IRIS Accounts Production v24.2.0.383 00901963 Board of Directors 25.12.22 24.12.23 24.12.23 Medium entities Administration company for undertakings in the P&O Property Holdings Limited group. 0 0 false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 0 0 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh009019632022-12-24009019632023-12-24009019632022-12-252023-12-24009019632021-12-24009019632021-12-252022-12-24009019632022-12-2400901963ns15:EnglandWales2022-12-252023-12-2400901963ns14:PoundSterling2022-12-252023-12-2400901963ns10:Director12022-12-252023-12-2400901963ns10:PrivateLimitedCompanyLtd2022-12-252023-12-2400901963ns10:MediumEntities2022-12-252023-12-2400901963ns10:Audited2022-12-252023-12-2400901963ns10:Medium-sizedCompaniesRegimeForDirectorsReport2022-12-252023-12-2400901963ns10:Medium-sizedCompaniesRegimeForAccounts2022-12-252023-12-2400901963ns10:FullAccounts2022-12-252023-12-2400901963ns10:OrdinaryShareClass12022-12-252023-12-2400901963ns10:Director22022-12-252023-12-2400901963ns10:RegisteredOffice2022-12-252023-12-2400901963ns5:CurrentFinancialInstruments2023-12-2400901963ns5:CurrentFinancialInstruments2022-12-2400901963ns5:ShareCapital2023-12-2400901963ns5:ShareCapital2022-12-2400901963ns5:RetainedEarningsAccumulatedLosses2023-12-2400901963ns5:RetainedEarningsAccumulatedLosses2022-12-2400901963ns5:ShareCapital2021-12-2400901963ns5:RetainedEarningsAccumulatedLosses2021-12-2400901963ns5:RetainedEarningsAccumulatedLosses2021-12-252022-12-2400901963ns5:RetainedEarningsAccumulatedLosses2022-12-252023-12-2400901963ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-2400901963ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-2400901963ns10:OrdinaryShareClass12023-12-2400901963ns5:RetainedEarningsAccumulatedLosses2022-12-24
REGISTERED NUMBER: 00901963 (England and Wales)















Report of the Directors and

Audited Financial Statements for the Year Ended 24 December 2023

for

P&O Property Accounts Limited

P&O Property Accounts Limited (Registered number: 00901963)






Contents of the Financial Statements
for the Year Ended 24 December 2023




Page

Company Information 1

Report of the Directors 2

Directors' Responsibilities Statement 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


P&O Property Accounts Limited

Company Information
for the Year Ended 24 December 2023







DIRECTORS: Junaid Muhammad Rahimullah Muhammad
Khwaja Kamran Shah





REGISTERED OFFICE: 16 Palace Street
London
SW1E 5JQ





REGISTERED NUMBER: 00901963 (England and Wales)





AUDITORS: Merali's
Chartered Accountants & Statutory Auditors
Scottish Provident House
76-80 College Road
Harrow
Middlesex
HA1 1BQ

P&O Property Accounts Limited (Registered number: 00901963)

Report of the Directors
for the Year Ended 24 December 2023

The directors present their report and the audited financial statements of P&O Property Accounts Limited (the 'Company'), for the year ended 24 December 2023.

Business review

The Company acts as an administration company for undertakings in the P&O Property Holdings Limited group. The Company's financial statements for the year summarise the income and expenses incurred.

Future developments

The Company will continue to act as an administration company for undertakings in the P&O Property Holdings Limited group.

Results and dividends

The loss for the year, after taxation, amounted to £37,733,705 (2022 profit - £169,772).

The directors do not recommend the payment of a dividend.

Principal risks and uncertainties

Having reviewed the Company's business activities, together with the factors likely to affect its future development and financial position, the directors do not foresee any significant risks and uncertainties.

Going concern

Notwithstanding net current assets of £19.15 million as at 24 December 2023 (2022: £56.8 million) and a loss for the year ended amounting to £37,733,705 (2022:profit £169,772), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The Company will have sufficient funds, through funding from parent company, Istithmar Building FZE, to meet its liabilities as they fall due for that period.

