IRIS Accounts Production v23.1.0.753 13294600 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 true false true false false true true true true true false false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure132946002022-12-31132946002023-12-31132946002023-01-012023-12-31132946002021-12-31132946002022-01-012022-12-31132946002022-12-3113294600ns16:EnglandWales2023-01-012023-12-3113294600ns15:PoundSterling2023-01-012023-12-3113294600ns11:Director12023-01-012023-12-3113294600ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3113294600ns11:FRS1012023-01-012023-12-3113294600ns11:AuditExempt-NoAccountantsReport2023-01-012023-12-3113294600ns11:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3113294600ns11:FullAccounts2023-01-012023-12-3113294600ns11:OrdinaryShareClass12023-01-012023-12-3113294600ns11:Director22023-01-012023-12-3113294600ns11:Director32023-01-012023-12-3113294600ns11:CompanySecretary12023-01-012023-12-3113294600ns11:RegisteredOffice2023-01-012023-12-3113294600ns11:Director42023-01-012023-12-3113294600ns11:Director52023-01-012023-12-3113294600ns6:CurrentFinancialInstruments2023-12-3113294600ns6:CurrentFinancialInstruments2022-12-3113294600ns6:Non-currentFinancialInstruments2023-12-3113294600ns6:Non-currentFinancialInstruments2022-12-3113294600ns6:ShareCapital2023-12-3113294600ns6:ShareCapital2022-12-3113294600ns6:RetainedEarningsAccumulatedLosses2023-12-3113294600ns6:ShareCapital2021-12-3113294600ns6:RetainedEarningsAccumulatedLosses2021-12-3113294600ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-3113294600ns6:RetainedEarningsAccumulatedLosses2023-01-012023-12-3113294600ns6:FurnitureFittings2023-01-012023-12-311329460012023-01-012023-12-311329460022023-01-012023-12-311329460032023-01-012023-12-311329460012023-01-012023-12-3113294600ns6:OwnedAssets2023-01-012023-12-3113294600ns6:OwnedAssets2022-01-012022-12-3113294600ns6:FurnitureFittings2023-12-3113294600ns6:Subsidiary12023-01-012023-12-31132946001ns6:Subsidiary12023-01-012023-12-3113294600ns6:DeferredTaxation2022-12-3113294600ns6:DeferredTaxation2023-12-3113294600ns11:OrdinaryShareClass12023-12-3113294600ns6:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 13294600 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

London BTR Investments
(Fresh Wharf Block H) Limited

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)






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
(Fresh Wharf Block H) Limited

Company Information
for the Year Ended 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: 13294600 (England and Wales)






London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

RESULTS AND DIVIDENDS
The profit for the year is £213,848 (2022: £2,422,297). 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
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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
(Fresh Wharf Block H) Limited (Registered number: 13294600)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
as restated
Notes £ £

TURNOVER 397,287 -

Administrative expenses (41,227 ) (4,964 )
OPERATING PROFIT/(LOSS) 356,060 (4,964 )

Interest receivable and similar
income

192,619

47,080
548,679 42,116
(Loss)/gain on revaluation of
investment property

(73,908

)

3,217,924
PROFIT BEFORE TAXATION 4 474,771 3,260,040

Tax on profit 5 (260,923 ) (837,743 )
PROFIT FOR THE FINANCIAL YEAR 213,848 2,422,297


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

213,848

2,422,297

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £ £
FIXED ASSETS
Tangible assets 7 172,296 -
Investments 8 100 -
Investment property 9 27,550,000 25,400,000
27,722,396 25,400,000

CURRENT ASSETS
Debtors 10 60,160 48,577
Cash at bank 4,669 4,522
64,829 53,099
CREDITORS
Amounts falling due within one year 11 (9,765,632 ) (9,770,456 )
NET CURRENT LIABILITIES (9,700,803 ) (9,717,357 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,021,593

15,682,643

CREDITORS
Amounts falling due after more than
one year

12

(14,586,967

)

(12,722,788

)

PROVISIONS FOR LIABILITIES 14 (1,098,667 ) (837,743 )
NET ASSETS 2,335,959 2,122,112

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

Balance Sheet - continued
31 December 2023

2023 2022
as restated
Notes £ £
CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 2,335,859 2,122,012
SHAREHOLDERS' FUNDS 2,335,959 2,122,112

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.

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
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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 (300,285 ) (300,185 )

Changes in equity
Total comprehensive income - 2,422,297 2,422,297
Balance at 31 December 2022 100 2,122,012 2,122,112

Changes in equity
Total comprehensive income - 213,848 213,848
Balance at 31 December 2023 100 2,335,860 2,335,960

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

1. STATUTORY INFORMATION

London BTR Investments (Fresh Wharf Block H) 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 paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
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.

