Company registration number 13128612 (England and Wales)
BROMPTON ROAD DM INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
BROMPTON ROAD DM INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
BROMPTON ROAD DM INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
187,998
-
0
Investment property
5
28,400,000
28,400,000
28,587,998
28,400,000
Current assets
Debtors
6
184,726
15,483
Cash at bank and in hand
164,439
980,307
349,165
995,790
Creditors: amounts falling due within one year
7
(1,677,968)
(2,545,456)
Net current liabilities
(1,328,803)
(1,549,666)
Total assets less current liabilities
27,259,195
26,850,334
Creditors: amounts falling due after more than one year
8
(18,161,867)
(17,655,838)
Net assets
9,097,328
9,194,496
Capital and reserves
Called up share capital
19,000,001
19,000,001
Investment property reserve
(8,767,877)
(8,868,508)
Profit and loss reserves
(1,134,796)
(936,997)
Total equity
9,097,328
9,194,496

The notes on pages 3 to 8 form part of these financial statements.

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 by the board of directors and authorised for issue on 3 March 2025 and are signed on its behalf by:
Mr F Hutter
Director
Company registration number 13128612 (England and Wales)
BROMPTON ROAD DM INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Investment property  reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
9,000,001
-
(154,620)
8,845,381
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(9,650,885)
(9,650,885)
Issue of share capital
10,000,000
-
-
10,000,000
Transfers
-
(8,868,508)
8,868,508
-
Balance at 31 December 2023
19,000,001
(8,868,508)
(936,997)
9,194,496
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(97,168)
(97,168)
Transfers
-
100,631
(100,631)
-
Balance at 31 December 2024
19,000,001
(8,767,877)
(1,134,796)
9,097,328

The notes on pages 3 to 8 form part of these financial statements.

BROMPTON ROAD DM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Brompton Road DM Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL. The principle place of business is 171-175 Brompton Road, London, SW3 1NF.

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

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for rental income net of VAT.

 

Rental income arising from operating leases on investment property is accounted for on a straight line basis over the lease term.

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:

Fixtures and fittings
Striaght line over 7 years

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
Investment properties

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.

1.6
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.

BROMPTON ROAD DM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.7
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.

1.8
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.

BROMPTON ROAD DM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.9
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.

1.10
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.

1.11
Operating leases: the company as a lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BROMPTON ROAD DM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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.

 

In the interim periods between formal external valuations, the directors' use their knowledge of the UK property market to value the investment property.

3
Employees

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

2024
2023
Number
Number
Total
1
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
-
0
Additions
197,398
At 31 December 2024
197,398
Depreciation and impairment
At 1 January 2024
-
0
Depreciation charged in the year
9,400
At 31 December 2024
9,400
Carrying amount
At 31 December 2024
187,998
At 31 December 2023
-
0
BROMPTON ROAD DM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 January 2024
28,400,000
Disposals
(100,631)
Revaluations
100,631
At 31 December 2024
28,400,000

Investment property comprises the freehold land and buildings owned in Brompton Road, London. The last formal independent valuation was carried out at 12 September 2023 by Knight Frank Chartered Surveyors. The director has reviewed the valuation and is satisfied it has not materially changed during the year.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
183,967
-
0
Other debtors
759
15,483
184,726
15,483
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,570
7,000
Taxation and social security
23,934
25,443
Other creditors
1,652,464
2,513,013
1,677,968
2,545,456
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans from group undertakings
18,161,867
17,655,838
9
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings
18,161,867
17,655,838
Payable after more than 5 years
18,161,867
17,655,838
BROMPTON ROAD DM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Loans and overdrafts
(Continued)
- 8 -

During the prior year £10,000,000 of the loan from the parent undertaking was converted to share capital at par value, The aggregate remaining balance of secured creditors of £18,161,867 is due after more than five years. The loan is secured by a fixed charge covering all the property or undertaking of the company and contains a negative pledge.

10
Deferred taxation
There were no deferred tax movements in the year.

Deferred tax is not recognised in respect of tax losses of £2,227,462 as it is not probable that they will be recovered against future taxable profits within the foreseeable future.

 

 

11
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:
Antony Federer FCA FCCA CF
Statutory Auditor:
Rayner Essex LLP
Date of audit report:
4 March 2025
12
Operating lease commitments
Lessor

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

2024
2023
£
£
5,300,000
2,936,335
13
Parent company

The company regards Distribution & Marketing GmbH, a company incorporated in Austria, as its ultimate parent undertaking with a registered office at Nonntaler Hauptstraße, 36 Salzburg, Austria, 5020.

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