Istithmar Building FZE has indicated its intention to continue to make available such funds as are needed by the Company to meet its liabilities as and when they fall due. As with any company placing reliance on other entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The directors also note that the principal purpose of the Company is to act as an administrator company for undertakings in the P&O Property Holdings Limited. The directors note that the group of which the Company is a part have place Millennium Park (Grimsby) Limited (MPG) into liquidation effective 02 July 2024 holds freehold interest of the site known as Millennium Park at Cromwell Road Grimsby. In case of liquidation of MPG, the directors will assess the future operations of the Company which may include liquidating the Company. The Company also has other subsidiaries but they are winding down their trade and are in the process of being liquidated.

Based on the above, the Directors believe it remains appropriate to prepare the financial statements on a going concern basis. However, the Directors consider that the liquidation of MPG, which could result in the company having no ongoing trading activity, represents a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as going concern and, therefore, to continue realising its assets and discharging its liabilities in normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate

Qualifying third party indemnity provisions

All directors are entitled to contractual indemnification from the Company to the extent permitted by law against claims and legal expenses incurred in the course of their duties.

Such qualifying third party indemnity insurance is provided and remains in force as at the date of approving the Directors' report.

Independent auditor's

The auditors, Merali's, will be proposed for appointment in accordance with section 485 of the Companies Act 2006.




P&O Property Accounts Limited (Registered number: 00901963)

Report of the Directors
for the Year Ended 24 December 2023

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

DIVIDENDS
No dividends will be distributed for the year ended 24 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 25 December 2022 to the date of this report.

Junaid Muhammad Rahimullah Muhammad
Khwaja Kamran Shah

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

- so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

ON BEHALF OF THE BOARD:





Junaid Muhammad Rahimullah Muhammad - Director


25 September 2024

P&O Property Accounts Limited (Registered number: 00901963)

Directors' Responsibilities Statement
for the Year Ended 24 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE DIRECTORS' REPORT AND THE FINANCIAL STATEMENTS

The directors are responsible for preparing the Directors' Report 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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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 estimates that are reasonable and prudent;
- assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
- use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

Report of the Independent Auditors to the Members of
P&O Property Accounts Limited

Opinion
We have audited the financial statements of P&O Property Accounts Limited (the 'company') for the year ended 24 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 24 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern
We draw attention to note 3.2 of the financial statements which indicates that the group, of which the Company is a part of, have placed Millennium Park (Grimsby) Limited into liquidation. Upon the liquidation of Millennium Park (Grimsby) Limited, the company may not have a trading activity. These events and conditions, along with the other matters explained in note 3.2, constitute a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Directors' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
P&O Property Accounts Limited


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Report of the Independent Auditors to the Members of
P&O Property Accounts Limited




Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- enquiring of management including obtaining and reviewing supporting documentation concerning the company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- discussing among the engagement team including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we have not identified fraud risk as high risk.

- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006 and Tax legislation.

Audit response to risks identified

As a result of performing the above, we identified management override of controls, valuation of intergroup payable and receivable including existence and completeness, valuation and accuracy of inter-company balance, as key audit matters/risks.

Our procedures to respond to risks identified included the following:

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

- Substantive testing on the completeness, existence, and valuation of inter-group payables and receivables.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




M P K Merali (Senior Statutory Auditor)
for and on behalf of Merali's
Chartered Accountants & Statutory Auditors
Scottish Provident House
76-80 College Road
Harrow
Middlesex
HA1 1BQ

25 September 2024

P&O Property Accounts Limited (Registered number: 00901963)

Income Statement
for the Year Ended 24 December 2023

2023 2022
Notes £    £   

TURNOVER - -

Administrative expenses (38,869,897 ) (4,262 )
(38,869,897 ) (4,262 )

