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Company No: 11051235 (England and Wales)

TWENTYTWO REAL ESTATE UK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TWENTYTWO REAL ESTATE UK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TWENTYTWO REAL ESTATE UK LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
TWENTYTWO REAL ESTATE UK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mr D F Rigny
REGISTERED OFFICE 21 Conduit Street
London
W1S 2XP
United Kingdom
COMPANY NUMBER 11051235 (England and Wales)
TWENTYTWO REAL ESTATE UK LIMITED

BALANCE SHEET

As at 31 December 2023
TWENTYTWO REAL ESTATE UK LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 9,496,701 8,641,123
9,496,701 8,641,123
Current assets
Debtors 4 944,591 900,607
Cash at bank and in hand 2,670,658 1,112,539
3,615,249 2,013,146
Creditors: amounts falling due within one year 5 ( 338,105) ( 376,552)
Net current assets 3,277,144 1,636,594
Total assets less current liabilities 12,773,845 10,277,717
Net assets 12,773,845 10,277,717
Capital and reserves
Called-up share capital 10 10
Profit and loss account 12,773,835 10,277,707
Total shareholders' funds 12,773,845 10,277,717

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

Director's responsibilities:

The financial statements of TwentyTwo Real Estate UK Limited (registered number: 11051235) were approved and authorised for issue by the Director on 06 November 2024. They were signed on its behalf by:

Mr D F Rigny
Director
TWENTYTWO REAL ESTATE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TWENTYTWO REAL ESTATE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TwentyTwo Real Estate UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 21 Conduit Street, London, W1S 2XP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
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.

Foreign currency

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the profit and loss account.

Interest income

Interest income from investments is credited to the profit and loss account using the effective interest method.

Dividend income

Dividend income from investments is credited to the profit and loss account when the right to receive payment is established.

Taxation

Current tax
The tax expense for the period comprises current tax only. Tax is recognised in profit or loss, except that a charge attributable to an item or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge 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 taxable income.

Fixed asset investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value with changes in fair value recognised in the Profit and Loss account. Investments in subsidiaries are measured at cost less impairment.

Within other fixed assets are non-basic financial instruments consisting of corporate bonds and loans which are not held as part of a trading portfolio. The loans and bonds both attract a variable interest charge linked to the future profitability of a business, and therefore a fair value can not be reliably estimated. Corporate bonds and loans have been measured at cost less impairment, if any, until a reliable measure of fair value becomes available.

Other investments are measured at fair value through profit and loss.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Financial instruments are impaired when any indication of impairment has become evident.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 10 10
Other investments and loans 9,496,691 8,641,113
9,496,701 8,641,123

Loans Other investments Total
£ £ £
Cost or valuation before impairment
At 01 January 2023 5,915,149 2,725,964 8,641,113
Additions 0 862,160 862,160
Movement in fair value 0 293,816 293,816
Foreign exchange loss ( 122,888) ( 177,510) ( 300,398)
At 31 December 2023 5,792,261 3,704,430 9,496,691
Carrying value at 31 December 2023 5,792,261 3,704,430 9,496,691
Carrying value at 31 December 2022 5,915,149 2,725,964 8,641,113

Loans

Loans have been measured at cost less impairment. More detail can be found within Note 8.

Other investments

Other investments consist of corporate bonds and an investment comprising of an open-ended credit fund. One of the corporate bonds held are measured at cost less impairment as they attract a variable interest charge linked to the future profitability of a business, and therefore a fair value can not be reliably estimated. This corporate bond has a carrying value at the year end of £866,800 (2022 - £885,190). The other corporate bonds held and the open-ended credit fund are measured at fair value through profit and loss and the fair value of these at the year end is £2,837,630 (2022 - £1,840,774).

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
TwentyTwo Real Estate Partners Limited 21 Conduit Street, London, W1S 2XP Real Estate Consultancy Ordinary shares 100.00% 100.00%

4. Debtors

2023 2022
£ £
Accrued income 944,581 900,597
Other debtors 10 10
944,591 900,607

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to group undertakings (note 6) 244,867 127,832
Taxation and social security 88,228 243,910
Other creditors 5,010 4,810
338,105 376,552

6. Related party transactions

Loans - Other investments in Note 5
The company has made loans to related parties by way of common control. The loans are denominated in Euros and attract both a fixed and variable interest charge. The fixed element is at a rate of 0.5% per annum and the variable element is equal to the Borrower's net income generated on the underlying investment. The loans are unsecured.

During the year, amounts were advanced totalling £Nil (2022 - £1,827,917) and amounts were repaid totalling £Nil (2022 - £Nil). Interest of £61,813 (2022 - £758,051) was recognised during the year.

The carrying amount of the loans at the year end is £5,792,261 (2022 - £5,915,149).

Bonds - Other investments in Note 5
A subscription for €1,000,000 of Class B Bonds was made in 2019 to a related party by way of common control. The bond attracts both a fixed and variable yield. The fixed element is at a rate of 12.5% per annum and the variable element is equal to the adjusted net profits of the compartment divided by the number of Class B Bonds outstanding.

The bonds are due to remain outstanding until 12 January 2029, unless the company chooses to redeem at an earlier date.

During the year TwentyTwo Real Estate UK Ltd recognised £408,271 (2022 - £398,488) of interest receivable. The carrying amount of the bonds at the year end are £866,800 (2022- £885,190).

Amounts owed to group undertakings - Note 7
The amounts owed to group undertakings are balances owed to the subsidiary company and have been concluded under normal market conditions.