Company registration number 12472042 (England and Wales)
AIRE UK CANADA WATER PROPCO 2 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AIRE UK CANADA WATER PROPCO 2 LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
AIRE UK CANADA WATER PROPCO 2 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
12,058
12,058
Current assets
Debtors
4
24,261,950
20,099,579
Cash at bank and in hand
1,836
7,100
24,263,786
20,106,679
Creditors: amounts falling due within one year
5
(24,292,594)
(20,129,955)
Net current liabilities
(28,808)
(23,276)
Net liabilities
(16,750)
(11,218)
Capital and reserves
Called up share capital
6
7,059
7,059
Profit and loss reserves
(23,809)
(18,277)
Total equity
(16,750)
(11,218)

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

The directors of the company have elected to not include a copy of the profit and loss account within the financial statements.

 

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 member has 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 26 September 2024 and are signed on its behalf by:
A Abbas
Director
Company registration number 12472042 (England and Wales)
AIRE UK CANADA WATER PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

AIRE UK Canada Water PropCo 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Red Place, London, England, W1K 6PL.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future despite net liabilities of £16,750. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements as the parent company has confirmed continued support will be provided to the company.

1.3
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.

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

AIRE UK CANADA WATER PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and loans from fellow group companies, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
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.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling 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.

AIRE UK CANADA WATER PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

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

2023
2022
Number
Number
Total
3
3
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
12,058
12,058

Fixed asset investments comprise equity shares in entities which are not publicly traded.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
24,261,950
20,099,579

Included within amounts owed by group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,100
5,641
Amounts owed to group undertakings
24,285,089
20,117,174
Accruals and deferred income
5,405
7,140
24,292,594
20,129,955

Included within amounts owed to group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

 

There is fixed and floating charge secured by way of a cross guarantee between the company and the parent company for loan issued to the parent company.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
705,900
705,900
7,059
7,059
AIRE UK CANADA WATER PROPCO 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Called up share capital
(Continued)
- 5 -

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

7
Related party transactions
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
24,283,089
20,110,718

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
24,261,950
20,099,579
8
Parent company

The parent company of AIRE UK Canada Water PropCo 2 Limited is Art-Invest Real Estate Management GmbH & Co. KG and its registered office is Am Kabellager 11 – 13, 51063 Köln, HRA 27764, Germany.

 

The smallest and largest group into which the entity is consolidated is Deutsche Immobilien Holding Aktiengesellschaft, a company registered in Germany. Its registered office is Nordenhamer Str. 180, 27751 Delmenhorst, Germany from which copies of the group financial statements can be obtained.

The company is under the ultimate control of Art-Invest Real Estate Investment UK LLP by virtue of its shareholding in the company.

2023-12-312023-01-01false26 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr A AbbasDr M WiedenmannDr F SpiesVenta Compliance Limitedfalsefalse124720422023-01-012023-12-31124720422023-12-31124720422022-12-3112472042core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112472042core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112472042core:CurrentFinancialInstruments2023-12-3112472042core:CurrentFinancialInstruments2022-12-3112472042core:ShareCapital2023-12-3112472042core:ShareCapital2022-12-3112472042core:RetainedEarningsAccumulatedLosses2023-12-3112472042core:RetainedEarningsAccumulatedLosses2022-12-3112472042bus:Director12023-01-012023-12-31124720422022-01-012022-12-3112472042core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-12-3112472042bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112472042bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112472042bus:FRS1022023-01-012023-12-3112472042bus:AuditExemptWithAccountantsReport2023-01-012023-12-3112472042bus:Director22023-01-012023-12-3112472042bus:Director32023-01-012023-12-3112472042bus:CompanySecretary12023-01-012023-12-3112472042bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP