IRIS Accounts Production v23.1.0.753 12178935 Board of Directors 1.1.23 31.12.23 31.12.23 The investment in property for the private rental sector. The Company owns and manages 77 residential homes which are let to tenants on shorthold assured tenancies. 0 0 false true false false true true true true false false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure121789352022-12-31121789352023-12-31121789352023-01-012023-12-31121789352021-12-31121789352022-01-012022-12-31121789352022-12-3112178935ns16:EnglandWales2023-01-012023-12-3112178935ns15:PoundSterling2023-01-012023-12-3112178935ns11:Director12023-01-012023-12-3112178935ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3112178935ns11:FRS1012023-01-012023-12-3112178935ns11:AuditExempt-NoAccountantsReport2023-01-012023-12-3112178935ns11:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3112178935ns11:FullAccounts2023-01-012023-12-3112178935ns11:OrdinaryShareClass12023-01-012023-12-3112178935ns11:Director22023-01-012023-12-3112178935ns11:Director32023-01-012023-12-3112178935ns11:CompanySecretary12023-01-012023-12-3112178935ns11:RegisteredOffice2023-01-012023-12-3112178935ns11:Director42023-01-012023-12-3112178935ns11:Director52023-01-012023-12-3112178935ns6:CurrentFinancialInstruments2023-12-3112178935ns6:CurrentFinancialInstruments2022-12-3112178935ns6:Non-currentFinancialInstruments2023-12-3112178935ns6:Non-currentFinancialInstruments2022-12-3112178935ns6:ShareCapital2023-12-3112178935ns6:ShareCapital2022-12-3112178935ns6:RetainedEarningsAccumulatedLosses2023-12-3112178935ns6:ShareCapital2021-12-3112178935ns6:RetainedEarningsAccumulatedLosses2021-12-3112178935ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-3112178935ns6:RetainedEarningsAccumulatedLosses2023-01-012023-12-3112178935ns6:FurnitureFittings2023-01-012023-12-311217893512023-01-012023-12-311217893522023-01-012023-12-311217893532023-01-012023-12-311217893512023-01-012023-12-3112178935ns6:OwnedAssets2023-01-012023-12-3112178935ns6:OwnedAssets2022-01-012022-12-3112178935ns6:FurnitureFittings2022-12-3112178935ns6:FurnitureFittings2023-12-3112178935ns6:FurnitureFittings2021-12-3112178935ns6:DeferredTaxation2022-12-3112178935ns6:DeferredTaxation2023-12-3112178935ns11:OrdinaryShareClass12023-12-3112178935ns6:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 12178935 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Sigma PRS Investments
(Fresh Wharf) Limited

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)






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


Sigma PRS Investments
(Fresh Wharf) 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: 12178935 (England and Wales)






Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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.

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 loss for the year is £22,533 (2022: profit £1,321,708). The directors do not recommend the payment of a dividend for the current or period 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.


Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
as restated
Notes £ £

TURNOVER 1,344,610 1,270,631

Cost of sales (267,128 ) (597,757 )
GROSS PROFIT 1,077,482 672,874

Administrative expenses (137,695 ) (195,394 )
OPERATING PROFIT 939,787 477,480

Interest receivable and similar
income

1,450

335
941,237 477,815
Revaluation of derivatives 4 (241,074 ) 334,226
(Loss)/gain on revaluation of
investment property

(39,284

)

1,239,209
660,879 2,051,250

Interest payable and similar
expenses

5

(698,499

)

(419,740

)
(LOSS)/PROFIT BEFORE
TAXATION

6

(37,620

)

1,631,510

Tax on (loss)/profit 7 15,087 (309,802 )
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(22,533

)

1,321,708


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(22,533

)

1,321,708

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £ £
FIXED ASSETS
Tangible assets 9 90,309 123,663
Derivative financial instruments 10 308,035 549,108
Investment property 11 26,600,001 26,639,284
26,998,345 27,312,055

CURRENT ASSETS
Debtors 12 205,689 250,724
Cash at bank 214,576 186,724
420,265 437,448
CREDITORS
Amounts falling due within one year 13 (7,990,640 ) (8,289,178 )
NET CURRENT LIABILITIES (7,570,375 ) (7,851,730 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,427,970

19,460,325

CREDITORS
Amounts falling due after more than
one year

14

(14,820,000

)

(14,820,000

)

PROVISIONS FOR LIABILITIES 16 (1,022,716 ) (1,032,537 )
NET ASSETS 3,585,254 3,607,788

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

Balance Sheet - continued
31 December 2023

2023 2022
as restated
Notes £ £
CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 3,585,154 3,607,688
SHAREHOLDERS' FUNDS 3,585,254 3,607,788

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


Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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 2,285,980 2,286,080

Changes in equity
Total comprehensive income - 1,321,708 1,321,708
Balance at 31 December 2022 100 3,607,688 3,607,788

Changes in equity
Total comprehensive income - (22,533 ) (22,533 )
Balance at 31 December 2023 100 3,585,155 3,585,255

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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

1. STATUTORY INFORMATION

Sigma PRS Investments (Fresh Wharf) 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 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.

