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REGISTERED NUMBER: 14530836 (England and Wales)















Report of the Directors and

Unaudited Financial Statements

for the Period 8 December 2022 to 31 December 2023

for

London BTR Investments
(Beam Park Block N4) Limited

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)






Contents of the Financial Statements
for the Period 8 December 2022 to 31 December 2023




Page

Company information 1

Report of the directors 2

Statement of comprehensive income 4

Balance sheet 5

Statement of changes in equity 7

Notes to the financial statements 8


London BTR Investments
(Beam Park Block N4) Limited

Company Information
for the Period 8 December 2022 to 31 December 2023







DIRECTORS: M S McGill
J N Patel
P A Shacalis





SECRETARY: Sigma Capital Property Ltd





REGISTERED OFFICE: Floor 3, 1 St. Ann Street
Manchester
M2 7LR





REGISTERED NUMBER: 14530836 (England and Wales)






London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Report of the Directors
for the Period 8 December 2022 to 31 December 2023

The directors present their report with the financial statements of the company for the period 8 December 2022 to 31 December 2023.

INCORPORATION
The company was incorporated on 8 December 2022 .

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of investment in and development of build to rent property ("BTR") in Greater London.

DIRECTORS
The directors who have held office during the period from 8 December 2022 to the date of this report are as follows:

M D Briselden - appointed 8 December 2022 - resigned 26 June 2023
M S McGill - appointed 26 June 2023
J N Patel - appointed 2 February 2023
Ms N Raghavan - appointed 8 December 2022 - resigned 2 February 2023
P A Shacalis - appointed 8 December 2022

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

RESULTS AND DIVIDENDS
The profit for the period is £1,228,041. The directors do not recommend the payment of a dividend for the period ended 31 December 2023.

GOING CONCERN
The directors have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Further detail is provided in the accounting policies of the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the directors 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.


London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Report of the Directors
for the Period 8 December 2022 to 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

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 S McGill - Director


6 September 2024

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Statement of Comprehensive Income
for the Period 8 December 2022 to 31 December 2023

Notes £

TURNOVER -

Administrative expenses (10,772 )
OPERATING LOSS (10,772 )

Interest receivable and similar
income

133,440
122,668
Gain on revaluation of investment
property

1,503,906
PROFIT BEFORE TAXATION 4 1,626,574

Tax on profit 5 (398,533 )
PROFIT FOR THE FINANCIAL
PERIOD

1,228,041


OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

1,228,041

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Balance Sheet
31 December 2023

Notes £
FIXED ASSETS
Tangible assets 6 807
Investment property 7 21,199,999
21,200,806

CURRENT ASSETS
Debtors 8 253,524
Cash at bank 2,611
256,135
CREDITORS
Amounts falling due within one year 9 (19,830,267 )
NET CURRENT LIABILITIES (19,574,132 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,626,674

PROVISIONS FOR LIABILITIES 11 (398,533 )
NET ASSETS 1,228,141

CAPITAL AND RESERVES
Called up share capital 12 100
Retained earnings 13 1,228,041
SHAREHOLDERS' FUNDS 1,228,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Balance Sheet - continued
31 December 2023


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 6 September 2024 and were signed on its behalf by:





M S McGill - Director


London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Statement of Changes in Equity
for the Period 8 December 2022 to 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £

Changes in equity
Issue of share capital 100 - 100
Total comprehensive income - 1,228,041 1,228,041
Balance at 31 December 2023 100 1,228,041 1,228,141

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Notes to the Financial Statements
for the Period 8 December 2022 to 31 December 2023

1. STATUTORY INFORMATION

London BTR Investments (Beam Park Block N4) 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 preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party
transactions entered into between two or more members of a group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 33% on cost

Investment property
Investment property, including that which is being constructed for future use as investment property, is measured initially at its cost including related transaction costs. After initial recognition, investment property is carried at fair value. The investment properties are valued by CBRE who are qualified valuation experts and hold a recognised and relevant professional qualification. The valuation basis of market value conforms to international valuation standards. The valuation is based on market evidence of investment yields, expected gross to net income rates and actual and expected rental values. Gains or losses arising from arising from changes in the fair value of the investment property are included in profit from operations in the income statement of the period in which they arise.

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Notes to the Financial Statements - continued
for the Period 8 December 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Taxation
Tax on the profit or loss for the period comprises current tax and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax with the following exceptions:

1) The recognition of deferred tax assets is limited to the extent that the Company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

2) Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Finance income
Interest income from interest rate derivative hedges are accounted for on an accruals basis.

Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Notes to the Financial Statements - continued
for the Period 8 December 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The directors have reviewed the trading prospects and projected cash flows of the business,
which include the re-tendering of construction contracts relating to two sites within the same debt pool as London BTR Investments (Beam Park Block N4) Ltd ( "the Company") which were originally contracted to be constructed by a contractor which entered Administration in October 2023.

Following this, contract works on the two sites were re-tendered to third parties to enable completion of the developments. The re-tendering process is at an advanced stage and nearing finalisation. Once complete, this will enable the construction works to recommence in 2024.

The administration of the contractor triggered a breach of covenants relating to certain of the debt pool's bank facilities. However, the Group has strong relationships with its lenders and continues to work and communicate with them to find an optimum solution to the benefit of all stakeholders. The lenders remain supportive and the Board is confident that it will be able to resolve the breach and enable debt funding to resume once the contract re-tendering is complete and construction re-commences.

Until the appointment of alternative contractors under construction contracts to the satisfaction of lenders, the Group will remain in breach of the bank facilities related to these sites. As a result of this technical breach, the lenders could call upon their debt and as such the debt related to this facility has been classified as repayable on demand. The directors consider that action by the lenders to call upon its debt is unlikely, but acknowledge that this represents a material uncertainty.

The directors believe that adopting the going concern basis in preparing the consolidated financial statements is appropriate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION

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. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Investment property valuation
Investment properties both completed and under construction are held at fair value, based on independent CBRE (UK) Limited valuations, acting in the capacity of External Valuers as defined in the RICS Red Book.

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Notes to the Financial Statements - continued
for the Period 8 December 2022 to 31 December 2023

4. PROFIT BEFORE TAXATION

No expenses associated with this note were incurred in the year.

5. TAXATION

Analysis of tax expense
£
Deferred tax 398,533
Total tax expense in statement of comprehensive income 398,533

Factors affecting the tax expense
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

£
Profit before income tax 1,626,574
Profit multiplied by the standard rate of corporation tax in the
UK of 24.980%

406,318

Effects of:
Disallowed expenses 12
Losses carried forward 109,541
Tax rate changes 413
Deferred tax (117,751 )
Tax expense 398,533

6. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
Additions 854
At 31 December 2023 854
DEPRECIATION
Charge for period 47
At 31 December 2023 47
NET BOOK VALUE
At 31 December 2023 807

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Notes to the Financial Statements - continued
for the Period 8 December 2022 to 31 December 2023

7. INVESTMENT PROPERTY
Total
£
FAIR VALUE
Additions 19,696,093
Revaluations 1,503,906
At 31 December 2023 21,199,999
NET BOOK VALUE
At 31 December 2023 21,199,999

Fair value at 31 December 2023 is represented by:
£
Valuation in 2023 1,503,906
Cost 19,696,093
21,199,999

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£
Other debtors 253,524

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£
Bank loans (see note 10) 10,996,757
Trade creditors 7,444
Amounts owed to group undertakings 7,991,087
Other creditors 459,338
Accrued expenses 375,641
19,830,267

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Notes to the Financial Statements - continued
for the Period 8 December 2022 to 31 December 2023

10. FINANCIAL LIABILITIES - BORROWINGS

The financial liability borrowing for the period is £10,996,757 which is made up of a non-current bank loan.

The bank loan is utilised to fund the Company’s investment in private rented sector property. Interest is charged at commercial rates and the loan facility is secured on the company’s investment property.

The developer contracted to build some of the Group’s sites, entered administration in October 2023. This event triggered a breach of the long stop date of some of the bank facilities within the debt pool. As outlined earlier in these financial statements, the Group is at an advanced stage in re-tendering the remaining construction work to be completed with alternative parties. Pending the appointment of alternative contractors and finalisation of construction contracts to the satisfaction of lenders, the Company remains in technical breach of the bank facilities. As a result of the technical breach, the debt related to these facilities has been classified as repayable on demand.

11. PROVISIONS FOR LIABILITIES
£
Deferred tax 398,533

Deferred tax
£
Provided during period 398,533
Balance at 31 December 2023 398,533

12. CALLED UP SHARE CAPITAL


Allotted and issued:
Number: Class: Nominal
value: £
100 Ordinary Shares £1 100

13. RESERVES
Retained
earnings
£

Profit for the period 1,228,041
At 31 December 2023 1,228,041

London BTR Investments
(Beam Park Block N4) Limited (Registered number: 14530836)

Notes to the Financial Statements - continued
for the Period 8 December 2022 to 31 December 2023

14. POST BALANCE SHEET EVENT REGARDING THE ULTIMATE CONTROLLING PARTY

With effect from 29 July 2024, London BTR Investments LP is regarded by the directors as being the company's ultimate parent company. Prior to this date London BTR Investments Ltd was regarded by the directors as the company's ultimate parent company.