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COMPANY REGISTRATION NUMBER: 13596422
Beresford AK Limited
Filleted Unaudited Financial Statements
31 December 2023
Beresford AK Limited
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investment property
5
110,000,000
110,000,000
Current assets
Debtors
6
6,383,223
9,377,413
Cash at bank and in hand
4,469,371
3,760,928
-------------
-------------
10,852,594
13,138,341
Creditors: amounts falling due within one year
8
6,681,264
3,416,218
-------------
-------------
Net current assets
4,171,330
9,722,123
--------------
--------------
Total assets less current liabilities
114,171,330
119,722,123
Creditors: amounts falling due after more than one year
9
121,199,964
122,615,935
Provisions
3,072,004
3,072,004
--------------
--------------
Net liabilities
( 10,100,638)
( 5,965,816)
--------------
--------------
Capital and reserves
Called up share capital
1
1
Other reserves
16,168,443
16,168,443
Profit and loss account
( 26,269,082)
( 22,134,260)
-------------
-------------
Shareholders deficit
( 10,100,638)
( 5,965,816)
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Beresford AK Limited
Consolidated Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 September 2024 , and are signed on behalf of the board by:
Ms Melanie Jayne Ison
Director
Company registration number: 13596422
Beresford AK Limited
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
6
7,800,998
7,715,307
Investment in group undertakings
7
34,936,595
34,936,595
Cash at bank and in hand
8,360
-------------
-------------
42,745,953
42,651,902
Creditors: amounts falling due within one year
8
70,278
67,290
-------------
-------------
Net current assets
42,675,675
42,584,612
-------------
-------------
Total assets less current liabilities
42,675,675
42,584,612
Creditors: amounts falling due after more than one year
9
43,220,581
42,649,557
-------------
-------------
Net liabilities
( 544,906)
( 64,945)
-------------
-------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 544,907)
( 64,946)
---------
--------
Shareholders deficit
( 544,906)
( 64,945)
---------
--------
The loss for the financial year of the parent company was £ 479,961 (2022: £ 64,946 ).
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Beresford AK Limited
Company Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 September 2024 , and are signed on behalf of the board by:
Ms Melanie Jayne Ison
Director
Company registration number: 13596422
Beresford AK Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Other reserves
Profit and loss account
Total
£
£
£
£
At 1 September 2021
5,917,172
( 14,976,699)
( 9,059,527)
Profit for the year
3,093,710
3,093,710
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
10,251,271
( 10,251,271)
----
-------------
-------------
------------
Total comprehensive income for the year
10,251,271
( 7,157,561)
3,093,710
Issue of shares
1
1
----
-------------
-------------
------------
Total investments by and distributions to owners
1
1
At 31 December 2022
1
16,168,443
( 22,134,260)
( 5,965,816)
Loss for the year
( 4,134,822)
( 4,134,822)
----
-------------
-------------
------------
Total comprehensive income for the year
( 4,134,822)
( 4,134,822)
----
-------------
-------------
-------------
At 31 December 2023
1
16,168,443
( 26,269,082)
( 10,100,638)
----
-------------
-------------
-------------
Beresford AK Limited
Company Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 September 2021
Loss for the year
( 64,946)
( 64,946)
----
--------
--------
Total comprehensive income for the year
( 64,946)
( 64,946)
Issue of shares
1
1
----
--------
--------
Total investments by and distributions to owners
1
1
At 31 December 2022
1
( 64,946)
( 64,945)
Loss for the year
( 479,961)
( 479,961)
----
---------
---------
Total comprehensive income for the year
( 479,961)
( 479,961)
----
---------
---------
At 31 December 2023
1
( 544,907)
( 544,906)
----
---------
---------
Beresford AK Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5th Floor, 2 Copthall Avenue, London, EC2R 7DA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under section 1A of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company.
Consolidation
The financial statements consolidate the financial statements of Beresford AK Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Revenue recognition
Revenue relates to rental income and service charges. Rental income is calculated based on the net operating income calculation, as specified in the lease agreements between the parent and subsidiary. When the Group provides incentives to its tenants, the cost of the incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Investments in subsidiary undertakings are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is subsequently revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Investment property
Group
Investment property
£
Cost
At 1 January 2023 and 31 December 2023
110,000,000
--------------
Impairment
At 1 January 2023 and 31 December 2023
--------------
Carrying amount
At 1 January 2023 and 31 December 2023
110,000,000
--------------
At 31 December 2022
110,000,000
--------------
The company has no investment property.
Subsidiaries, associates and other investments
Details of the investments in which the group has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Canbury Group Limited
Ordinary
100
6. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
3,422,275
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,653,000
5,653,000
Other debtors
2,960,948
9,377,413
2,147,998
2,062,307
------------
------------
------------
------------
6,383,223
9,377,413
7,800,998
7,715,307
------------
------------
------------
------------
7. Investment in group undertakings
Group
Company
2023
2022
2023
2022
£
£
£
£
Investments in group undertakings
34,936,595
34,936,595
----
----
-------------
-------------
8. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
875,115
135,051
46,728
Social security and other taxes
59,975
10,651
Other creditors
5,746,174
3,270,516
23,550
67,290
------------
------------
--------
--------
6,681,264
3,416,218
70,278
67,290
------------
------------
--------
--------
9. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
117,779,006
117,857,819
Amounts owed to group undertakings and undertakings in which the company has a participating interest
43,220,581
42,649,557
Other creditors
3,420,958
4,758,116
--------------
--------------
-------------
-------------
121,199,964
122,615,935
43,220,581
42,649,557
--------------
--------------
-------------
-------------
10. Financial instruments
The Group has financed the acquisition of investment property primarily through debt financing provided by Aviva Investors REaLM Commercial Assets Unit Trust totalling £113,277,632 and LGPS CIV Limited totalling £21,722,368. These total loan facilities are interest bearing at 4.32% and 4.81% respectively. In accordance with FRS 102 all associated loan arrangement costs necessary to enable the Group to enter into the various loan agreements have been reflected as unamortised loan arrangement costs once incurred and are subsequently amortised over the 37 year term of the underlying loan facilities. On the Statement of Financial Position the outstanding principal and interest amounts owed are presented, net of unamortised loan arrangement costs, as Creditors falling due within one year and Creditors falling due after more than one year. Loan interest and amortisation on loan arrangement costs are expensed to the Statement of Comprehensive Income across the 37 year term of the loans.
11. Controlling party
The ultimate controlling party is G&P Hammond LLC of 10 N Summerlin Avenue, Unit 31, Orlando, Florida 32801, United States.
Beresford AK Limited
Management Information
Year ended 31 December 2023
The following pages do not form part of the financial statements.
Beresford AK Limited
Company Detailed Income Statement
Year ended 31 December 2023
Period from
Year to
1 Sep 21 to
31 Dec 23
31 Dec 22
£
£
Overheads
Administrative expenses
479,961
69,920
Other operating income
4,974
---------
--------
Operating loss
( 479,961)
( 64,946)
---------
--------
Loss before taxation
(479,961)
(64,946)
---------
--------
Beresford AK Limited
Notes to the Company Detailed Income Statement
Year ended 31 December 2023
Period from
Year to
1 Sep 21 to
31 Dec 23
31 Dec 22
£
£
Administrative expenses
Travel and subsistence
195
Advertising
23,620
Legal fees
143,658
1,200
Professional fees
17,720
Consulting costs
7,650
Accountancy fees
59,800
51,000
Bad debts written off
244,821
Bank charges
217
---------
--------
479,961
69,920
---------
--------
Other operating income
Other operating income
4,974
----
-------