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Directors' Report and

Unaudited

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

Canadian & Portland Estates
(Holdings) Limited

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Directors' Report 2

Consolidated Income Statement 4

Consolidated Balance Sheet 5

Company Balance Sheet 7

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


Canadian & Portland Estates
(Holdings) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr D Goldstein
Mr D S Leigh
Mr J P Miles
Mrs S Clark
Mrs M K Miles
Mr M Williams FCA





SECRETARIES: Mrs S Clark
Mr G J E Miles





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 09194545 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Directors' Report
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of property investment with occasional development and trading.

REVIEW OF BUSINESS
The group has maintained a healthily cash position during the financial year, which has allowed it to protect against the continuing after effects of COVID, the cost of living crisis and wider economic issues. This has enable us to reduce our borrowings to protect against interest rate rises.

The group has continues to de-risk as much as possible by holding a diversified portfolios of commercial properties, covering restaurants, office space, retail and warehouses.

The additional of a new property after the balance sheet date represents the directors continued view that further investments will be made if the right opportunity arises.

Dividends have been declared to maintain healthy cash positions, while generating a return for the shareholders.

The group generated profit before tax and revaluations of £2,024,413 (2023: £2,120,399).

EVENTS SINCE THE END OF THE YEAR
The group acquired a new investment site after date through a newly incorporated company, Canadian & Northampton Limited (company number 15616691). The company is 100% subsidiary of Canadian & Portland Estates (Holdings) Limited.

The property was acquired for £6,376,000 and was funded by group cashflow; no additional bank loans were obtained to fund.

The group also exchanged contracts on the acquisition of two further sites in Crawley and Reading. These were signed in newly added group SPV companies, Canadian & Crawley Limited (company number 15901029) and Canadian & Reading Limited (company number 15913522) respectively.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr D Goldstein
Mr D S Leigh
Mr J P Miles
Mrs S Clark
Mrs M K Miles
Mr M Williams FCA

POLITICAL DONATIONS AND EXPENDITURE
During the year the company the following contributions:

Charitable:
2023: £8,500
2022: £5,995

Charitable donations were to charities local to investment properties, to support community projects.

FINANCIAL RISK MANAGEMENT
The directors' financial risk management objective is to maximise financial assets and minimise financial liabilities whilst not engaging in speculation.

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with S414C of the Companies Act; included in the Strategic Report is the review of the business and principal risks and uncertainties. This information would have otherwise been required by Schedule 7 of the Large and Medium size Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors Report.


Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Directors' Report
for the Year Ended 31 March 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr M Williams FCA - Director


27 November 2024

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Consolidated
Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3,195,094 3,468,266

Cost of sales (219,000 ) (214,864 )
GROSS PROFIT 2,976,094 3,253,402

Administrative expenses (995,740 ) (1,259,760 )
1,980,354 1,993,642

Other operating income 3 - (556,996 )
Gain/loss on revaluation of investments (7,444,150 ) (4,591,802 )
OPERATING LOSS 5 (5,463,796 ) (3,155,156 )

Interest receivable and similar income 43,833 126,757
(5,419,963 ) (3,028,399 )

Interest payable and similar expenses 6 (582,215 ) (801,201 )
LOSS BEFORE TAXATION (6,002,178 ) (3,829,600 )

Tax on loss 7 734,278 (1,538,443 )
LOSS FOR THE FINANCIAL YEAR (5,267,900 ) (5,368,043 )

Loss attributable to:
Owners of the parent (5,371,294 ) (5,459,439 )
Non-controlling interests 103,394 91,396
(5,267,900 ) (5,368,043 )

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 48,315,420 54,862,248
Investments 10 - -
48,315,420 54,862,248

CURRENT ASSETS
Debtors 11 1,436,458 803,212
Cash at bank 13,825,857 14,953,699
15,262,315 15,756,911
CREDITORS
Amounts falling due within one year 12 16,877,212 1,652,760
NET CURRENT (LIABILITIES)/ASSETS (1,614,897 ) 14,104,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

46,700,523

68,966,399

CREDITORS
Amounts falling due after more than one
year

13

-

(15,000,000

)