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.

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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.

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.

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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

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.

Derivative financial instruments valuation
Derivative financial instruments are held at fair value, based on independent Chatham Financial valuations, acting in the capacity of External Valuers.

4. REVALUATION OF DERIVATIVES
2023 2022
as restated
£ £
Loss/(gain) on revaluation of interest
caps

241,074

(334,226

)

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£ £
Bank loan interest 698,499 419,740

6. (LOSS)/PROFIT BEFORE TAXATION

The loss before taxation (2022 - profit before taxation) is stated after charging:
2023 2022
as restated
£ £
Depreciation - owned assets 52,915 92,095

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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

7. TAXATION

Analysis of tax (income)/expense
2023 2022
as restated
£ £
Current tax:
Tax (5,266 ) -

Deferred tax (9,821 ) 309,802
Total tax (income)/expense in statement of comprehensive
income

(15,087

)

309,802

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

2023 2022
as restated
£ £
(Loss)/profit before income tax (37,620 ) 1,631,510
(Loss)/profit multiplied by the standard rate of corporation tax
in the UK of 23.520% (2022 - 19%)

(8,848

)

309,987

Effects of:
Tax rate changes (581 ) 74,395
Capital allowances (35,960 ) -
Losses carried forward 30,302 -
Disallowed expenses - 31,336
Group relief surrender - (105,916 )
Tax (income)/expense (15,087 ) 309,802

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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

8. 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 - Original3,207,904
Trade & other receivables (amortised cost to derivatives and recognising
accrued income)

65,658
Derivative Financial Instrument (being cost and fair value adjustment)334,226
Net Assets - Restated3,607,788

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


Profit per Original statement 921,824
Gain on fair value of derivativefinancial instruments334,226
Reduction in Finance Costs (reversing amortisation of derivatives)65,658
Profit Restated1,321,708


9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 January 2023 241,220
Additions 19,561
At 31 December 2023 260,781
DEPRECIATION
At 1 January 2023 117,557
Charge for year 52,915
At 31 December 2023 170,472
NET BOOK VALUE
At 31 December 2023 90,309
At 31 December 2022 123,663

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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

10. DERIVATIVE FINANCIAL INSTRUMENTS

The fair value of derivative financial instruments was £256,326 (2022: £549,108) which is made up of a interest rate hedge.

The derivative financial instrument was entered into in February 2022 and expires in January 2025. The notional loan amount is £14.8m with a strike rate of 1.25%.

The cash payment or rebate is a function of the difference between strike rate per the agreement and the SONIA compounding rate with a 5 day look back.

The loss in fair value of the derivative financial instrument in the year was £241,074 (2022: gain £334,226).

11. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023 26,639,285
Revaluations (39,284 )
At 31 December 2023 26,600,001
NET BOOK VALUE
At 31 December 2023 26,600,001
At 31 December 2022 26,639,285

Fair value at 31 December 2023 is represented by:
£
Valuation in 2019 1,043,993
Valuation in 2020 512,850
Valuation in 2021 1,334,097
Valuation in 2022 1,239,209
Valuation in 2023 (39,284 )
Cost 22,509,136
26,600,001

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Trade debtors 17,740 37,123
Other debtors 187,949 213,601
205,689 250,724

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Trade creditors 42,280 88,518
Amounts owed to group undertakings 7,648,667 7,914,887
Tax - 5,266
Other creditors 55,984 48,476
Accruals and deferred income 243,709 232,031
7,990,640 8,289,178

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
as restated
£ £
Bank loans (see note 15) 14,820,000 14,820,000

15. FINANCIAL LIABILITIES - BORROWINGS

In the current year there is a bank loan of £14,820,000 (2022: £14,820,000).

The bank loan is utilised to fund the Company’s investment in private rented sector property. The total facility is £14.8 million and interest is charged at commercial rates. The loan facility is secured on the company’s investment property.

16. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£ £
Deferred tax 1,022,716 1,032,537

Deferred tax
£
Balance at 1 January 2023 1,032,537
Provided during year (9,821 )
Balance at 31 December 2023 1,022,716

The deferred tax liability relates to unrealised property revaluations.

Sigma PRS Investments
(Fresh Wharf) Limited (Registered number: 12178935)

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

17. CALLED UP SHARE CAPITAL


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

18. RESERVES
Retained
earnings
£

At 1 January 2023 3,607,687
Deficit for the year (22,533 )
At 31 December 2023 3,585,154

19. 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.