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BMR-UK Developer Limited
























Financial statements



for the year ended 31 December 2023



Registered number: 08956448

 
BMR-UK Developer Limited - Registered number:08956448


Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors
 4 
1,660,802
636,659

Bank and cash balances
  
233,039
435,435

  
1,893,841
1,072,094

Creditors: amounts falling due within one year
 5 
(614,792)
(221,523)

Net current assets
  
 
 
1,279,049
 
 
850,571

Total assets less current liabilities
  
1,279,049
850,571

  

Net assets
  
1,279,049
850,571


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 6 
310,000
310,000

Profit and loss account
 6 
969,048
540,570

  
1,279,049
850,571


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Lewis
Director

Date: 24 September 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
BMR-UK Developer Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

1.


General information

BMR-UK Developer Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company is 130 Wood Street, London, EC2V 6DL and the principal place of business is The McClintock Building, Granta Park, Great Abington, Cambridge, CB21 6GP. The registered number is 08956448.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Going concern

The company has sufficient liquid resources to continue as a going concern for the foreseeable future
and the directors believe the company will be able to meet its liabilities as they fall due for at least
twelve months from the date of approval of these financial statements. Therefore the financial statements
have been prepared on a going concern basis.

 
2.3

Turnover

Turnover represents income derived from the company's principal activity of managing development and leasing activities, and acting as the project manager and administrator at Granta Park, Cambridge Science Park, Babraham Research Campus and Cambridge International Technology Park.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in
accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably: and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 2

 
BMR-UK Developer Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.6

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 
BMR-UK Developer Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

  
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge (2022: benefit) is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 2).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
814,592
579,496

Other debtors
846,210
46,784

Tax recoverable
-
10,379

1,660,802
636,659


Page 4

 
BMR-UK Developer Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
4,956
4,550

Corporation tax
104,042
-

Other taxation and social security
78,717
42,219

Accruals and deferred income
427,077
174,754

614,792
221,523



6.


Reserves

Profit and loss account - includes all current and prior period retained profit and losses.
Capital contribution reserve - includes amounts contributed to the company by the parent company.


7.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. There were no contributions payable to the fund at 31 December 2023 or 31 December 2022.


8.


Related party transactions

During the year, the company earned revenue of £848,266, of which £84,827 is deferred until 2024, from BMR/BRCL Propco Limited, a related party by nature of being in the same group of companies. At 31 December 2023, the full balance remained unpaid. The amount is expected to be received in full in cash.


9.


Post balance sheet events

In January 2024, the company received an additional capital contribution of £170,000 from Biomed Realty Development LLC. In July 2024, £480,000 of capital previously contributed was converted to share capital. In July 2024, 480,000 of the issued ordinary shares of £1 each in the company were cancelled and extinguished.


10.


Inclusion in consolidated financial statements

BioMed Realty, L.P. is the parent company of the smallest group of which the company is a member
and for which group financial statements are prepared. The registered office of BioMed Realty, L.P. is
7 St. Paul Street, Suite 820, Baltimore MD, 21202, United States.

Page 5

 
BMR-UK Developer Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 September 2024 by Mark Worsey (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 6