PROVISIONS FOR LIABILITIES 16 (4,177,185 ) (5,247,185 )
NET ASSETS 42,523,338 48,719,214

CAPITAL AND RESERVES
Called up share capital 17 50,040 50,040
Share premium 18 3,580 3,580
Fair value reserve 18 13,190,243 16,666,035
Retained earnings 18 28,245,617 31,026,337
SHAREHOLDERS' FUNDS 41,489,480 47,745,992

NON-CONTROLLING INTERESTS 19 1,033,858 973,222
TOTAL EQUITY 42,523,338 48,719,214

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Consolidated Balance Sheet - continued
31 March 2024


The financial statements have been prepared 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 27 November 2024 and were signed on its behalf by:




Mr M Williams FCA - Director



Mrs S Clark - Director


Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 50,340 50,340
50,340 50,340

CURRENT ASSETS
Debtors 11 35,717,999 35,481,373
Cash at bank 11,740,791 13,049,881
47,458,790 48,531,254
CREDITORS
Amounts falling due within one year 12 4,409,641 4,070,421
NET CURRENT ASSETS 43,049,149 44,460,833
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,099,489

44,511,173

CAPITAL AND RESERVES
Called up share capital 17 50,040 50,040
Retained earnings 18 43,049,449 44,461,133
SHAREHOLDERS' FUNDS 43,099,489 44,511,173

Company's (loss)/profit for the financial year (511,684 ) 108,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared 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 27 November 2024 and were signed on its behalf by:





Mr M Williams FCA - Director


Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 April 2022 50,040 24,104,323 3,580

Changes in equity
Total comprehensive income - (5,459,439 ) -
Dividends - (2,000,000 ) -
Fair value transfer - 14,381,453 -
50,040 31,026,337 3,580
Non-controlling interest distribution
paid

-

-

-
Balance at 31 March 2023 50,040 31,026,337 3,580

Changes in equity
Total comprehensive income - (5,356,512 ) -
Dividends - (900,000 ) -
Fair value transfer - 3,475,792 -
50,040 28,245,617 3,580
Non-controlling interest distribution
paid

-

-

-
Balance at 31 March 2024 50,040 28,245,617 3,580
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 April 2022 31,047,488 55,205,431 981,816 56,187,247

Changes in equity
Total comprehensive income - (5,459,439 ) 91,396 (5,368,043 )
Dividends - (2,000,000 ) - (2,000,000 )
Fair value transfer (14,381,453 ) - - -
16,666,035 47,745,992 1,073,212 48,819,204
Non-controlling interest distribution
paid

-

-

(99,990

)

(99,990

)
Balance at 31 March 2023 16,666,035 47,745,992 973,222 48,719,214

Changes in equity
Total comprehensive income - (5,356,512 ) 103,395 (5,253,117 )
Dividends - (900,000 ) - (900,000 )
Fair value transfer (3,475,792 ) - - -
13,190,243 41,489,480 1,076,617 42,566,097
Non-controlling interest distribution
paid

-

-

(51,508

)

(51,508

)
Balance at 31 March 2024 13,190,243 41,489,480 1,025,109 42,514,589

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 50,040 46,352,217 46,402,257

Changes in equity
Dividends - (2,000,000 ) (2,000,000 )
Total comprehensive income - 108,916 108,916
Balance at 31 March 2023 50,040 44,461,133 44,511,173

Changes in equity
Dividends - (900,000 ) (900,000 )
Total comprehensive income - (511,684 ) (511,684 )
Balance at 31 March 2024 50,040 43,049,449 43,099,489

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Canadian & Portland Estates (Holdings) 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.

Preparation of consolidated financial statements
The consolidated financial statements incorporate the financial statements to the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over its useful economic life. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss for the parent company is omitted from the group financial statements by virtue of the Companies Act 2006. The accounts can be obtained from 76 New Bond Street, London W1S 1RX.

Significant judgments and estimates
Investment property, which is freehold, was revalued to fair value at 31 March 2022, based on a valuation undertaken by a suitably qualified director with recent experience in the location and class of the investment property being valued.

Joint ventures
The company is involved in one joint venture. The full asset and income is brought into the accounts with a deduction for the JV partner shown as a Minority Interest charge.

Turnover
Turnover represents rents receivable in relation to the accounting period after adjusting for rent free periods and other agreed rebates and discounts. VAT and other taxes are excluded.

Depreciation
Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of the asset as follows:

Investment properties - nil
Leasehold improvements - 20% per annum straight line
Fixtures and fittings - 33.33% per annum straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to fund in respect of the year. The assets of the scheme are held separately from those of the group in an independently administered fund.

