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SRE Bourne Limited

Registered number: 12811398
Annual Report
For the year ended 31 December 2023

 
SRE BOURNE LIMITED
 
 
COMPANY INFORMATION


Directors
R Barry 
K P Tang 




Company secretary
Mourant Governance Services (UK) Limited



Registered number
12811398



Registered office
First Floor
14 Cork Street

London

United Kingdom

W1S3NS




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

2nd Floor

6 Sutton Plaza

Sutton Court Road

Sutton

Surrey

SM1 4FS





 
SRE BOURNE LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 28

 
SRE BOURNE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their annual report and the audited financial statements of SRE Bourne Limited (the 'Company') for the year ended 31 December 2023.

Principal activity

The principal activity of the Company during the year under review was the acquisition and active management of property in the United Kingdom.

Results and dividends

The loss for the year, after taxation, amounted to £9,933,352 (2022: loss of £11,201,879).

The directors do not propose any dividends for the year (2022: £nil). 
In February 2023, the Directors issued 4,450,000 ordinary shares at par value to its parent and sole shareholder, SRE Venture 15 Pte. Ltd. amounting to £4,450,000. 

Directors

The directors who served during the year and to the date of this report were:

R Barry 
K P Tang 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

- 1 -

 
SRE BOURNE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements. In doing this, they have considered the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.
Economic impact of global events
UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Qualifying third party indemnity provisions

SRE Bourne Limited has provided to all directors limited indemnities in respect of the cost of defending claims against them and third party liabilities. These are all third party indemnity provisions for the purpose of the Companies Act 2006 and are all currently in force.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
- 2 -

 
SRE BOURNE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





R Barry
Director

Date: 28 August 2024
- 3 -

 
SRE BOURNE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SRE BOURNE LIMITED
 

Opinion

We have audited the financial statements of SRE Bourne Limited (the ‘Company’) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 4 -

 
SRE BOURNE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SRE BOURNE LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
- 5 -

 
SRE BOURNE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SRE BOURNE LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: health and safety regulation and anti-money laundering regulation. 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006. 
- 6 -

 
SRE BOURNE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SRE BOURNE LIMITED
 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to valuation of investment properties, and derivative financial instruments and significant one-off or unusual transactions. 

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Gerhard Bonthuys (Senior statutory auditor)  
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
2nd Floor, 6 Sutton Plaza
Sutton Court Road
Sutton
Surrey
SM1 4FS

28 August 2024
- 7 -

 
SRE BOURNE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

Profit and Loss
  

Turnover
 4 
4,863,862
4,064,827

Cost of sales
  
(801,412)
(633,277)

Gross profit
  
4,062,450
3,431,550

Administrative expenses
  
(260,431)
(243,860)

Loss on revaluation of investment properties
  
(13,347,917)
(14,881,113)

Operating loss
 5 
(9,545,898)
(11,693,423)

Interest receivable and similar income
 8 
1,291,821
-

Interest payable and similar expenses
 9 
(4,758,865)
(2,874,838)

Loss before tax
  
(13,012,942)
(14,568,261)

Tax on loss
 10 
3,079,590
3,366,382

Loss for the financial year
  
(9,933,352)
(11,201,879)

Other comprehensive income:
  

Items that may be reclassified subsequently to profit or loss:
  

Change in fair value of derivatives
  
(558,625)
1,239,813

Deferred tax on change in fair value of derivatives
  
205,906
(293,391)

  

Total comprehensive expense for the year
  
(10,286,071)
(10,255,457)

The Statement of comprehensive income has been prepared on the basis that all operations are continuing operations. 

The notes on pages 11 to 28 form part of these financial statements
- 8 -

 
SRE BOURNE LIMITED
REGISTERED NUMBER: 12811398

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 11 
24,947
-

Investment property
 12 
62,070,000
67,310,000

Derivative financial instrument
 13 
-
1,703,562

  
62,094,947
69,013,562

Current assets
  

Derivative financial instrument
 13 
879,937
-

Debtors: amounts falling due after more than one year
 14 
6,504,392
3,179,283

Debtors: amounts falling due within one year
 14 
695,890
1,720,967

Cash and cash equivalents
 15 
14,608,372
8,167,670

  
22,688,591
13,067,920

Creditors: amounts falling due within one year
 16 
(63,739,046)
(7,182,909)

Net current (liabilities)/assets
  
 
 
(41,050,455)
 
