IRIS Accounts Production v23.1.0.753 12792852 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 true false true false false true true true false false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure127928522022-12-31127928522023-12-31127928522023-01-012023-12-31127928522021-12-31127928522022-01-012022-12-31127928522022-12-3112792852ns16:EnglandWales2023-01-012023-12-3112792852ns15:PoundSterling2023-01-012023-12-3112792852ns11:Director12023-01-012023-12-3112792852ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3112792852ns11:FRS1012023-01-012023-12-3112792852ns11:AuditExempt-NoAccountantsReport2023-01-012023-12-3112792852ns11:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3112792852ns11:FullAccounts2023-01-012023-12-3112792852ns11:OrdinaryShareClass12023-01-012023-12-3112792852ns11:Director32023-01-012023-12-3112792852ns11:CompanySecretary12023-01-012023-12-3112792852ns11:RegisteredOffice2023-01-012023-12-3112792852ns11:Director42023-01-012023-12-3112792852ns11:Director22023-01-012023-12-3112792852ns6:CurrentFinancialInstruments2023-12-3112792852ns6:CurrentFinancialInstruments2022-12-3112792852ns6:ShareCapital2023-12-3112792852ns6:ShareCapital2022-12-3112792852ns6:SharePremium2023-12-3112792852ns6:SharePremium2022-12-3112792852ns6:RetainedEarningsAccumulatedLosses2023-12-3112792852ns6:RetainedEarningsAccumulatedLosses2022-12-3112792852ns6:ShareCapital2021-12-3112792852ns6:RetainedEarningsAccumulatedLosses2021-12-3112792852ns6:SharePremium2021-12-3112792852ns6:RetainedEarningsAccumulatedLosses2023-01-012023-12-311279285212023-01-012023-12-311279285212023-01-012023-12-3112792852ns6:Subsidiary12023-01-012023-12-31127928521ns6:Subsidiary12023-01-012023-12-3112792852ns6:Subsidiary22023-01-012023-12-31127928523ns6:Subsidiary22023-01-012023-12-3112792852ns6:Subsidiary32023-01-012023-12-31127928525ns6:Subsidiary32023-01-012023-12-3112792852ns6:Subsidiary42023-01-012023-12-31127928527ns6:Subsidiary42023-01-012023-12-3112792852ns11:OrdinaryShareClass12023-12-3112792852ns6:RetainedEarningsAccumulatedLosses2022-12-3112792852ns6:SharePremium2022-12-31
REGISTERED NUMBER: 12792852 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

London BTR Investments Holdings Limited

London BTR Investments Holdings Limited (Registered number: 12792852)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company information 1

Report of the directors 2

Statement of comprehensive income 4

Balance sheet 5

Statement of changes in equity 6

Notes to the financial statements 7


London BTR Investments Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J N Patel
P A Shacalis





SECRETARY: Sigma Capital Property Ltd





REGISTERED OFFICE: Floor 3, 1 St. Ann Street
Manchester
M2 7LR





REGISTERED NUMBER: 12792852 (England and Wales)






London BTR Investments Holdings Limited (Registered number: 12792852)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of investment in and development of build to rent property ("BTR"), through its subsidiaries, in areas of Greater London.

DIRECTORS
P A Shacalis has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

J N Patel - appointed 2 February 2023
Ms N Raghavan - resigned 2 February 2023

G F Barnet ceased to be a director after 31 December 2023 but prior to the date of this report.

RESULTS AND DIVIDENDS
The loss for the period is £60 (2022: £nil). The directors do not recommend the payment of a dividend for the period ended 31 December 2023.

GOING CONCERN
The directors have reviewed the trading prospects and projected cash flows of the business and on that basis the directors have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.Further detail is provided in the accounting policies of the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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;
- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.


London BTR Investments Holdings Limited (Registered number: 12792852)

Report of the Directors
for the Year Ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J N Patel - Director


23 September 2024

London BTR Investments Holdings Limited (Registered number: 12792852)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £ £

TURNOVER - -

Administrative expenses (60 ) -
OPERATING LOSS and
LOSS BEFORE TAXATION 4 (60 ) -

Tax on loss 5 - -
LOSS FOR THE FINANCIAL YEAR (60 ) -


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE LOSS
FOR THE YEAR

(60

)

-

London BTR Investments Holdings Limited (Registered number: 12792852)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
FIXED ASSETS
Investments 6 733,300 733,200

