Company registration number 12341206 (England and Wales)
SUSTAINABLE ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SUSTAINABLE ESTATES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
SUSTAINABLE ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
3
4,327,608
9,240,154
Current assets
Trade and other receivables
4
1,396,745
1,725,987
Cash and cash equivalents
306,586
244,443
1,703,331
1,970,430
Current liabilities
5
(491,385)
(639,133)
Net current assets
1,211,946
1,331,297
Net assets
5,539,554
10,571,451
Equity
Called up share capital
6
100
100
Merger Relief reserve
3,639,328
4,360,741
Retained earnings
7
1,900,126
6,210,610
Total equity
5,539,554
10,571,451

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 23 September 2024 and are signed on its behalf by:
S M Leighton
Director
Company Registration No. 12341206
SUSTAINABLE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Sustainable Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 St George Street, London, W1S 2FH.

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 sterling, 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, except for investments in subsidiaries (see note 1.2). The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Non-current investments

Interests in subsidiaries are measured at fair value with gains and losses passing through profit or loss.

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.

1.3
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.

1.4
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 statement of financial position 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 trade and other receivables 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.

SUSTAINABLE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
4,327,608
9,240,154
SUSTAINABLE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
9,240,154
Valuation changes
(3,052,446)
Disposals
(1,860,100)
At 31 December 2023
4,327,608
Carrying amount
At 31 December 2023
4,327,608
At 31 December 2022
9,240,154

During the year, a disposal of a group company realised a loss of £1,860,099.

4
Trade and other receivables
2023
2022
£
£
Amounts falling due within one year:
Amounts owed by group undertakings
476,364
1,511,114
Other receivables
920,381
214,873
1,396,745
1,725,987
5
Current liabilities
2023
2022
£
£
Amounts owed to group undertakings
373,734
581,633
Other payables
117,651
57,500
491,385
639,133
SUSTAINABLE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.001 each
100,180
100,180
100
100
7
Retained earnings
Non-
Distributable
distributable
retained
retained
Total retained
earnings
earnings
earnings
£
£
£
Balance at 1 January 2023
1,331,197
4,879,413
6,210,610
Profit and total comprehensive income for the year
(5,031,897)
-
(5,031,897)
Fair value movement on interests in investments
3,052,447
(3,052,447)
-
Transfer of Merger Relief reserve
721,413
-
721,413
Transfer of reserves on disposal of group company
1,138,687
(1,138,687)
-
Balance at 31 December 2023
1,211,847
688,279
1,900,126
8
Financial commitments, guarantees and contingent liabilities

At the reporting date the company had provided all of its assets, together with those held by its subsidiary companies as security over a bank loan held by Burlington Capital Limited. The bank loan amounted to £10,900,000.

9
Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

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