Turnover
Rental income from investment property is accounted for under an accruals basis.

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
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised on the Company’s statement of financial position when the Company becomes a party to the contractual provisions of the instrument.

The company uses derivatives financial instruments, specifically caps, to manage interest rate risk. The group does not use derivative financial instruments for speculative purposes. Derivatives are recognised in the Statement of Financial Position at fair value on the date the transaction is entered into and are subsequently re-measured at their fair values at year end. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire, or when the financial asset and substantially all the risk and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

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.

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

2. ACCOUNTING POLICIES - continued

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.

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

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.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY 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
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

4. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:
2023 2022
as restated
£ £
Depreciation - owned assets 34,292 -

5. TAXATION

Analysis of tax expense
2023 2022
as restated
£ £
Deferred tax 260,923 837,743
Total tax expense in statement of comprehensive income 260,923 837,743

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

2023 2022
as restated
£ £
Profit before income tax 474,771 3,260,040
Profit multiplied by the standard rate of corporation tax in the
UK of 23.520% (2022 - 19%)

111,666

619,408

Effects of:
Tax rate changes 15,442 218,416
Losses carried forward 133,815 -
Expenses not recognised - (81 )
Tax expense 260,923 837,743

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

6. PRIOR YEAR ADJUSTMENT

In 2022, interest rate caps were taken out to give greater certainty over cashflow with regards to interest on the loans. The costs associated with this were previously accounted for within prepayments and amortised over the period of the hedge. In 2023, the hedges have been recognised at fair value. In order to provide clarity, as the hedges were entered into prior to 2023, the comparatives have been restated accordingly.

2022
£'000
Net Assets - Original2,191,448
Trade & other receivables (amortised cost to derivatives and recognising
accrued income)

32,637
Deferred Tax Creditor (implications on fair value adjustment on deferred
tax)

(101,973

)
Net Assets - Restated2,122,112

The effect of the restatement on the Income Statement is as follows


Profit per Original statement 2,491,633
Reduction in fair value uplift of Investment Property (uncapitalising interest
receipts from the derivative)

(14,443

)
Additional Finance Income (accrued income; and reflecting interest receipts
from derivatives in the income statement)

47,080
Additional Deferred Tax (implications on fair value adjustment on deferred
tax)

(101,973

)
Profit Restated2,422,297








London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

7. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
Additions 206,588
At 31 December 2023 206,588
DEPRECIATION
Charge for year 34,292
At 31 December 2023 34,292
NET BOOK VALUE
At 31 December 2023 172,296

8. INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

The company's investments at the Balance sheet date in the share capital of companies include the following:

London BTR Investments (Fresh Wharf Block H) Opco Ltd
Registered office: Floor 3, 1 St. Ann Street, Manchester, M2 7LR
Nature of business: Property development and investment
%
Class of shares: holding
Ordinary 100.00

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

9. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023 25,400,000
Additions 2,223,908
Revaluations (73,908 )
At 31 December 2023 27,550,000
NET BOOK VALUE
At 31 December 2023 27,550,000
At 31 December 2022 25,400,000

Fair value at 31 December 2023 is represented by:
£
Valuation in 2021 (289,285 )
Valuation in 2022 3,217,924
Valuation in 2023 (73,908 )
Cost 24,695,269
27,550,000

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Other debtors 60,160 48,577

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Trade creditors 3,993 790,397
Amounts owed to group undertakings 9,262,035 8,360,925
Other creditors 253,920 457,964
Accrued expenses 245,684 161,170
9,765,632 9,770,456

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
as restated
£ £
Bank loans (see note 13) 14,586,967 12,722,788

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

13. FINANCIAL LIABILITIES - BORROWINGS

The financial liability borrowing at 31 December 2023 is £14,586,967 (2022: £12,722,788) 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.

14. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£ £
Deferred tax 1,098,667 837,743

Deferred tax
£
Balance at 1 January 2023
As previously reported 735,770
Prior year adjustment 101,973
As restated 837,743
Provided during year 260,924
Balance at 31 December 2023 1,098,667

The deferred tax liability relates to unrealised property revaluations and capitalised interest.

15. CALLED UP SHARE CAPITAL


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

16. RESERVES
Retained
earnings
£

At 1 January 2023 2,122,011
Profit for the year 213,848
At 31 December 2023 2,335,859

London BTR Investments
(Fresh Wharf Block H) Limited (Registered number: 13294600)

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

17. POST BALANCE SHEET EVENT REGARDING 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.