Company registration number 04735306 (England and Wales)
ALERUN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
ALERUN LIMITED
COMPANY INFORMATION
Directors
R Tchenquiz
N Martin
Company number
04735306
Registered office
5th Floor Leconfield House
Curzon Street
London
W1J 5JA
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
Business address
5th Floor Leconfield House
Curzon Street
London
W1J 5JA
ALERUN LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
ALERUN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company during the year was property investment. There were no additions or disposal of investment property during the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Tchenquiz
N Martin
Auditor

The auditor, Gerald Edelman LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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:

 

 

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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

ALERUN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
On behalf of the board
N Martin
Director
26 February 2025
ALERUN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALERUN LIMITED
- 3 -
Opinion

We have audited the financial statements of Alerun Limited (the 'company') for the year ended 31 May 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ALERUN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALERUN LIMITED (CONTINUED)
- 4 -
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's 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.

 

Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statements for the year ended 31 May 2024.

 

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

Extent to which the audit was considered capable of detecting irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

ALERUN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALERUN LIMITED (CONTINUED)
- 5 -
Audit response to risks identified
Fraud due to management override

To address the risk of fraud through management bias and override of controls, we:

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

 

 

 

 

 

 

 

 

 

 

 

ALERUN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALERUN LIMITED (CONTINUED)
- 6 -

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 an auditor's 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.

Rowan Lindsay
Senior Statutory Auditor
For and on behalf of Gerald Edelman LLP
26 February 2025
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
ALERUN LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
5,844,399
5,674,174
Administrative expenses
(9,358)
(19,911)
Operating profit
5,835,041
5,654,263
Interest payable and similar expenses
4
(5,497,306)
(5,306,624)
Fair value gains and losses on investment properties
5
-
0
(3,800,000)
Profit/(loss) before taxation
337,735
(3,452,361)
Tax on profit/(loss)
-
0
-
0
Profit/(loss) for the financial year
337,735
(3,452,361)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ALERUN LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
71,600,000
71,600,000
Current assets
Debtors
6
1,175,974
1,814,887
Creditors: amounts falling due within one year
7
(3,997,075)
(4,198,459)
Net current liabilities
(2,821,101)
(2,383,572)
Total assets less current liabilities
68,778,899
69,216,428
Creditors: amounts falling due after more than one year
8
(61,897,539)
(62,672,803)
Net assets
6,881,360
6,543,625
Capital and reserves
Called up share capital
11
100
100
Revaluation reserve
10,666,218
10,666,218
Profit and loss reserves
(3,784,958)
(4,122,693)
Total equity
6,881,360
6,543,625

These 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 26 February 2025 and are signed on its behalf by:
N Martin
Director
Company registration number 04735306 (England and Wales)
ALERUN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2022
100
14,466,218
(4,470,332)
9,995,986
Year ended 31 May 2023:
Loss and total comprehensive income
-
-
(3,452,361)
(3,452,361)
Transfers
-
-
0
3,800,000
3,800,000
Other movements
-
(3,800,000)
-
(3,800,000)
Balance at 31 May 2023
100
10,666,218
(4,122,693)
6,543,625
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
337,735
337,735
Balance at 31 May 2024
100
10,666,218
(3,784,958)
6,881,360
ALERUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
1
Accounting policies
Company information

Alerun Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor Leconfield House, Curzon Street, London, W1J 5JA.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company's balance sheet shows net assets of £6,881,360 (2023: £6,543,625). The company has net current liabilities of £2,821,101 (2023: £2,383,572). The company's property investment and funding have been set up to be principally self-funding using the loan structure detailed in note 8. The lease agreement that the company has entered into with its tenant is subject to fixed, stepped increases each month until May 2026 when rent remains constant for the remaining term. The projected cash flows from these rentals exceed the anticipated cash outflows in respect of loan capital and interest payments.

The Directors have assessed the group's loan and rental structure and has concluded that the group and company has sufficient working capital to enable them to meet their liabilities as they fall due for the foreseeable future. The Directors therefore consider it appropriate to prepare the financial statements on the going concern basis.

Loans owed by the company can be met from rental cashflows received. The directors consider that the company will be able to continue to meet its financial obligations and the accounts have been drawn up on that basis.

1.3
Rent Receivable

Rental income from the investment property leased out under an operating lease is recogniged in the profit and loss account on an accrual basis over the term of the lease. The effect of rent reviews is only recognised when such reviews have been agreed with tenants. Where rents are subject to fixed indexation in lieu of rent reviews, the rents are recognised on a systematic basis as income in the periods in which they are earned.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Borrowing costs

Loan finance costs are amortised over the term of the related borrowings and the loans to which they relate are stated after deducting the amount of the unamortised finance costs.

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.

ALERUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 11 -
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.

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.

ALERUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 12 -
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Deferred taxation

Deferred tax assets and liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be applicable.

Valuation of investment property

The key accounting estimate in preparing these financial statements relates to the carrying value of the investment property which is stated at fair value. The company uses reports provided by Chartered Surveyors employed by the group's in house management company as a basis for determining the director's estimation of the fair value of the investment property. However, the valuation of the company's investment property is inherently subjective, as it is made on the basis of valuation assumptions which may in future not prove to be accurate.

ALERUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
3
Employees

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

2024
2023
Number
Number
Total
2
2
4
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
5,460,886
5,270,204
Other interest on financial liabilities
36,420
36,420
5,497,306
5,306,624
5
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
71,600,000

The fair value of investment property at year end was £71,600,000 (2023: £71,600,000).

 

Valuation had taken into account tenure, lease terms, market conditions, inflation assumptions and sales prices based upon known market transactions for similar properties.

 

The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 31 May 2024 by a qualified chartered surveyor. Annual capitalisation rate method was used for the valuation by reference to market evidence of rates used for properties in similar location.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
60,933,782
60,933,782
Accumulated depreciation
-
-
Carrying amount
60,933,782
60,933,782
ALERUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
171,830
810,743
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
1,004,144
1,004,144
Total debtors
1,175,974
1,814,887
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
9
3,660,246
3,279,510
Taxation and social security
98,432
94,856
Other creditors
60,606
58,173
Accruals and deferred income
177,791
765,920
3,997,075
4,198,459
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
9
61,897,539
62,672,803
Amounts included above which fall due after five years are as follows:
Payable by instalments
43,979,295
46,066,514
9
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings and related parties
65,557,785
65,952,313
Payable within one year
3,660,246
3,279,510
Payable after one year
61,897,539
62,672,803
ALERUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Loans and overdrafts
(Continued)
- 15 -

The loans due to group undertakings consists of three loan balances of £7,717,187, £31,622,247 and £26,509,711 (2023: £8,924,503, £33,579,257 and £23,776,334). Finance charge of £291,362 (2023: £327,782) was allocated to future period as at the year end.

 

Loan 1 and 2 are repayable by instalments by 2029 and 2032 respectively. These are financed by loans from a third party to the lending group undertaking, which are secured on the company's investment property, and bearing uplifted interest at 5.703% and 6.195% in subsidiaries. The loans are subject to cross guarantees and cross-collateralisation of the underlying properties used as security for loans to other group undertakings. The total value of the group loans subject to cross-collateralisation, including the company's loan, is £186,744,227 (2023: £201,765,277 )

 

Loan 3 is unsecured, and also financed by a loan from a third party to the lending group undertaking. Interest is rolled up into the loan quarterly at 11.01% per annum. This loan, including the rolled up interest, is repayable by lump sum in 2032.

 

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Tax losses
1,004,144
1,004,144
There were no deferred tax movements in the year.

The deferred tax asset set out above is expected to reverse within several years and relates to the utilisation of tax losses against future expected profits of the same period.

11
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

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

12
Financial commitments, guarantees and contingent liabilities

The company's investment property is subject to a charge in connection with cross-guarantees and cross collateralisations of other group companies' investment properties as security for group loans (see note 8).

 

 

 

 

 

ALERUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
13
Operating lease commitments
Lessor

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

2024
2023
£
£
48,696,604
54,541,003
14
Related party transactions

The company is also related to other companies controlled by the Tchenguiz Discretionary Trust. At the balance sheet date £919,276 (2023: £919,276) was due from one such company, R20 Limited. Full provision has been made for this balance. .

The Company is related to other companies which are owned by trusts of which the director or his family are beneficiaries. During the year, and included within administrative expenses, £1,650 (2023: £1,650) was charged as a management fee by Rotch Property Group Limited and management fees of £6,000 (2023: £6,000) were charged by MLV Estates and Management Limited. Included within accruals and deferred income is a balance of £11,340 (2023: £9,690) due to Rotch Property Group Limited. No interest accrues on these balances.

A balance of £3,500 (2023: £3,500) was due to Dellweald Limited. This balance is included within other creditors. No interest accrues on this balance.

A balance of £56,256 (2023: £53,823) was due to R20 Advisory Limited. This balance is included within other creditors. No interest accrues on this balance.

The company has taken advantage of the exemptions provided by Section 33 of FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

15
Parent company

The company's immediate and ultimate UK parent company is Laudico Limited, which is the smallest and largest group for which group accounts containing this company are prepared. Laudico Limited is domiciled and incorporated in the UK. Copies of the financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The director regards the ultimate parent undertaking to be Oak Haven Properties Limited, a company incorporated in the British Virgin Islands.

The director considers the ultimate controlling party to be the Tchenguiz Discretionary Trust.

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