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REGISTERED NUMBER: 07682295 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SCAN REAL ESTATE (UK) LTD

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SCAN REAL ESTATE (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: M Jaepelt





REGISTERED OFFICE: Essex House
8 The Shrubberies
George Lane
South Woodford
London
E18 1BD





REGISTERED NUMBER: 07682295 (England and Wales)





INDEPENDENT AUDITORS: Caton Fry & Partners Limited (Statutory Auditor)
Essex House
7-8 The Shrubberies
George Lane
South Woodford
London
E18 1BD

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,000,000 1,000,000

CURRENT ASSETS
Cash at bank and in hand 61,127 58,620

CREDITORS
Amounts falling due within one year 5 704,748 704,819
NET CURRENT LIABILITIES (643,621 ) (646,199 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

356,379

353,801

PROVISIONS FOR LIABILITIES 36,851 36,851
NET ASSETS 319,528 316,950

CAPITAL AND RESERVES
Called up share capital 6 1 1
Fair value reserve 7 267,680 267,680
Retained earnings 7 51,847 49,269
SHAREHOLDERS' FUNDS 319,528 316,950

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 March 2024 and were signed by:





M Jaepelt - Director


SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

1. STATUTORY INFORMATION

Scan Real Estate (UK) Ltd 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 preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents rents receivable net of value added tax.

Investment property
Investment property is shown at the most recent Director's valuation or latest professional valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,000,000
NET BOOK VALUE
At 31 December 2023 1,000,000
At 31 December 2022 1,000,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 404,530
Valuation in 2022 (100,000 )
Cost 695,470
1,000,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 695,470 695,470

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

4. INVESTMENT PROPERTY - continued

The Board of Director's have valued the property at 31 December 2023 on an open market basis assuming full occupancy and in connection with the preparation of the financial statements. The valuation was provided by a local surveyor.

Tax of approximately £36,850 would be payable if the property was sold at this value.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 700,000 700,000
Taxation and social security 2,293 2,364
Other creditors 2,455 2,455
704,748 704,819

The loan of £700,000 was renewed in 2020 for a further term. The terms of the loan is such that interest is payable at 3% per annum and interest of £21,000 (2022 - £21,000) was paid during the year. The loan has been classified as amounts falling due within one year as the loan is repayable on demand.

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

7. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 49,269 267,680 316,949
Profit for the year 2,578 2,578
At 31 December 2023 51,847 267,680 319,527

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Edward Caton FCA ATII ASFA (Senior Statutory Auditor)
for and on behalf of Caton Fry & Partners Limited (Statutory Auditor)

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

9. RELATED PARTY DISCLOSURES

The ultimate parent undertaking of Scan Real Estate (UK) Limited is A.S. Scan Holding A/S, a
company incorporated in Denmark.

The group financial statements can be found at Scan Group A/S 18-20 Snorreesgade, DK-2300, Copenhagen, Denmark .

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.