 
5,885,011

Total assets less current liabilities
  
21,044,492
74,898,573

  

Creditors: amounts falling due after more than one year
 17 
(23,500,000)
(71,518,011)

  

  

Net (liabilities)/assets
  
(2,455,508)
3,380,562


Capital and reserves
  

Called up share capital 
 20 
17,723,683
13,273,683

Hedging reserve
 21 
593,704
946,422

Profit and loss account
 21 
(20,772,895)
(10,839,543)

Total equity
  
(2,455,508)
3,380,562


The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R Barry
Director

Date: 28 August 2024

The notes on pages 11 to 28 form part of these financial statements.
- 9 -

 
SRE BOURNE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Hedging reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
10,473,683
-
362,336
10,836,019


Comprehensive income for the year

Loss for the year

-
-
(11,201,879)
(11,201,879)

Change in fair value of derivatives
-
1,239,813
-
1,239,813

Deferred tax on change in fair value of derivatives
-
(293,391)
-
(293,391)


Other comprehensive expense for the year
-
946,422
-
946,422


Total comprehensive expense for the year
-
946,422
(11,201,879)
(10,255,457)


Contributions by and distributions to owners

Shares issued during the year
2,800,000
-
-
2,800,000


Total transactions with owners
2,800,000
-
-
2,800,000



At 1 January 2023
13,273,683
946,422
(10,839,543)
3,380,562


Comprehensive income for the year

Loss for the year

-
-
(9,933,352)
(9,933,352)

Change in fair value of derivatives
-
(558,624)
-
(558,624)

Deferred tax on change in fair value of derivatives
-
205,906
-
205,906


Other comprehensive expense for the year
-
(352,718)
-
(352,718)


Total comprehensive expense for the year
-
(352,718)
(9,933,352)
(10,286,070)


Contributions by and distributions to owners

Shares issued during the year
4,450,000
-
-
4,450,000


Total transactions with owners
4,450,000
-
-
4,450,000


At 31 December 2023
17,723,683
593,704
(20,772,895)
(2,455,508)


The notes on pages 11 to 28 form part of these financial statements.
- 10 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

SRE Bourne Limited (the 'Company') is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is First Floor, 14 Cork Street, London, United Kingdom, W1S 3NS.
The principal activity of SRE Bourne Limited is the ownership of the property known as Bourne Business Park.
In February 2023, the Directors issued 4,450,000 ordinary shares at par value to its parent and sole shareholder, SRE Venture 15 PTE. Ltd amounting to £4,450,000. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 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, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Straits Trading Company Limited as at 31 December 2023 and these financial statements may be obtained from 1 Wallich Street, #15-01, Guoco Tower, Singapore 078881.

There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 December 2023 that have a material impact on the Company's financial statements.

- 11 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements. In doing this, they have considered the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.

  
2.4

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable from the letting of commercial property, net of value added taxes. Rental income that had been received in the period but relates to the subsequent year is treated as deferred income in the balance sheet. Rental income is recognised on a straight-line basis over the period of the leases. All rental income is earned in the UK and the Company has only one class of business. 

  
2.5

Cost of sales

Cost of sales includes the costs relating to the provision of services provided. All other costs are classed as operating expenses. 

 
2.6

Interest receivable and similar income

Interest receivable and similar income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.7

Interest payable and similar expenses

Interest payable and similar expenses are accounted for on an accruals basis and is allocated using the effective interest method in accordance with IFRS 9. 

- 12 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
5 years

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is charged to 'administrative expenses' in the Statement of Comprehensive Income.

- 13 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

- 14 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Impairment of financial assets

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

- 15 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Hedge accounting

On initial designation of a hedge, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objectives and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship. The Company makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instruments are expected to be highly effecting in offsetting the changes in in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated.
The effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in finance income or finance cost.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in periods when the hedged item is recognised in profit or loss.
Hedge accounting is discontinued when the Company revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income at that the time is accumulated in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

- 16 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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.
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.
Critical judgements in applying the Company's accounting policies
The critical judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the statutory financial statements are discussed below.
The directors do not consider any critical judgements to have been made in applying the Company's accounting policies. 
Key sources of estimation uncertainty
(i) Valuation of investment properties
Estimation is exercised when determining fair value of the investment properties. The Company has decided that external valuations will take place twice per year or where a significant change in circumstances is noted. The key assumptions and inputs include rental income and expense, related rental income and expense growth rates, occupancy levels, capital improvements costs, discount rates and capitalisation rates.
ii) 
Valuation of derivative instruments
The Company holds derivative financial instruments that are not quoted in active markets, such as interest rate caps. 
Fair values of such instruments are determined by using valuation techniques. Where valuation techniques (for example, models) are used to determine fair values, they are validated and periodically reviewed by experienced personnel independent of the party that created them.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Rental income
4,863,862
4,064,827


All turnover arose within the United Kingdom.

- 17 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating loss

The operating loss is stated after (crediting)/charging:

2023
2022
£
£

Service charge expense
114,663
78,586

Loss/(gain) on property revaluation
13,347,917
14,881,113

Depreciation of tangible fixed assets
5,584
-

All direct operating expenses arose from investment property that generated rental income during the year.


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
30,000
25,000

Taxation fees
6,700
5,850

Accounts preparation fees
3,450
3,344


7.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2

The Directors were not remunerated in either the current year or prior year. 


8.


Interest receivable and similar income

2023
2022
£
£


Interest receivable on derivative financial instrument
1,130,015
-

Bank interest receivable
161,806
-

1,291,821
-

- 18 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank loan interest
3,593,648
1,937,043

Shareholder loan interest
639,200
639,200

Finance cost relating to amortisation of derivative premium
265,000
66,250

Loan finance & other costs
261,017
232,345

4,758,865
2,874,838


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on losses for the year
-
58,290

Adjustments in respect of previous periods
39,610
(10,519)

Total current tax
39,610
47,771

Deferred tax


Origination and reversal of timing differences
(3,119,200)
(3,414,153)

Total deferred tax
(3,119,200)
(3,414,153)


Taxation on loss
(3,079,590)
(3,366,382)
- 19 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23.52% (2022:19%). The differences are explained below:

2023
2022
£
£


Loss before tax
(13,012,942)
(14,568,261)


Loss multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
(3,060,715)
(2,767,970)

Effects of:


Fixed asset differences
3,077,419
2,827,411

Expenses not deductible for tax purposes
97,014
231,503

Chargable gains/(losses)
(3,077,419)
(2,827,411)

Remeasurement of deferred tax for changes in tax rates
(155,499)
(819,396)

Adjustments to tax charge in respect of prior periods
39,610
(10,519)

Total tax charge for the year
(3,079,590)
(3,366,382)
- 20 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

From 1 April 2023, the rate of corporation tax in the United Kingdom has increased from 19% to 25%. Companies with profits of £50,000 or less are continuing to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase. Deferred tax recognised during the year has been calculated at 25%.


11.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2023
-


Additions
30,531



At 31 December 2023

30,531



Depreciation


At 1 January 2023
-


Charge for the year
5,584



At 31 December 2023

5,584



Net book value



At 31 December 2023
24,947



At 31 December 2022
-

- 21 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
67,310,000


Additions at cost
8,107,917


Deficit on revaluation (note 5)
(13,347,917)



At 31 December 2023
62,070,000

The investment properties were valued at £62,070,000 as at 31st December 2023 (2022: £67,310,000) following a report produced by directors. 





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
80,350,000
80,350,000

Accumulated depreciation and impairments
(10,760,296)
(7,546,296)

At 31 December 2023
69,589,704
72,803,704

- 22 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Derivative financial instrument

2023
2022
£
£



Opening balance
1,703,562
-

Intial payment of premium
-
530,000

Amortisation of premium charged to P&L
(265,000)
(66,250)

Fair value movement
(558,625)
1,239,812

879,937
1,703,562

The Company is exposed to the possibility of future interest rate hikes which would negatively impact its future cash outflow under the terms of the loan (note 18) which pegs its base rate to the 3-month SONIA Bid rate. 
To hedge this exposure, the Company entered into an interest rate swap and interest rate cap effective 20 September 2022 that has cash flows and maturity matched with the estimated interest cash flow payments on the loan facility.


14.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
6,504,392
3,179,283

6,504,392
3,179,283


2023
2022
£
£

Due within one year

Trade debtors
-
159,154

Amounts owed by related parties (note 24)
606,638
1,472,152

Other debtors
-
16,588

Prepayments and accrued income
89,252
73,073

695,890
1,720,967


Trade debtors is stated after a bad debt provision of £2,904 (2022: £111,193).
Amounts owed by related parties are unsecured, interest-free and payable on demand.