CURRENT ASSETS
Cash at bank 10 -

CREDITORS
Amounts falling due within one year 7 (370 ) (200 )
NET CURRENT LIABILITIES (360 ) (200 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

732,940

733,000

CAPITAL AND RESERVES
Called up share capital 8 7,330 7,330
Share premium 725,670 725,670
Retained earnings 9 (60 ) -
SHAREHOLDERS' FUNDS 732,940 733,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared 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 23 September 2024 and were signed on its behalf by:



J N Patel - Director


London BTR Investments Holdings Limited (Registered number: 12792852)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £

Balance at 1 January 2022 7,330 - 725,670 733,000

Changes in equity
Balance at 31 December 2022 7,330 - 725,670 733,000

Changes in equity
Total comprehensive loss - (60 ) - (60 )
Balance at 31 December 2023 7,330 (60 ) 725,670 732,940

London BTR Investments Holdings Limited (Registered number: 12792852)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

London BTR Investments Holdings Limited 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 preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 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.

Taxation
Tax on the profit or loss for the period comprises current tax and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax with the following exceptions:

1) The recognition of deferred tax assets is limited to the extent that the Company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

2) Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

London BTR Investments Holdings Limited (Registered number: 12792852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The directors have reviewed the trading prospects and projected cash flows of the business, which include the re-tendering of construction contracts relating to two sites owned by subsidiaries of London BTR Investments Holdings Ltd ( "the Company") which were originally contracted to be constructed by a contractor which entered Administration in October 2023.

Following this, contract works on the two sites were re-tendered to third parties to enable completion of the developments. The re-tendering process is at an advanced stage and nearing finalisation. Once complete, this will enable the construction works to recommence in 2024.

The administration of the contractor triggered a breach of covenants relating to certain of the debt pool's bank facilities. However, the Group has strong relationships with its lenders and continues to work and communicate with them to find an optimum solution to the benefit of all stakeholders. The lenders remain supportive and the Board is confident that it will be able to resolve the breach and enable debt funding to resume once the contract re-tendering is complete and construction re-commences.

Until the appointment of alternative contractors under construction contracts to the satisfaction of lenders, the Group will remain in breach of the bank facilities related to these sites. As a result of this technical breach, the lenders could call upon their debt and as such the debt related to this facility has been classified as repayable on demand. The directors consider that action by the lenders to call upon its debt is unlikely, but acknowledge that this represents a material uncertainty.

The directors believe that adopting the going concern basis in preparing the consolidated financial statements is appropriate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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. 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.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. LOSS BEFORE TAXATION

No expenses associated with this note were incurred in the year.

London BTR Investments Holdings Limited (Registered number: 12792852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TAXATION

Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

6. INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023 733,200
Additions 100
At 31 December 2023 733,300
NET BOOK VALUE
At 31 December 2023 733,300
At 31 December 2022 733,200

The company's investments at the Balance sheet date in the share capital of companies include the following:

London BTR Investments (NW) Holdings Limited
Registered office: Floor 3, 1 St. Ann Street, Manchester, M2 7LR
Nature of business: Property development and investment
%
Class of shares: holding
Ordinary 100.00

London BTR Investments (NWII) Holdings Limited
Registered office: Floor 3, 1 St. Ann Street, Manchester, M2 7LR
Nature of business: Property development and investment
%
Class of shares: holding
Ordinary 100.00

London BTR Investments (NWIII) Holdings Limited
Registered office: Floor 3, 1 St. Ann Street, Manchester, M2 7LR
Nature of business: Property development and investment
%
Class of shares: holding
Ordinary 100.00

London BTR Investments Holdings 1 Limited
Registered office: Floor 3, 1 St. Ann Street, Manchester, M2 7LR
Nature of business: Property development and investment
%
Class of shares: holding
Ordinary 100.00

London BTR Investments Holdings Limited (Registered number: 12792852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed to group undertakings 70 -
Other creditors 300 200
370 200

8. CALLED UP SHARE CAPITAL


Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
7,330 Ordinary Shares £1 7,330 7,330

9. RESERVES
Retained Share
earnings premium Totals
£ £ £

At 1 January 2023 - 725,670 725,670
Deficit for the year (60 ) (60 )
At 31 December 2023 (60 ) 725,670 725,610

10. POST BALANCE SHEET EVENT REGARDING THE ULTIMATE CONTROLLING PARTY

With effect from 29 July 2024, London BTR Investments LP is regarded by the directors as being the company's ultimate parent company. Prior to this date London BTR Investments Ltd was regarded by the directors as the company's ultimate parent company.