Company registration number 13746516 (England and Wales)
EDTC PC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
EDTC PC LIMITED
COMPANY INFORMATION
Director
Mr A Iredale
Company number
13746516
Registered office
264 Banbury Road
Oxford
OX2 7DY
Auditor
Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
OX2 7DY
EDTC PC LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
EDTC PC LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,162,500
6,250,000
Current assets
Debtors
5
105,593
329,389
Cash at bank and in hand
8,605
8,642
114,198
338,031
Creditors: amounts falling due within one year
6
(6,256,777)
(150,305)
Net current (liabilities)/assets
(6,142,579)
187,726
Total assets less current liabilities
19,921
6,437,726
Creditors: amounts falling due after more than one year
7
-
0
(6,179,255)
Deferred tax liability
(59,881)
(97,554)
Net (liabilities)/assets
(39,960)
160,917
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
369,707
374,930
Profit and loss reserves
(409,767)
(214,113)
Total equity
(39,960)
160,917

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 30 January 2025
Mr A  Iredale
Director
Company registration number 13746516 (England and Wales)
EDTC PC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
100
-
0
(35,685)
(35,585)
Year ended 31 July 2023:
Loss for the financial year
-
-
(178,428)
(178,428)
Other comprehensive income:
Revaluation of tangible fixed assets
-
499,907
-
499,907
Tax relating to other comprehensive income
-
(124,977)
-
0
(124,977)
Total comprehensive income
-
374,930
(178,428)
196,502
Balance at 31 July 2023
100
374,930
(214,113)
160,917
Year ended 31 July 2024:
Loss for the financial year
-
-
(200,877)
(200,877)
Transfer of depreciation on revalued freehold property
-
(5,223)
5,223
-
Balance at 31 July 2024
100
369,707
(409,767)
(39,960)
EDTC PC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

EDTC PC Limited is a private company limited by shares incorporated in England and Wales. The registered office is 264 Banbury Road, Oxford, OX2 7DY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include freehold property at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

In drawing his conclusion on the appropriateness of the going concern assumption, the director has been mindful that the company made a loss of £200,877 (2023: profit of £196,502) and has net current liabilities of £6,145,579 (2023: net current assets of £187,726) and net liabilities of £39,960 (2023: net assets of £160,917). true

 

Within current liabilities there is a significant intercompany balance of £2,160,549 owed to the company's parent company, The Location Collective Limited, who have provided a letter of support confirming that the relevant amount will not be requested unless the company has sufficient funds to repay it. The parent company has also confirmed its intention to provide sufficient financial support to the company in order to meet its liabilities for at least 12 months from the date of signing these financial statements.

 

In addition, within current liabilities there is a significant bank loan of £3,990,950 from Westbrooke Private Capital S.A.R.L. As detailed in note 10, after the year end date, the relevant repayment date has been extended to November 2026.

 

Taking the above into consideration, the director has a reasonable expectation that the company has adequate resources and support to continue in operational existence for the foreseeable future and therefore, he continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover relates to rental income and other relevant incidental revenue.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

OMA House - freehold property
50 years Straight Line
Land
Not Depreciated
EDTC PC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

EDTC PC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

EDTC PC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of tangible fixed assets

The useful economic life of tangible fixed assets has been derived from the judgement of the director, using his best estimate of the write-down period. Land, which has been estimated by the director to be 30% of the cost of OMA House, is not depreciated.

Valuation of freehold property

The fair value of the freehold property has been arrived at on the basis of a valuation carried out by a firm of RICS Chartered Surveyors, as at 10 March 2023. The valuation was carried out on the basis of market value (which is considered to be a true reflection of the fair value) in accordance with the Royal Institute of Chartered Surveyors Valuation - Global Standards 2022. The director does not believe that there has been a material change in the fair value of the property between the valuation date and the year end.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
EDTC PC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
4
Tangible fixed assets
OMA House
£
Fair value
At 1 August 2023 and 31 July 2024
6,250,000
Depreciation and impairment
At 1 August 2023
-
0
Depreciation charged in the year
87,500
At 31 July 2024
87,500
Carrying amount
At 31 July 2024
6,162,500
At 31 July 2023
6,250,000

