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REGISTERED NUMBER: 12935294 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

London BTR Investments
(Ark Soane) Limited

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)






Contents of the Financial Statements
for the Year Ended 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
(Ark Soane) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J N Patel
P A Shacalis
M S McGill





SECRETARY: Sigma Capital Property Ltd





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





REGISTERED NUMBER: 12935294 (England and Wales)






London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

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
P A Shacalis has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

M D Briselden - resigned 26 June 2023
J N Patel - appointed 2 February 2023
Ms N Raghavan - resigned 2 February 2023
M S McGill - appointed 26 June 2023

RESULTS AND DIVIDENDS
The profit for the period is £5,587,169 (2022: £708,005 loss). The directors do not recommend the payment of a dividend for the current or prior periods.

GOING CONCERN
The directors have reviewed the trading prospects and projected cash flows of the business and on that basis 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.

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.

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.


London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Report of the Directors
for the Year Ended 31 December 2023

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


10 September 2024

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £ £

TURNOVER - -

Administrative expenses (9,661 ) (41,326 )
OPERATING LOSS (9,661 ) (41,326 )

Other income 784,590 -
774,929 (41,326 )
Gain/loss on revaluation of
investment property

6,787,410

789,620
PROFIT BEFORE TAXATION 4 7,562,339 748,294

Tax on profit 5 (1,975,170 ) (40,289 )
PROFIT FOR THE FINANCIAL YEAR 5,587,169 708,005


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,587,169

708,005

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 6 227,987 -
Investment property 7 44,451,485 32,200,001
44,679,472 32,200,001

CURRENT ASSETS
Debtors 8 2,718 14,840
Cash at bank 2,265 2,721
4,983 17,561
CREDITORS
Amounts falling due within one year 9 (37,011,791 ) (32,107,237 )
NET CURRENT LIABILITIES (37,006,808 ) (32,089,676 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,672,664

110,325

PROVISIONS FOR LIABILITIES 10 (2,015,459 ) (40,289 )
NET ASSETS 5,657,205 70,036

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 5,657,105 69,936
SHAREHOLDERS' FUNDS 5,657,205 70,036

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

The members have not required the company to obtain an audit of its financial statements for the year 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
(Ark Soane) Limited (Registered number: 12935294)

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 10 September 2024 and were signed on its behalf by:





M S McGill - Director


London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £

Balance at 1 January 2022 100 (638,069 ) (637,969 )

Changes in equity
Total comprehensive income - 708,005 708,005
Balance at 31 December 2022 100 69,936 70,036

Changes in equity
Total comprehensive income - 5,587,169 5,587,169
Balance at 31 December 2023 100 5,657,105 5,657,205

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

London BTR Investments (Ark Soane) 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 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.

Critical accounting judgements and key estimation uncertainties
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates and judgements.

Critical Accounting estimates and assumptions:
(i) Fair value of investment property
The matters taken into account when assessing the fair value of investment property are detailed in the accounting policy on investment property.

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 under construction is held at fair value, based on independent CBRE (UK) Limited valuation, acting in the capacity of External Valuers as defined in the RICS Red Book.

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Notes to the Financial Statements - continued
for the Year Ended 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

Impairment
When there is an indication of impairment, the company reviews the carrying value of its assets to determine whether those assets have suffered an impairment loss. The recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to determine the recoverable amount of an individual asset the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately.

Where an impairment subsequently reverses, the carrying amount of the asset (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 (cash-generating unit) in prior years.

Going concern
The directors have reviewed the trading prospects and projected cash flows of the business and on that basis 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.

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

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. OTHER INCOME
2023 2022
£ £
Other income 784,590 -

Other income represents amounts payable by a contractor in respect of later than expected delivery of assets where the delay is attributable to the contractor.

4. PROFIT BEFORE TAXATION

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

5. TAXATION

Analysis of tax expense
2023 2022
£ £
Deferred tax 1,975,170 40,289
Total tax expense in statement of comprehensive income 1,975,170 40,289

Factors affecting the tax expense
The tax assessed for the year is higher (2022 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before income tax 7,562,339 748,294
Profit multiplied by the standard rate of corporation tax in the
UK of 23.520% (2022 - 19%)

1,778,662

142,176

Effects of:
Expenses not deductible 7 1,176
Tax rate changes 116,930 9,669
Losses carried forward 79,571 (112,732 )
Tax expense 1,975,170 40,289

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
Additions 228,023
At 31 December 2023 228,023
DEPRECIATION
Charge for year 36
At 31 December 2023 36
NET BOOK VALUE
At 31 December 2023 227,987

7. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023 32,200,001
Additions 5,302,919
Revaluations 6,948,565
At 31 December 2023 44,451,485
NET BOOK VALUE
At 31 December 2023 44,451,485
At 31 December 2022 32,200,001

Fair value at 31 December 2023 is represented by:
£
Valuation in 2021 (628,465 )
Valuation in 2022 789,620
Valuation in 2023 6,787,410
Cost 37,502,920
44,451,485

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 2,718 14,840

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 17,980 670,177
Amounts owed to group undertakings 35,685,143 30,800,755
Other creditors 1,306,903 632,705
Accrued expenses 1,765 3,600
37,011,791 32,107,237

10. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 2,015,459 40,289

Deferred tax
£
Balance at 1 January 2023 40,289
Provided during year 1,975,170
Balance at 31 December 2023 2,015,459

The deferred tax liability relates to unrealised property revaluations.

11. CALLED UP SHARE CAPITAL


Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary Shares £1 100 100

12. RESERVES
Retained
earnings
£

At 1 January 2023 69,936
Profit for the year 5,587,169
At 31 December 2023 5,657,105

London BTR Investments
(Ark Soane) Limited (Registered number: 12935294)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. 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.

On 16 August 2024, the entire share capital of the Company was acquired by London BTR Investments (NW III) Holdings 2 Limited whose ultimate parent company is also London BTR Investments LP.