Company No:
Contents
DIRECTOR | Mr D F Rigny |
REGISTERED OFFICE | 21 Conduit Street |
London | |
W1S 2XP | |
United Kingdom |
COMPANY NUMBER | 11051235 (England and Wales) |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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9,496,701 | 8,641,123 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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3,615,249 | 2,013,146 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 3,277,144 | 1,636,594 | ||
Total assets less current liabilities | 12,773,845 | 10,277,717 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of TwentyTwo Real Estate UK Limited (registered number:
Mr D F Rigny
Director |
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.
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 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.
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.
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 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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including the director |
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2023 | 2022 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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9,496,701 | 8,641,123 |
Loans | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 January 2023 |
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Additions |
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Movement in fair value |
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Foreign exchange loss | (
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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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 |
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21 Conduit Street, London, W1S 2XP | Real Estate Consultancy |
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2023 | 2022 | ||
£ | £ | ||
Accrued income |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to group undertakings (note 6) |
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Taxation and social security |
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Other creditors |
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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.