The fair value of the freehold property has been arrived at on the basis of a valuation carried out by a firm of RICS Chartered Surveyors, as at 10 March 2023. The valuation was carried out on the basis of market value (which is considered to be a true reflection of the fair value) in accordance with the Royal Institute of Chartered Surveyors Valuation - Global Standards 2022. The director does not believe that there has been a material change in the fair value of the property between the valuation date and the year end.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

OMA House
2024
2023
£
£
Cost
5,876,937
5,876,937
Accumulated depreciation
(209,121)
(126,844)
Carrying value
5,667,816
5,750,093
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
77,001
-
0
Other debtors
28,592
329,389
105,593
329,389
EDTC PC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,990,950
-
0
Amounts owed to parent company
2,160,549
-
0
Trade creditors
699
127,944
Taxation and social security
22,522
-
0
Deferred income
71,686
-
0
Accruals
10,371
22,361
6,256,777
150,305
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
3,890,547
Amounts owed to parent company
-
0
2,288,708
-
0
6,179,255

On 16 February 2023, Westbrooke Private Capital S.A.R.L. created a fixed and floating charge over all property and undertakings of the company.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Total
10,468,369
-
0

The above lease is held with the parent company, The Location Collective Limited.

10
Events after the reporting date

In September 2024, the company extended the period of the loan held with Westbrooke Private Capital S.A.R.L, extending the repayment date to November 2026.

EDTC PC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
11
Related party transactions

The company has taken advantage of the exemption provided by FRS 102 Section 33, not to disclose transactions and outstanding balances with its parent company, The Location Collective Limited, which controls 100% of the company.

12
Parent company

The immediate and ultimate parent company is The Location Collective Limited, with registered office of 264 Banbury Road, Oxford, OX2 7DY. The smallest group of companies within which the company belongs and for which consolidated financial statements are available is that headed by The Location Collective Limited. The consolidated financial statements are available from the parent company's registered address.

13
Ultimate controlling party

The ultimate controlling party is Mr Antony Iredale by virtue of his shareholding in The Location Collective Limited.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nikolaos Ioannidis
Statutory Auditor:
Shaw Gibbs (Audit) Limited
Date of audit report:
............................................
2024-07-312023-08-01false30 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr A Iredalefalsefalse137465162023-08-012024-07-3113746516bus:Director12023-08-012024-07-3113746516bus:RegisteredOffice2023-08-012024-07-31137465162024-07-31137465162023-07-3113746516core:LandBuildingscore:OwnedOrFreeholdAssets2024-07-3113746516core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-3113746516core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3113746516core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3113746516core:Non-currentFinancialInstrumentscore:AfterOneYear2024-07-3113746516core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3113746516core:CurrentFinancialInstruments2024-07-3113746516core:CurrentFinancialInstruments2023-07-3113746516core:Non-currentFinancialInstruments2024-07-3113746516core:Non-currentFinancialInstruments2023-07-3113746516core:ShareCapital2024-07-3113746516core:ShareCapital2023-07-3113746516core:RevaluationReserve2024-07-3113746516core:RevaluationReserve2023-07-3113746516core:RetainedEarningsAccumulatedLosses2024-07-3113746516core:RetainedEarningsAccumulatedLosses2023-07-3113746516core:ShareCapital2022-07-3113746516core:RevaluationReserve2022-07-3113746516core:RetainedEarningsAccumulatedLosses2022-07-3113746516bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-3113746516core:RetainedEarningsAccumulatedLosses2022-08-012023-07-31137465162022-08-012023-07-3113746516core:RetainedEarningsAccumulatedLosses2023-08-012024-07-3113746516core:RevaluationReserve2022-08-012023-07-3113746516core:RevenueReservesInvestmentFundsOnly2022-08-012023-07-3113746516core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-012024-07-3113746516core:LandBuildingscore:LongLeaseholdAssets2023-08-012024-07-3113746516core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-3113746516core:WithinOneYear2024-07-3113746516core:WithinOneYear2023-07-3113746516bus:PrivateLimitedCompanyLtd2023-08-012024-07-3113746516bus:FRS1022023-08-012024-07-3113746516bus:Audited2023-08-012024-07-3113746516bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP