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Registered number: 13886397










SUMITOMO FORESTRY EUROPE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SUMITOMO FORESTRY EUROPE LIMITED
REGISTERED NUMBER: 13886397

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,751
3,901

Investments
 5 
69,074,335
33,869,141

Debtors: amounts falling due after more than one year
 6 
6,341,698
2,406,007

  
75,418,784
36,279,049

Current assets
  

Debtors: amounts falling due within one year
 6 
109,134
106,368

Cash at bank and in hand
 7 
22,005,527
5,580,287

  
22,114,661
5,686,655

Creditors: amounts falling due within one year
 8 
(30,636)
(3,684,976)

Net current assets
  
 
 
22,084,025
 
 
2,001,679

Total assets less current liabilities
  
97,502,809
38,280,728

  

Net assets
  
97,502,809
38,280,728


Capital and reserves
  

Called up share capital 
  
98,970,718
39,346,471

Profit and loss account
  
(1,467,909)
(1,065,743)

  
97,502,809
38,280,728


Page 1

 
SUMITOMO FORESTRY EUROPE LIMITED
REGISTERED NUMBER: 13886397
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




On Nakagawa
Director

Date: 14 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SUMITOMO FORESTRY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Sumitomo Forestry Europe Limited is a private company limited by shares which was incorporated in United Kingdom. 
The principal place of business and registered address is Chancery House, 53-64 Chancery Lane, London, United Kingdom, WC2A 1QS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements indicate that the company incurred a loss of £402,166 (2023: £816,041) during the period and had net current assets of £22,084,025 (2023: £2,001,679) at the balance sheet date. The company has provided financial guarantees with a maximum exposure of £6,962,609, which are not recognised on the balance sheet.
The directors have considered the company’s cash flow forecasts and projections and believe that the company can continue to operate within its existing financial arrangements.
During the year, the company increased its share capital through an issue of ordinary shares, bringing the total to £98,970,718, to support investments in subsidiaries and enhance its working capital position. Furthermore, the immediate parent company has committed to providing financial support, ensuring that the company maintains sufficient liquidity.
Having made sufficient enquiries, the directors are satisfied that company has adequate resources to remain in operation until at least 12 months after the approval of these financial statements. The company therefore continues to adopt the going concern basis for the preparation of its financial statements.

Page 3

 
SUMITOMO FORESTRY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
SUMITOMO FORESTRY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 3).

Page 5

 
SUMITOMO FORESTRY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2024
4,600



At 31 December 2024

4,600



Depreciation


At 1 January 2024
699


Charge for the year on owned assets
1,150



At 31 December 2024

1,849



Net book value



At 31 December 2024
2,751



At 31 December 2023
3,901

Page 6

 
SUMITOMO FORESTRY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Fixed asset investments





Trade investments

£





At 1 January 2024
33,869,141


Additions
35,205,194






Net book value



At 31 December 2024
69,074,335



At 31 December 2023
33,869,141

The Company holds 100% shares of SF Paradise Member Limited, with its registered address at Chancery House, 53-64 Chancery Lane, London, WC2A 1QS. SF Paradise Member Limited holds a 90% ownership interest in Paradise 11 Limited, whose registered office is located at A&L Suite 1-3, The Hop Exchange, 24 Southwark Street, London, SE1 1TY. Despite this majority ownership of the ordinary share capital, the investment is classified as a Joint Venture. This classification is based on the terms of the shareholders' agreement, which restrict the Company’s ability to exercise control over Paradise 11 Limited.
The Company holds 51% shares of Bywater SFC Holdings Ltd, with its registered address at A&L Suite 1-3, The Hop Exchange, 24 Southwark Street, London, England, SE1 1TY. Bywater SFC Holdings Ltd holds 100% shares of Bywater SFC Management Ltd and 8.5% shares of Bywater SFC Investments Ltd, both also registered at A&L Suite 1-3, The Hop Exchange, 24 Southwark Street, London, SE1 1TY. Additionally, the Company directly holds 91.5% shares of Bywater SFC Investments Ltd.

Page 7

 
SUMITOMO FORESTRY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
3,983,120
1,531,253

Amounts owed by joint venturers
2,358,578
874,754

6,341,698
2,406,007


2024
2023
£
£

Due within one year

Trade debtors
-
7,890

Amounts owed by group undertakings
46,506
17,509

Other debtors
52,211
68,747

Prepayments and accrued income
10,417
12,222

109,134
106,368



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
22,005,527
5,580,287

22,005,527
5,580,287



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,636
18,675

Amounts owed to group undertakings
-
3,641,801

Accruals and deferred income
27,000
24,500

30,636
3,684,976


Page 8

 
SUMITOMO FORESTRY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Financial Guarantee

In 2022 the Company became a joint sponsor guarantor, alongside Bywater Gamma UK Property, on a Sponsor Guarantee agreement. This guarantee pertained to a loan extended to the joint venture, Paradise 11 Limited. The Company has committed to a maximum joint guarantee amount of £5,078,305.
In 2024 the Company entered into a financial guarantee, alongside Bywater SFC Holding Ltd, on a Equity Commitment agreement. This guarantee pertained to a facility agreement entered into by 34 Fouberts Place Limited. The Company has committed to a maximum guarantee amount of £1,884,304.


10.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
219,520
107,166

Later than 1 year and not later than 5 years
-
40,590

219,520
147,756


11.


Post balance sheet events

In January 2025, the Company increased its own share capital through an issue of ordinary shares to a total of £113,792,163.
This was in respect to additional share purchases in subsidiary companies, Bywater SFC Investments Limited and Bywater SFC Holdings Limited.


12.


Controlling party

The immediate and ultimate parent company is Sumitomo Forestry Co., Ltd a company incorporated and registered in Japan. Sumitomo Forestry Co., Ltd is the parent undertaking of the smallest and largest group of undertaking to consolidate these financial statements at 31 December 2024. Copies of the parent company financial statements may be obtained from Sumitomo Forestry CO., Ltd, Keidanren Kaikan, 3-2, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8270, Japan.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 14 March 2025 by Yusuke Takanishi (Senior statutory auditor) on behalf of Greenback Alan LLP.

Page 9