Other operating income 1,136,192 174,034
OPERATING (LOSS)/PROFIT and
(LOSS)/PROFIT BEFORE TAXATION (37,733,705 ) 169,772

Tax on (loss)/profit 6 - -
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(37,733,705

)

169,772

P&O Property Accounts Limited (Registered number: 00901963)

Other Comprehensive Income
for the Year Ended 24 December 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (37,733,705 ) 169,772


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(37,733,705

)

169,772

P&O Property Accounts Limited (Registered number: 00901963)

Balance Sheet
24 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 7 149,191,993 187,953,371
Cash at bank 8 64,647 40,219
149,256,640 187,993,590
CREDITORS
Amounts falling due within one year 9 (130,103,671 ) (131,106,916 )
NET CURRENT ASSETS 19,152,969 56,886,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,152,969

56,886,674

CAPITAL AND RESERVES
Called up share capital 10 10,000,000 10,000,000
Retained earnings 11 9,152,969 46,886,674
SHAREHOLDERS' FUNDS 19,152,969 56,886,674

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Junaid Muhammad Rahimullah Muhammad - Director


P&O Property Accounts Limited (Registered number: 00901963)

Statement of Changes in Equity
for the Year Ended 24 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 25 December 2021 10,000,000 46,716,902 56,716,902
Profit for the year - 169,772 169,772
Total comprehensive income - 169,772 169,772
Total transactions with owners,
recognised directly in equity

-

-

-
Balance at 24 December 2022 10,000,000 46,886,674 56,886,674
Deficit for the year - (37,733,705 ) (37,733,705 )
Total comprehensive income - (37,733,705 ) (37,733,705 )
Total transactions with owners,
recognised directly in equity

-

-

-
Balance at 24 December 2023 10,000,000 9,152,969 19,152,969

P&O Property Accounts Limited (Registered number: 00901963)

Notes to the Financial Statements
for the Year Ended 24 December 2023

1. GENERAL INFORMATION

P&O Property Accounts Limited (the 'Company') principal activity is to act as an administration company for undertakings in the P&O Property Holdings Limited group.

The Company is a wholly owned subsidiary of P&O Property Holdings Limited.

The Company is a private company limited by shares and is organised in the United Kingdom. The address of its registered office is 16 Palace Street, London SW1E 5JQ.

2. STATEMENT OF COMPLIANCE

The individual financial statements of P&O Property Accounts Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

3. ACCOUNTING POLICIES

3.1 Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

The Company has taken advantage of the following exemptions:

(i) from preparing a statement of cash flow, on the basis that it is a qualifying entity for the small company exemption.

(ii) the non-disclosure of key management personnel compensation in total.

(iii) a reconciliation of the number of shares outstanding at the beginning and end of the period.

(iv) certain financial instrument disclosures providing equivalent disclosures are included in the consolidated financial statements of the group in which the entity is consolidated.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 4).

The following principal accounting policies have been applied:

3.2 Going concern

Notwithstanding net current assets of £19.15 million as at 24 December 2023 (2022: £56.8 million) and a loss for the year ended amounting to £37,733,705 (2022: profit of £169,772) the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The Company will have sufficient funds, through funding from parent company, Istithmar Building FZE, to meet its liabilities as they fall due for that period.

Istithmar Building FZE has indicated its intention to continue to make available such funds as are needed by the Company to meet its liabilities as and when they fall due. As with any company placing reliance on other entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.


P&O Property Accounts Limited (Registered number: 00901963)

Notes to the Financial Statements - continued
for the Year Ended 24 December 2023
The directors also note that the principal purpose of the company is to act as Administration Company for undertakings in the P&O Property Holdings Limited group. The directors note that the group of which the Company is a part have place Millennium Park (Grimsby) Limited (MPG) into liquidation effective 02 July 2024 holds freehold interest of the site known as Millennium Park at Cromwell Road Grimsby. In case of liquidation of MPG, the directors will assess the future operations of the Company which may include liquidating the Company. The Company also has other subsidiaries but they are winding down their trade and are in the process of being liquidated.

