Company Registration No.
FOR THE YEAR ENDED 31 MAY 2024
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their strategic report together with the financial statements of the company for the year ended 31st May 2024.
The Property Box Loan Company has been providing mezzanine loans to residential property developers since 2013. The founding directors have key competences and extensive experience in both property finance and property development. Michael Chicken has significant banking and property finance expertise both at Merchant Place Corporate Finance and previously at two merchant banks. Sean Ryan and Barry Tansey (both qualified accountants) have been involved in executive roles (and continue to be involved) in the residential and construction sectors. The three founders have between them over 80 years experience in this market area and have an intricate knowledge of financing property developments. The primary objective of the company is to generate profits by lending to competent developers at a higher rate than its own cost of funds.
The principal activities of the company continues to be that of providing mezzanine loans to residential property developers.
Headline facts and key performance indicators
The key financial highlights of the company for the last four years are as follows:
The profit and loss account for the year is set out on page 10.
During the year, we continued to trade profitably within our targeted niche generating profit after tax of £168,080. Our 2024 results were in line with our expectations.
While market conditions remain challenging for many of our clients, we have continued to write new business. In the short term and in particular at the time of writing, we are approaching new loans with more caution and with a focus on maintaining rather than growing the loan book in the current uncertain environment.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
The company is exposed to the usual risks of companies lending to property development, including construction budget cost overruns, programme delays, client insolvency and default, general economic conditions, uninsured calamities and other factors.
Loans are made in sterling and therefore not subject to foreign exchange rate risks. The company’s credit risk is primarily attributable to its loan debtors. Credit risk is managed through a detailed and thorough due diligence process prior to the signing, agreement and drawdown of facilities, and by the regular monthly monitoring of progress (both in terms of costs and programme performance) – this monitoring is carried out by independently appointed monitoring surveyors with each report reviewed by the company.
The historic context is of traditional bank lending being limited to 60% of forecast end value of projects. The company strategy has been to lend beyond this limit but only up to a maximum of 75% (bank debt plus mezzanine) of the forecast end value.
The board have observed that while high street banks broadly continue to provide senior debt up to the 60% of end value there is increased competition from new entrants proving higher loans typically up to 65%/70% of end value. The board do not consider that extending our loans to a higher maximum than 75% of end value is an appropriate response to this challenge.
The Board of Directors is required to consider the group's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The company has 10 years of successful trading and a continuous strengthening of its finances, balance sheet and reputation in its sector. We have a satisfactory loan book with well established customers.
The directors are confident that the group can continue to trade successfully providing an excellent and reliable service to our customers for the foreseeable future. Thus we continue to adopt the going concern basis in preparing the financial statements.
The primary responsibility of the Board is to promote the long term success of the company for the benefit of the shareholders, but the directors acknowledge that long term success and reputation is dependent on our responsibility to balance the interests of all other stakeholders who we come into contact with, in order to deliver the best possible outcome for all concerned.
Section 172 of the Companies Act 2006 requires us to report each year on how we fulfil these obligations. Customers Our customers are at the heart of our business, with whom we are in constant dialogue and we strive to give them the best possible service and to enhance our relationship for our mutual benefit and that of the wider community. Our employees Our employees are key to the success of our business. We have a hands-on family culture where our directors are actively involved with our customers on a day-to-day basis and who constantly engage with our employees and keep them informed of business development, forecasts and prospects. We expect and maintain high standards and we offer a rewarding career progression. We thank our employees for their dedication and commitment.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Suppliers
Our suppliers are crucial stakeholders in the success of our business, without whom we could not operate efficiently, so we treat them in the same way we treat our employees in terms of communication, payment, terms and conditions and inclusivity and whom we expect to adhere to our high standards. Local community and the environment We acknowledge the external impact of our activities on local communities and on the environment. Other controls We acknowledge our ethical, moral and social responsibilities and the aim of the company is to maintain high standards of business conduct which remains paramount. We are opposed to all forms of discrimination. We obtain external assurance through audits and through national and international standards compliance and accreditations. As a small company providing all important mezzanine funding for residential development an area that the government itself is keen to support the following paragraphs summarise how the directors fulfil their duties: (i) Formalised credit decisions by way of a committee reviewing detailed proposals; (ii) Fundings only proceeding after receipt and review of various professional reports such as legal, construction, title, valuation, and environmental; (iii) Regular consultation with all staff to ensure that interests are taken account of; (iv) Formalised monitoring of developments; (v) Policy and promotion of high standards and quick decision making, partly by way of close working between directors and staff; (vi) Equitable rewards for members/ staff based on company performance.
The Directors look forward with confidence to continue the success of the company into the future.
This report was approved by the board on 22 November 2024 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
The directors are responsible for preparing the Strategic Report, 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 the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £168,080 (2023: £406,686).
