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REGISTERED NUMBER: 07083013 (England and Wales)















Financial Statements for the Year Ended 31 July 2024

for

&Aplace Limited

&Aplace Limited (Registered number: 07083013)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


&Aplace Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: A H Povlsen
L Kaae





REGISTERED OFFICE: Unit A
10 Fashion Street
London
E1 6PX





REGISTERED NUMBER: 07083013 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

&Aplace Limited (Registered number: 07083013)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 897,633 897,633
Investments 5 9,880,907 9,716,802
Investment property 6 101,200,000 140,600,000
111,978,540 151,214,435

CURRENT ASSETS
Debtors 7 128,602,193 162,675,628
Cash at bank 707,470 1,372,920
129,309,663 164,048,548
CREDITORS
Amounts falling due within one year 8 148,679,561 184,913,488
NET CURRENT LIABILITIES (19,369,898 ) (20,864,940 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

92,608,642

130,349,495

PROVISIONS FOR LIABILITIES 9,500,000 19,313,000
NET ASSETS 83,108,642 111,036,495

CAPITAL AND RESERVES
Called up share capital 9 21,000,000 21,000,000
Revaluation reserve 179,907 15,802
Retained earnings 61,928,735 90,020,693
SHAREHOLDERS' FUNDS 83,108,642 111,036,495

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:



A H Povlsen - Director



L Kaae - Director


&Aplace Limited (Registered number: 07083013)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

&Aplace Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Accounting basis and standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

The group undertakings and other companies within the group will continue to support the Company.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can adopt the going concern basis in preparing the annual reports and accounts.

Preparation of consolidated financial statements
The financial statements contain information about &Aplace Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Heartland A/S, Store Torv 1, 3., 8000 Aarhus C, Denmark.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest and similar income and charges
Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account.

&Aplace Limited (Registered number: 07083013)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Fixed assets
All fixed assets are initially recorded at cost.

Investment properties
Investment properties are included in the balance sheet at their fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investments
Investments in other companies are stated at the Company's share of the value of the underlying net assets less provisions. The positive revaluation from cost to underlying net assets value is recorded through the revaluation reserve. The Negative revaluation is included in the profit and loss account.

Debtors
Debtors are valued individually and there are made provision according to this valuation.

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

Taxation
Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 897,633
NET BOOK VALUE
At 31 July 2024 897,633
At 31 July 2023 897,633

&Aplace Limited (Registered number: 07083013)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 9,701,000
PROVISIONS
At 1 August 2023 (15,802 )
Provision for year (164,105 )
At 31 July 2024 (179,907 )
NET BOOK VALUE
At 31 July 2024 9,880,907
At 31 July 2023 9,716,802


The company's investments at the Balance Sheet date in the share capital of companies include the following:

25-26 Dering Street Property Ltd.
Registered office: Unit A, 10 Fashion Street, London, E1 6PX
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00

AAA Verge Apartments Ltd.
Registered office: Unit A, 10 Fashion Street, London, E1 6PX
Nature of business: Property activity
%
Class of shares: holding
Ordinary 100.00

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 140,600,000
Additions (256,218 )
Revaluations (39,143,782 )
At 31 July 2024 101,200,000
NET BOOK VALUE
At 31 July 2024 101,200,000
At 31 July 2023 140,600,000

&Aplace Limited (Registered number: 07083013)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. INVESTMENT PROPERTY - continued

Investment property, which is freehold, is revalued to fair value at each reporting date by the Company's
directors. The valuation is not based on a valuation by an independent valuer.

The fair value for commercial property and land are based on the estimated rental income earned on the
property, average yields earned on comparable properties from publicly available information and the
Company's directors professional judgement.

Change in the yield and the estimated rental income can influence the valuation of the investment property.
There is a level of estimation uncertainty regarding the yield.

The historical cost of investment property is £ 64,105,131 (2023: £ 64,361,349)



7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 17,519 409,333
Amounts owed by group undertakings 128,120,887 162,245,270
Other debtors 463,787 21,025
128,602,193 162,675,628

Included within Other debtors are £ 350,629 (2023 £ 0), which are distributed to the profit & loss account after one year.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 88,282,605 121,706,201
Corporation tax 402,460 514,145
VAT 137,284 264,872
Bank loans and overdrafts 59,100,000 61,500,000
Other creditors 34 34
Accruals and deferred income 757,178 928,236
148,679,561 184,913,488

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
21,000,000 Ordinary 1 21,000,000 21,000,000

&Aplace Limited (Registered number: 07083013)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

11. OTHER FINANCIAL COMMITMENTS

A legal mortgage is in place to Nordea Bank Danmark A/S over all that freehold property known as 313-319 (Odd) Oxford Street and part of Dering Street, London W1 which contains fixed charge and negative pledge.

12. ULTIMATE CONTROLLING PARTY

The directors consider Heartland A/S (incorporated in Denmark) as the ultimate parent company. The director Anders Holch Povlsen is considered to be the ultimate controlling party by virtue of his interest in the share capital of this company's ultimate parent company.

The immediate parent undertaking is AAA United A/S (incorporated in Denmark).

Heartland A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and copies can be obtained from:

Heartland A/S
Store Torv 1, 3.
8000 Aarhus C
Denmark