Based on the above, the Directors believe it remains appropriate to prepare the financial statements on a going concern basis. However, the Directors consider that the liquidation of MPG, which could result in the company having no ongoing trading activity, represents a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as going concern and, therefore, to continue realising its assets and discharging its liabilities in normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

3.3 Debtors

Short term debtors are measured at transaction price, less any impairment.

3.4 Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.5 Creditors

Short term creditors are measured at the transaction price.

3.6 Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

3.7 Revenue

Revenue is derived from the sale of development land and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is derived from the sale of development land and 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 revenue is recognised:

Sale of goods

Revenue is derived from the sale of development land and from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue is derived from the sale of development land and 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 revenue 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.






P&O Property Accounts Limited (Registered number: 00901963)

Notes to the Financial Statements - continued
for the Year Ended 24 December 2023
3.8 Taxation

Tax is recognised in the Profit and loss account, 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 is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 Balance sheet 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;
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
- Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

3.9 Called up share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

3.10 Related party

The Company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant accounting polices and critical judgements & estimatimation
The principal accounting policies in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The Company has adopted FRS 102 in these financial statements.

There were no critical accounting judgements and estimation uncertainty during the year.

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 24 December 2023 nor for the year ended 24 December 2022.

The average number of employees during the year was NIL (2022 - NIL).

2023 2022
£    £   
Directors' remuneration - -

P&O Property Accounts Limited (Registered number: 00901963)

Notes to the Financial Statements - continued
for the Year Ended 24 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The Company has no employees (2022: none) other than the directors, who did not receive any remuneration (2022 - £NIL).

No Director received any emoluments during the year for services to the Company (2022: £NIL). The Company considers that there is no practicable method to accurately allocate a portion of the emoluments the Directors receive from their respective Group company employer to the qualifying services they provide to the Company. The Company is also of the opinion any allocation would be immaterial.

5. OPERATING (LOSS)/PROFIT

(a) The Company's business is organised in the United Kingdom.

(b) The basis of charging intra-group interest is agreed between the parties from time to time.

(c) Audit fee for the year was £3,720 (2022 - £3,740) these have been borne by other group undertakings.

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 24 December 2023 nor for the year ended 24 December 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (37,733,705 ) 169,772
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23.405% (2022 - 19%)

(8,831,574

)

32,257

Effects of:
Expenses not deductible for tax purposes 8,830,966 -
Income not taxable for tax purposes - (33,066 )
Unrelieved tax losses carried forward 719,647 234,068
Transfer pricing adjustments (719,039 ) (233,259 )
Total tax charge - -

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,794 4,948
Amount owed by Grp undertaking 149,189,199 187,948,423
149,191,993 187,953,371

8. CASH AT BANK
2023 2022
£    £   
Cash at Bank 64,647 40,219

P&O Property Accounts Limited (Registered number: 00901963)

Notes to the Financial Statements - continued
for the Year Ended 24 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 22,364 24,823
Amounts owed to group undertakings 130,076,776 131,077,562
Other creditors 4,531 4,531
130,103,671 131,106,916

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000,000 Ordinary 1 10,000,000 10,000,000

11. RESERVES
Retained
earnings
£   

At 25 December 2022 46,886,674
Deficit for the year (37,733,705 )
At 24 December 2023 9,152,969

12. CONTROLLING PARTY

The immediate parent undertaking at 24 December 2023 is P&O Property Holdings Limited, a company incorporated in the United Kingdom.

The smallest group of companies for which consolidated financial statements are prepared and in which the Company is consolidated is Istithmar World PJSC, a company incorporated in Dubai. The consolidated financial statements of this group are available on request from P.O. Box 17000, Dubai, United Arab Emirates.

The largest group of companies for which consolidated financial statements are prepared and in which the Company is consolidated is the ultimate parent company Dubai World. The consolidated financial statements of this group are available on request from P.O. Box 17000, Dubai, United Arab Emirates.