No interim dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainities and future prospects.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Under section 487(2) of the Companies Act 2006, Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors, are deemed to be reappointed as auditors.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PROPERTY BOX LOAN COMPANY PLC
We have audited the financial statements of The Property Box Loan Company Plc (the 'company') for the year ended 31 May 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PROPERTY BOX LOAN COMPANY PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PROPERTY BOX LOAN COMPANY PLC (CONTINUED)
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 an Auditors' Report 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.
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 obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the mezzanine loan industry. We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount. Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.
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 Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PROPERTY BOX LOAN COMPANY PLC (CONTINUED)
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 an Auditors' Report 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.
for and on behalf of
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
NW10 3JE
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
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BALANCE SHEET
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 25 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The Property Box Loan Company Plc is a public limited company, limited by shares, incorporated in England and Wales. The registered office is 4 Newburgh Street, London, W1F 7RF.
2.Accounting policies
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied:
The Directors' Report and the Strategic Report sets out the company's business activities, and highlights the factors which may impact on its financial performance, market position and future prospects.
The Strategic Report also provides information in relation to the company's financial position, cashflow and liquidity as well as its risks and uncertainties. As a consequence, the directors believe that the company is well placed to manage its business risks successfully and continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Interests in subsidiaries, associates and jointly controlled entities 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.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Current tax Tax is recognised in profit or loss 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. Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
The company has taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
Recoverability of debtors The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The aggregate amount of capital and reserves and the results for Home Sussex 1 Limited for the last financial years were as follows:
Trade debtors represent loan finances and are secured by way of second charge behind primary debt providers over the property being financed.
Interest payable on loans is fixed at between 14% and 20%. All loans are repayable on maturity.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £21,992 (2023: £34,004). There were £Nil (2023: £Nil) contributions payable to the fund at the balance sheet date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
M J Chicken is a director of Cliffe Property Investments Limited, who subscribed for loan notes totalling £40,000 (2023: £Nil) during the period. The loan notes carry a coupon rate of 9% per annum and interest of £18,769 (2023: £45,596) was accrued during the period. During the period £100,000 (2023: £1,035,758) was repaid to Cliffe Property Investments Ltd. At the balance sheet date the total due to Cliffe Property Investments Limited was £140,670 (2023: £181,901). Loan advances £300,000 (2023: £Nil) was provided at coupon rate of 15% per annum. During the period interest of £14,389 (2023: £Nil) was accrued. £69,829 (2023: £970,055) was repaid in the year to 31 May 2024. At the balance sheet date, Cliffe Property Investments Limited owed £244,560 (2023: £Nil). S A Ryan is a director of Accounting365 Limited. Accounting365 Limited subscribed for loan notes totalling £15,000 (2023: £40,000) during the period. The loan notes carry a coupon rate of 8% per annum and interest of £510 (2023: £3,352) was accrued during the period. During the period £76,212 (2023: £34,062) was repaid to Accounting365 Ltd. At the balance sheet date the total due to Accounting365 Limited was £Nil (2023: £60,702). Barry Tansey is a director of Ardrea Estates Limited. Ardrea Estates Limited subscribed for loan notes totalling £240,000 (2023: £200,000) during the period. The loan notes carry a coupon of 6% and 16% per annum and interest of £29,026 (2023: £11,710) was accrued during the period. During the period £15,564 was repaid to Ardrea Estates Limited. At the balance sheet date the total due to Ardrea Estates Limited was £465,172 (2023: £211,710). S A Ryan and Barry Tansey are officers of Bradfield Road Properties Limited. Loan advances £Nil (2023: £1,300,000) were provided during the period. The advances carry a coupon rate of 15% per annum. During the period interest of £66,806 (2023: £62,415) and fees of £Nil (2023: £22,000) were accrued. £Nil (2023: £970,055) was repaid by Bradfield Road Properties Limited in the year to 31 May 2024. At the balance sheet date, Bradfield Road Properties Limited owed £481,167 (2023: £414,361). Barry Tansey is a director of Railshead Residential Limited. Loan advances £440,000 (2023: £Nil) was provided during the period at coupon rate of 18% per annum. During the period interest of £24,026 (2023: £Nil) and fees of £8,000 (2023: £Nil) were accrued. There were no repayments by Railshead Residential Limited in the year to 31 May 2024. At the balance sheet date, Railshead Residential Limited owed £472,026 (2023: £Nil). During the year ended May 2024, the company advanced £192,096 (2023: £954,692) to Home Sussex 1 Limited (Subsidiary company). The advances carry an interest rate of 10% per annum. Key Management personnel The key management personnel are the company directors and their total remuneration is disclosed in note 7.
The company is controlled by the directors by virtue of their shareholdings.
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