Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-01false00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12927322 2023-01-01 2023-12-31 12927322 2022-01-01 2022-12-31 12927322 2023-12-31 12927322 2022-12-31 12927322 c:Director1 2023-01-01 2023-12-31 12927322 c:Director2 2023-01-01 2023-12-31 12927322 c:RegisteredOffice 2023-01-01 2023-12-31 12927322 d:CurrentFinancialInstruments 2023-12-31 12927322 d:CurrentFinancialInstruments 2022-12-31 12927322 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12927322 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12927322 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12927322 d:RetainedEarningsAccumulatedLosses 2023-12-31 12927322 d:RetainedEarningsAccumulatedLosses 2022-12-31 12927322 d:RetainedEarningsAccumulatedLosses 2022-01-01 12927322 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12927322 c:OrdinaryShareClass1 2023-12-31 12927322 c:OrdinaryShareClass1 2022-12-31 12927322 c:FRS102 2023-01-01 2023-12-31 12927322 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12927322 c:FullAccounts 2023-01-01 2023-12-31 12927322 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12927322 d:Subsidiary1 2023-01-01 2023-12-31 12927322 d:Subsidiary1 1 2023-01-01 2023-12-31 12927322 d:Subsidiary2 2023-01-01 2023-12-31 12927322 d:Subsidiary2 1 2023-01-01 2023-12-31 12927322 d:Subsidiary3 2023-01-01 2023-12-31 12927322 d:Subsidiary3 1 2023-01-01 2023-12-31 12927322 c:Consolidated 2023-12-31 12927322 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 12927322 6 2023-01-01 2023-12-31 12927322 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12927322










MREF IV STORAGE HOLDINGS LIMITED

UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
MREF IV STORAGE HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
Charles Ferguson-Davie 
Marc Gilbard 




Registered number
12927322



Registered office
10 Grosvenor Street
Mayfair

London

United Kingdom

W1K 4QB





 
MREF IV STORAGE HOLDINGS LIMITED
 

CONTENTS



Page
Consolidated Balance Sheet
 
 
1 - 2
Company Balance Sheet
 
 
3 - 4
Notes to the Financial Statements
 
 
5 - 11


 
MREF IV STORAGE HOLDINGS LIMITED
REGISTERED NUMBER: 12927322

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Investment property
 6 
33,253
22,715

Current assets
  

Debtors: amounts falling due within one year
 7 
1,856
2,812

Cash at bank and in hand
 8 
2,380
1,672

  
4,236
4,484

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(38,342)
(27,302)

Net current liabilities
  
 
 
(34,106)
 
 
(22,818)

Total assets less current liabilities
  
(853)
(103)

Net liabilities
  
(853)
(103)


Capital and reserves
  

Called up share capital 
 10 
-
-

Profit and loss account
 11 
(854)
(104)

Equity attributable to owners of the parent Company
  
(854)
(104)

Non-controlling interests
  
1
1

  
(853)
(103)


Page 1

 
MREF IV STORAGE HOLDINGS LIMITED
REGISTERED NUMBER: 12927322

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




Charles Ferguson-Davie
Director

Date: 9 September 2024

Page 2

 
MREF IV STORAGE HOLDINGS LIMITED
REGISTERED NUMBER: 12927322

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Investments
 5 
2
2

Current assets
  

Debtors: amounts falling due within one year
 7 
15,409
17,893

Cash at bank and in hand
 8 
142
1,613

  
15,551
19,506

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(15,675)
(19,612)

Net current liabilities
  
 
 
(124)
 
 
(106)

Total assets less current liabilities
  
(122)
(104)

  

  

Net liabilities
  
(122)
(104)


Capital and reserves
  

Profit and loss account brought forward
  
(104)
(114)

Loss/(profit) for the year
  
(18)
10

Profit and loss account carried forward
  
(122)
(104)

  
(122)
(104)


Page 3

 
MREF IV STORAGE HOLDINGS LIMITED
REGISTERED NUMBER: 12927322

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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


Charles Ferguson-Davie
Director

Date: 9 September 2024

The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
MREF IV STORAGE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MREF IV Storage Holdings Limited is a private company, limited by shares and incorporated in England and Wales, registration number 12927322. The registered office address is 10 Grosvenor Street, Mayfair, London, W1K 4QB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

These financial statements are presented in sterling, which is the functional currency of the Group and Company and rounded to the nearest £'000 unless otherwise stated.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 5