- 23 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Cash and cash equivalents

2023
2022
£
£

Cash and cash equivalents
14,608,372
8,167,670



16.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
52,364,900
-

Less: Bank and other financing costs capitalised
(104,783)
-

Trade creditors
18,611
186,578

Amounts owed to group companies
8,870,789
4,931,589

Amounts owed to related parties
-
63,499

Bank loan interest payable
544,052
485,977

Corporation tax
-
42,071

VAT Creditor
129,721
-

Other creditors
281,388
153,086

Service charge control account
453,179
542,457

Accruals
155,090
113,652

Deferred income
1,026,099
664,000

63,739,046
7,182,909


Bank loans consist of a loan attracting an interest rate of 2.65%+ SONIA+CAS. The loan is secured against the investment properties and is repayable on the facility termination date,  September 2024 with the option to extend until September 2025.
Amounts owed to group companies are unsecured, interest free and repayable on demand. 

- 24 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
48,195,000

Other loans
23,500,000
23,500,000

Less: Bank and other financing costs capitalised
-
(176,989)

23,500,000
71,518,011


Other loans includes a loan payable of £23,500,000 (2022: £23,500,000) relating to a loan made to the Company by SRE Venture 15 PTE. Ltd., the immediate parent undertaking. The loan is unsecured and attracts an interest rate of 2.72%. The loan is repayable in full on 18 September 2024, with the option to extend to September 2025.


18.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
52,364,900
-

Amounts falling due 1-2 years

Bank loans
-
48,195,000

Other loans
23,500,000
-

Amounts falling due 2-5 years

Other loans
-
23,500,000

75,864,900
71,695,000


Bank and other financing fees are capitalised and deducted from the related borrowing within Creditors.
- 25 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation




2023


£






At beginning of year
3,179,283


Charged to profit or loss
3,119,203


Charged to other comprehensive income
205,906



At end of year
6,504,392

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(1,139,451)
(885,138)

Capital gains/(losses)
7,628,803
4,357,812

Short term temporary differences
15,040
(293,391)

6,504,392
3,179,283


20.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



17,723,683 (2022: 13,273,683) Ordinary shares of £1 each
17,723,683
13,273,683

The Company has one class of ordinary shares which carry voting rights but no rights to fixed income.
 
In February 2023, the Directors issued 4,450,000 ordinary shares at par value to its parent and sole shareholder SRE Venture 15 Pte Ltd, amounting to £4,450,000. 



21.


Reserves

Hedge reserve

The hedge reserve includes changes in interest rate swap and interest rate cap instruments. 

Profit and loss account

The profit and loss account represents profits retained in the current and previous periods.

- 26 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£



Not later than 1 year
805,750
8,574,136

Later than 1 year and not later than 5 years
-
216,872

Later than 5 years
-
-

805,750
8,791,008


23.


Operating lease arrangements

Lessor
The Company had contracted with tenants to receive the following minimum lease payments under non-cancellable operating leases:

2023
2022
£
£


Not later than 1 year
5,231,795
4,569,360

Later than 1 year and not later than 5 years
16,482,350
14,421,742

Later than 5 years
1,433,936
2,451,590

23,148,081
21,442,692


24.


Related party transactions

The Company has taken advantage of exemption offered by FRS 101 from the requirements of paragraph 17 of IAS 24 Related Party Disclosures not to disclose key management personnel compensation and from the requirements in IAS 24 Related Party Disclosures not to disclose related party transactions entered into between two or more members of a group. 
During the year the Company entered into transactions with ARA Dunedin Asset Management LLP and incurred costs of £222,975 (2022: £228,998). At the year end an amount of £606,637 (2022: £1,472,152) was owed by ARA Dunedin Asset Management LLP and an amount of £nil (2022: £63,499) was owed to ARA Dunedin Asset Management LLP, a related party by virtue of mutual directorship.


25.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

- 27 -

 
SRE BOURNE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Controlling party

The immediate parent undertaking is SRE Venture 15 PTE. LTD, a company incorporated in Singapore whose registered address is 1 Wallich Street, #15-01, Guoco Tower, Singapore 078881. 
The ultimate controlling party is The Straits Trading Company Limited, a company incorporated in Singapore whose registered address is 1 Wallich Street, #15-01, Guoco Tower, Singapore 078881. 
The largest and smallest group in which the results of the Company are consolidated is Straits Trading Company Limited. Copies of these consolidated financial statements can be obtained from 1 Wallich Street, #15-01, Guoco Tower, Singapore 078881. 

- 28 -