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REGISTERED NUMBER: 06444922 (England and Wales)










REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LIVERPOOL ONE MANAGEMENT COMPANY LIMITED

LIVERPOOL ONE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 06444922)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


LIVERPOOL ONE MANAGEMENT COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: J C Clark
C J Jukes
S F Ball
A Hunt





SECRETARY: C L Cox





REGISTERED OFFICE: 33 Margaret Street
London
W1G 0LD





REGISTERED NUMBER: 06444922 (England and Wales)





AUDITORS: Websters
Chartered Accountants and Statutory Auditors
12 Melcombe Place
London
NW1 6JJ

LIVERPOOL ONE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 06444922)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

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

PRINCIPAL ACTIVITY
The company is a joint venture between Savills UK Limited and Grosvenor Investments Holdco Ltd. The company's principal activity is the delivery of human resources and property management services in relation to Liverpool ONE shopping and leisure scheme.

DIVIDENDS
The profit for the year, after taxation, amounted to £Nil (2023: £Nil).

The directors do not recommend payment of a dividend (2023: £Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J C Clark
C J Jukes

Other changes in directors holding office are as follows:

R Hulme - resigned 24 June 2024
H Regan - resigned 24 June 2024
S F Ball - appointed 2 December 2024
A Hunt - appointed 24 June 2024
H Forkan - appointed 20 May 2024 - resigned 27 November 2024

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the company in respect of liabilities they may incur in defending certain proceedings against them.

POST BALANCE SHEET EVENTS
There have been no significant events affecting the company since the year end. The directors do not consider that there are any significant risk or impact on the balance sheet post year end.

GOING CONCERN
The directors have considered the potential risks that could impact on the ability of the company to achieve its forecasts. The directors have prepared cashflow forecasts to April 2026 which shows the company will be able to operate throughout the period. Support will be required in the event that the occupancy rate of the property is not high enough to cover the service charge costs and without this the company would not be able to continue. The owners remain supportive of the company and will continue to meet void occupancy liabilities and bad debt costs.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

LIVERPOOL ONE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 06444922)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Websters, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J C Clark - Director


20 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIVERPOOL ONE MANAGEMENT COMPANY LIMITED

Opinion
We have audited the financial statements of Liverpool One Management Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIVERPOOL ONE MANAGEMENT COMPANY LIMITED


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

There are inherent limitations in our audit procedures. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIVERPOOL ONE MANAGEMENT COMPANY LIMITED


Use of our report
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 a Report of the Auditors 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.




David Goddard (Senior Statutory Auditor)
for and on behalf of Websters
Chartered Accountants and Statutory Auditors
12 Melcombe Place
London
NW1 6JJ

21 February 2025

LIVERPOOL ONE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 06444922)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 7,170,879 6,031,801

Administrative expenses (7,202,293 ) (6,065,427 )
OPERATING LOSS 4 (31,414 ) (33,626 )

Interest receivable and similar income 31,414 33,626
PROFIT BEFORE TAXATION - -

Tax on profit - -
PROFIT FOR THE FINANCIAL YEAR - -

LIVERPOOL ONE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 06444922)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
CURRENT ASSETS
Debtors 5 894,691 1,000,524

CREDITORS
Amounts falling due within one year 6 (893,691 ) (999,524 )
NET CURRENT ASSETS 1,000 1,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,000

1,000

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
1,000 1,000

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 20 February 2025 and were signed on its behalf by:




J C Clark - Director



C J Jukes - Director


LIVERPOOL ONE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 06444922)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Liverpool One Management Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises property management fees and recharged payroll costs.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Going concern
The directors have considered the potential risks that could impact on the ability of the company to achieve its forecasts. The directors have prepared cashflow forecasts to April 2026 which shows the company will be able to operate throughout the period. Support will be required in the event that the occupancy rate of the property is not high enough to cover the service charge costs and without this the company would not be able to continue. The owners remain supportive of the company and will continue to meet void occupancy liabilities and bad debt costs.

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 153 (2023 - 140).

The directors are considered to be key management personnel.

4. OPERATING LOSS

The operating loss is stated after charging:

31.12.24 31.12.23
£    £   
Auditors' remuneration 6,500 6,500
Defined pension contributions 155,063 136,730

The directors received no remuneration in respect of their services to the company for the year (2023: £Nil).

LIVERPOOL ONE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 06444922)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Amounts owed by group undertakings - 2,819
Other debtors 894,691 997,705
894,691 1,000,524

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Amounts owed to group undertakings 106,840 84,492
Taxation and social security 287,701 241,719
Other creditors 499,150 673,313
893,691 999,524

7. RELATED PARTY DISCLOSURES

During the year management fees of £85,982 (2023: £80,555) were paid to Grosvenor Investments Holdco Limited and £949,992 (2023: £899,728) were paid to Savills UK Limited, which are joint venture partners of the company.

As at 31 December 2024, £6,432 was due to (2023: £2,819 due from) Savills UK Limited, £100,408 was due to (2023: £84,492) Grosvenor Investments Holdco Limited and £344,029 was due to (2023: £530,354) Grosvenor Liverpool Fund (as associate of Grosvenor Investments Holdco Limited).

8. CONTROLLING PARTY

During the year the company was a joint venture with shares owned by Savills UK Limited and Grosvenor Investments Holdco Limited. The ultimate parent company of Savills UK Limited is Savills PLC. The ultimate parent company of Grosvenor Investments Holdco Limited is Grosvenor Group Limited.