 
MREF IV STORAGE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Group and Company will continue in operational existence for the foreseeable future. In assessing the Group and Company's ability to continue as a going concern, the Directors have reviewed the trading and cash flow forecasts of the Group and Company against the available financing facilities and covenants which include the Directors' assessment of the impact of economic environment. The Company owes £15,660,000 to its parent undertakings. This debt is interest free and repayable on demand. The Group and Company have received confirmation from MREF IV GP Ltd on behalf of MREF IV “A” Limited Partnership, MREF IV “B” Limited Partnership and MREF IV “PC” Limited Partnership and MREF IV Lux GP Sarl on behalf of MREF IV “C” SCSp as ultimate controlling parties that they do not intend to recall any of the loans owed by the Group and Company within the next 12 months of signing the financial statements.
The Directors have given consideration as to the ability of the parent undertakings to continue as a going concern and their ability to continue to provide such support as is necessary. The ultimate controlling parties, MREF IV “A” Limited Partnership, MREF IV “B” Limited Partnership, MREF IV “PC” Limited Partnership and MREF IV “C” SCSp have a combined total of Investor capital £219,950,438 as at 31 December 2023 which is then used to fund the Group through intercompany debt.
For the reasons set out above the Directors believe that the Group and Company have the ability to continue to meet its liabilities as they fall due for at least 12 months from the date of the approval of the financial statements and therefore consider it appropriate to adopt the going concern basis in preparing the financial statements.

 
2.5

Taxation

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 balance sheet date in the countries where the Company and the Group operate and generate income.

  
2.6

Investment property

Investment property is carried at fair value determined annually and is 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 the Consolidated Statement of Comprehensive Income.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

Page 6

 
MREF IV STORAGE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted
Page 7

 
MREF IV STORAGE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Valuation of investment properties
In arriving at the valuation of the Company's investment properties, the Directors used estimates of the property's future operating income streams. Investment yields are applied based on historical experience and advice from independent advisors. The future income streams are estimated based on current contractual arrangements. Management takes into account a number including the impact of real estate market and demand and varying occupancy rates to arrive at the period end value.


4.


Employees

The Group and Company have no employees other than the Directors, who did not receive any remuneration (2022 - £NIL).

Page 8

 
MREF IV STORAGE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

SK Heathrow Limited
127a High Street, Ruislip, HA4 8JN
Ordinary
75.1%
SK Canterbury 1 Limited
127a High Street, Ruislip, HA4 8JN
Ordinary
75.1%
SK Bath Limited
127a High Street, Ruislip, HA4 8JN
Ordinary
75.1%


6.


Investment property

Group


Investment property

£000



Valuation


At 1 January 2023
22,715


Additions at cost
10,538



At 31 December 2023
33,253

In arriving at the valuation of the Company's investment properties, the Directors used estimates of the property's future operating income streams. Investment yields are applied based on historical experience and advice from independent advisors. The future income streams are estimated based on current contractual arrangements. Management takes into account a number including the impact of real estate market and demand and varying occupancy rates to arrive at the period end value.






Page 9

 
MREF IV STORAGE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000


Trade debtors
1,566
2,094
-
-

Amounts owed by group undertakings
-
-
15,409
17,893

Other debtors
213
679
-
-

Prepayments and accrued income
77
39
-
-

1,856
2,812
15,409
17,893


Amounts owed by group undertakings are interest free and repayable on demand.


8.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Cash at bank and in hand
2,380
1,672
142
1,613



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Bank loans
16,352
-
-
-

Trade creditors
252
1,287
-
-

Amounts owed to group undertakings
15,660
18,539
15,660
18,539

Amounts owed to non-controlling interest
5,411
5,932
-
-

Other creditors
407
361
-
-

Accruals
260
1,183
15
1,073

38,342
27,302
15,675
19,612


Amounts owed to group undertakings and amounts owed to non-controlling interest are unsecured, interest free and repayable on demand.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £0.01 each
100
100


Page 10

 
MREF IV STORAGE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Reserves

Profit and loss account

The profit and loss accounts represents cumulative profits and losses net of all adjustments.


12.


Related party transactions

The Company has taken the exemptions under FRS 102 Section 33.1A not to disclose transactions and
balances with related parties on the grounds that they are wholly owned within the group.
The following transactions require disclosure under FRS 102:
At the balance sheet date the Company owed £15,660,000 (2022 : £18,539,000) to its parent company for loans received. The terms and the amounts outstanding at the balance sheet date are disclosed in note 9.
At the balance sheet date the Group owed £5,411,000 (2022 : £5,932,000) to non-controlling interests for loans received. The terms and the amounts outstanding at the balance sheet date are disclosed in note 9.


13.


Controlling party

The Company's ultimate controlling parties are:
 
MREF IV "A" Limited Partnership;
MREF IV "B" Limited Partnership;
MREF IV "PC" Limited Partnership; and
MREF IV "C" SCSp (registered in Luxembourg).
 
Unless otherwise stated the ultimate controlling parties are limited partnerships registered in England and Wales.


Page 11