charges. Rental income from operating leases is recognised on a straight-line basis over the lease term. When the Group provides incentives to its tenants, the cost of the incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income. Revenue from services is recognised in the accounting period in which control of the services are passed to the customer, which is when the service is rendered. For certain service contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
Income 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 balance sheet date in the countries where the Company operates and generates income.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans 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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is subsequently revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
The Company only enters into basic financial instruments 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 rate 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 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 of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
4. Employees
The entity did not have any employees, including the directors and key management personnel under contracts of employment in the current or prior year.
5. Investment property
Investment property
£
Cost
At 1 January 2023
32,800,000
Additions
6,000
Revaluations
1,827,000
-------------
At 31 December 2023
34,633,000
-------------
Impairment
At 1 January 2023 and 31 December 2023
-------------
Carrying amount
At 31 December 2023
34,633,000
-------------
At 31 December 2022
32,800,000
-------------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,103,433
1,305,297
Other debtors
53,575
84,177
------------
------------
2,157,008
1,389,474
------------
------------
7. Investments
2023
2022
£
£
Investments in group undertakings
100
100
----
----
At 31 December 2023, Edinburgh (London Road) OPCO was a wholly owned subsidiary of the company.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
915,315
Accruals and deferred income
37,160
346,378
Other creditors
257,188
262,903
------------
---------
1,209,663
609,281
------------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,680,000
19,680,000
-------------
-------------
The loan is secured upon the property included in Fixed Assets. Interest is applied to the loan at an aggregated rate being the relevant margin (currently 1.65%) and Secure Trust Bank Commercial Lending Reference Rate. Interest is payable on the first business day after each calendar quarter.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares shares of £ 1 each
4,700,000
4,700,000
4,700,000
4,700,000
------------
------------
------------
------------
11. Controlling party
The ultimate controlling party is considered to be Q Investment Partners Holdings Limited.