3. OTHER OPERATING INCOME
2024 2023
£    £   
Profit on sale of fixed asset investments - (556,996 )

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 4 (2023 - 3 ) .

5. OPERATING LOSS

The operating loss is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 57,553 65,004

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 582,215 801,201

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 335,722 281,699

Deferred tax (1,070,000 ) 1,256,744
Tax on loss (734,278 ) 1,538,443

UK corporation tax was charged at 19 %) in 2023.

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

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


8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. TANGIBLE FIXED ASSETS

Group
Investment Plant and
Property machinery Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 54,773,579 274,369 55,047,948
Additions 954,470 405 954,875
Revaluations (7,444,150 ) - (7,444,150 )
At 31 March 2024 48,283,899 274,774 48,558,673
DEPRECIATION
At 1 April 2023 - 185,700 185,700
Charge for year - 57,553 57,553
At 31 March 2024 - 243,253 243,253
NET BOOK VALUE
At 31 March 2024 48,283,899 31,521 48,315,420
At 31 March 2023 54,773,579 88,669 54,862,248

No depreciation is provided in respect of the group's investment property. The valuation of the investment property at the balance sheet date has been performed by a suitably qualified director.

On historical cost basis, the group's investment properties would be been included at an original cost of £65,388,740 (2021: £64,770,689).

10. FIXED ASSET INVESTMENTS

The group or company's investments at the Balance Sheet date in the share capital of companies include the following:
- Chapel Properties Limited (registered number: 03143568)
- Canadian & Portland Developments Limited (registered number: 03037164)
- Canadian & Butler Limited (registered number: 03935321)
- Riverside Edge Limited (registered number: 08788465)
- Thames Street Properties Limited (registered number: 11023677)
- Canadian & Portland Estates Limited (registered number: 01676411)
- Canadian & Arcadia Limited (registered number: 09943033)
- Canadian & Riverside Limited (registered number: 09208731)
- Canadian & West End Limited (registered number: 09943076)

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 886,007 394,047 1,858 929
Amounts owed by group undertakings 1 - 35,618,318 35,278,281
Other debtors 57,249 33,251 24,000 -
Tax - - 64,796 161,131
Prepayments and accrued income 493,201 375,914 9,027 41,032
1,436,458 803,212 35,717,999 35,481,373

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 14) 15,000,000 - - -
Trade creditors 71,963 116,220 14,448 536
Amounts owed to group undertakings 41 - 4,229,352 3,889,639
Tax 293,087 219,991 - -
Social security and other taxes 48,693 29,472 48,693 29,472
VAT 190,481 226,116 26,497 26,915
Other creditors 339 339 - -
Deferred income 833,372 666,750 - -
Accrued expenses 439,236 393,872 90,651 123,859
16,877,212 1,652,760 4,409,641 4,070,421

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Bank loans (see note 14) - 15,000,000

14. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 15,000,000 -
Amounts falling due between two and five years:
Bank loans - 2-5 years - 15,000,000

15. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 15,000,000 15,000,000

The company has a bank loan which is on an interest only basis until January 2025 The loan is secured by way of a first charge and debenture over the company property together with that of fellow subsidiaries

16. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 4,177,185 5,247,185

Canadian & Portland Estates
(Holdings) Limited (Registered number: 09194545)

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


16. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 April 2023 5,247,185
Provided during year (1,070,000 )
Released on disposal
Balance at 31 March 2024 4,177,185

Deferred tax arises in respect of the revaluation of property after indexation.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,040 Ordinary £1 50,040 50,040

18. RESERVES

The group's and company's other reserves are as follows:

The retained earnings reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The fair value reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.

19. NON-CONTROLLING INTERESTS

The minority interest is a 25% interest in Felixstowe, one of the investment properties held by the group. The 25% minority holding is held by CJ Bourne (Asset Management) Limited.

20. RELATED PARTY DISCLOSURES

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' Section 33, not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

21. POST BALANCE SHEET EVENTS

The group acquired a new investment site after date through a newly incorporated company, Canadian & Northampton Limited (company number 15616691). The company is 100% subsidiary of Canadian & Portland Estates (Holdings) Limited.

The property was acquired for £6,376,000 and was funded by group cashflow; not additional bank loans were obtained to fund.

22. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.