Company registration number 15050109 (England and Wales)
LONDON PROPCO 5 LIMITED
Financial statements
For the period ended 31 March 2024
Pages for filing with registrar
LONDON PROPCO 5 LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
LONDON PROPCO 5 LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
- 1 -
2024
Notes
£
£
Non-current assets
Investments
5
20,800,002
Current assets
Trade and other receivables
6
34,882,449
Cash and cash equivalents
15,481,282
50,363,731
Current liabilities
7
(50,273,351)
Net current assets
90,380
Total assets less current liabilities
20,890,382
Non-current liabilities
8
(20,557,228)
Net assets
333,154
Equity
Called up share capital
9
1
Retained earnings
333,153
Total equity
333,154
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 28 October 2024 and are signed on its behalf by:
Mr N Thompson
Director
Company registration number 15050109 (England and Wales)
LONDON PROPCO 5 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 March 2024
- 2 -
1
Accounting policies
Company information
London Propco 5 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
1.1
Reporting period
These financial statements detail the results of the company for the period from incorporation on 4 August 2023 to 31 March 2024. The accounting year-end was chosen to coincide with other group companies.
1.2
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. 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.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Non-current investments
Interests in subsidiaries 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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.6
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.
LONDON PROPCO 5 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
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.
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 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LONDON PROPCO 5 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no judgements and estimates applicable to the company.
3
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
6,950
4
Employees
As a holding company, there were no employees during the period.
5
Investments
2024
£
Shares in group undertakings and participating interests
2
Loans to group undertakings and participating interests
20,800,000
20,800,002
Movements in non-current investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 4 August 2023
-
-
-
Additions
2
20,800,000
20,800,002
At 31 March 2024
2
20,800,000
20,800,002
Carrying amount
At 31 March 2024
2
20,800,000
20,800,002
The above loans are the Santander bank loan which has been obtained and provided to the subsidiaries. The loans bear interest at the same rate of the bank loan. Please refer to Note 8.
LONDON PROPCO 5 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
- 5 -
6
Trade and other receivables
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
34,881,240
Other receivables
1,209
34,882,449
Amounts owed by group undertakings are interest free and repayable on demand.
7
Current liabilities
2024
£
Trade payables
102
Amounts owed to group undertakings
50,245,308
Corporation tax
16,792
Other payables
11,149
50,273,351
The amounts owed to group undertakings are interest free and repayable on demand.
8
Non-current liabilities
2024
£
Bank loans and overdrafts
20,557,228
On 25th September 2023, the company entered into a loan agreement with Santander UK PLC for £20.8m. The loan bears interest at the aggregate of the margin and cumulative reference rate of that day, which is 6.836%, and is repayable on 24 September 2026. The company has provided security for this loan by a fixed and floating charge over the assets of the company.
The company’s subsidiaries, London Propco 7 Ltd and London Propco 8 Ltd are guarantors on the loan and have also provided security by a fixed and floating charge over their assets.
The loan agreement with it’s parent company London Propco 6 Ltd is subordinated and ranks behind the loan with Santander.
The loan balance of £20,557,228 includes the loan net of transaction costs which are amortised over the period of the loan.
LONDON PROPCO 5 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
- 6 -
9
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary share of £1 each
1
1
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Simon Marsh FCA
Statutory Auditor:
WSM Advisors Limited
Date of audit report:
28 October 2024
11
Parent company
The company is a subsidiary of London Propco 6 Limited whose registered office address is Connect House, 133-137 Alexandra Road, London SW19 7JY.
The results of the company are consolidated into the financial statements of London Propco 6 Limited, the parent company, a company incorporated in the UK with its registered office at Connect House, 133-137 Alexandra Road, London SW19 7JY.