Company registration number 09624678 (England and Wales)
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
€
€
€
€
Fixed assets
Investments
3
198,503
291,129
Current assets
Debtors
4
121,293
339,624
Investments
5
54,774
1,097,062
Cash at bank and in hand
99,063
381,481
275,130
1,818,167
Creditors: amounts falling due within one year
6
(1,114,069)
(1,411,945)
Net current (liabilities)/assets
(838,939)
406,222
Net (liabilities)/assets
(640,436)
697,351
Capital and reserves
Called up share capital
7
2,518
2,518
Share premium account
1,720,679
1,720,679
Profit and loss reserves
8
(2,363,633)
(1,025,846)
Total equity
(640,436)
697,351
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 12 September 2024 and are signed on its behalf by:
J Leverne
Director
Company registration number 09624678 (England and Wales)
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Sienna Real Estate Property Holding UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
The company has generated a loss before tax of €1,337,787 in the current year (2022: loss €1,740,056) and as at year end is in a net deficit position of €640,436.
The management believes they can rely on the support of the group entities and have confirmed the intention, ability and willingness of the group companies to provide financial support to enable the company to meet its liabilities as they fall due.
For that reason the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the consulting services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
2023
2022
Number
Number
Total
1
2
3
Fixed asset investments
2023
2022
€
€
Shares in group undertakings and participating interests
198,503
291,129
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
€
Cost or valuation
as restated
At 1 January 2023 & 31 December 2023
2,915,226
Impairment
At 1 January 2023
2,624,097
Impairment losses
92,626
At 31 December 2023
2,716,723
Carrying amount
At 31 December 2023
198,503
At 31 December 2022
291,129
4
Debtors
2023
2022
Amounts falling due within one year:
€
€
Trade debtors
117,597
240,815
Other debtors
3,696
98,809
121,293
339,624
5
Current asset investments
2023
2022
€
€
Other investments
54,774
1,097,062
6
Creditors: amounts falling due within one year
2023
2022
€
€
Trade creditors
1,170
Taxation and social security
48,871
49,996
Other creditors
1,064,028
1,361,949
1,114,069
1,411,945
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Called up share capital
2023
2022
€
€
Ordinary share capital
Issued and fully paid
156 Ordinary A shares of £1 each
156
156
481 Ordinary B shares of £1 each
481
481
1,881 Ordinary C shares of £1 each
1,881
1,881
2,518
2,518
8
Profit and loss reserves
2023
2022
as restated
€
€
At the beginning of the year
1,093,206
1,476,053
Prior year adjustment
(2,119,052)
As restated
(1,025,846)
1,476,053
Loss for the year
(1,337,787)
(1,751,899)
Dividends declared and paid in the year
-
(750,000)
At the end of the year
(2,363,633)
(1,025,846)
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Shona Munday BA FCA
Statutory Auditor:
Gravita II LLP
Date of audit report:
13 September 2024
10
Parent company
The parent company of Sienna Real Estate Property Holding UK Ltd is Sienna Real Estate Partner JV Netherlands BV and its registered office is Herengracht 562, 1017CH, Amsterdam, Netherlands..
11
Prior period adjustment
SIENNA REAL ESTATE PROPERTY HOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in equity
1 January
31 December
2022
2022
€
€
Adjustments to prior year
Impairment of investments - not recognised
-
(2,119,052)
Dividends received - not recognised
66,075
-
Total adjustments
66,075
(2,119,052)
Equity as previously reported
3,133,175
2,816,403
Equity as adjusted
3,199,250
697,351
Analysis of the effect upon equity
Profit and loss reserves
66,075
(2,119,052)
Reconciliation of changes in profit/(loss) for the previous financial period
2022
€
Adjustments to prior year
Impairment of investments - not recognised
(2,119,052)
Profit as previously reported
367,153
Loss as adjusted
(1,751,899)
Notes to reconciliation
Investments impairment - not recognised in prior year
In the prior year the entity did not recognise an impairment on one of its investments - this has now been adjusted in restated comparatives.