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Registered number: 15387325










34 FOUBERTS PLACE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
34 FOUBERTS PLACE LIMITED
REGISTERED NUMBER: 15387325

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
Note
£

Fixed assets
  

Investment property
 3 
23,770,951

  
23,770,951

Current assets
  

Debtors: amounts falling due within one year
 4 
803,985

Cash at bank and in hand
 5 
2,177,321

  
2,981,306

Creditors: amounts falling due within one year
 6 
(1,040,497)

Net current assets
  
 
 
1,940,809

Total assets less current liabilities
  
25,711,760

Creditors: amounts falling due after more than one year
 7 
(9,900,000)

  

Net assets
  
15,811,760


Capital and reserves
  

Called up share capital 
 8 
1

Capital redemption reserve
 8 
15,790,039

Hedging reserve
  
(7,643)

Profit and loss account
  
29,363

  
15,811,760


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: 




Patrick Desmond O'Gorman
Director

Date: 14 March 2025
Page 1

 
34 FOUBERTS PLACE LIMITED
REGISTERED NUMBER: 15387325
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
34 FOUBERTS PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

34 Fouberts Place Limited is a private company limited by shares which was incorporated in the United Kingdom.
These financial statements have been prepared for the period from 4 January 2024 to 31 December 2024.
The principal place of business and registered address is A&L Suite 1-3, The Hop Exchange, 24 Southwark Street, London, England, SE1 1TY.

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

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
34 FOUBERTS PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except when a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value 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. 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.

Page 4

 
34 FOUBERTS PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.


3.


Investment property


Property held for development

£



Valuation


Development costs
451,851


Property costs
23,319,100



At 31 December 2024
23,770,951

As of 31 December 2024, management obtained an independent valuation of the investment property from Cushman & Wakefield, based on market value for its existing use. The valuation indicated an insignificant difference between the carrying amount and market value. Consequently, management concluded that no revaluation adjustment is necessary, as the current carrying amount fairly represents the property's fair value.






Page 5

 
34 FOUBERTS PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Debtors

2024
£


Trade debtors
331,840

Other debtors
468,239

Prepayments and accrued income
1,359

Deferred taxation
2,547

803,985



5.


Cash and cash equivalents

2024
£

Cash at bank and in hand
2,177,321

2,177,321


The cash and cash equivalent balance disclosed above includes £1,671,926 of restricted funds whereby sole signing rights are held by Situs Asset Management Limited.


6.


Creditors: Amounts falling due within one year

2024
£

Payments received on account
250,434

Trade creditors
112,716

Corporation tax
9,788

Other taxation
13,914

Other creditors
503,552

Accruals and deferred income
139,903

Derivative
10,190

1,040,497


Page 6

 
34 FOUBERTS PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due after more than one year

2024
£

Bank loans
9,900,000

9,900,000


On 14 May 2024, the Company entered into an agreement to obtain a loan of £9,900,000. The loan is scheduled for repayment on 25 July 2026. The Company entered into an interest rate swap on the loan balance. The Company made a loss of £10,190 on the derivative in the current financial year.


8.


Capital and reserves

2024
£
Allotted, called up and fully paid


100 Ordinary shares shares of £0.01 each
1

On 1 May 2024, the company issued 2,350,000,000 ordinary shares of £0.01 each. On 7 May 2024, 2,349,999,999 of these shares were cancelled, and on 27 June 2024, £7,709,960 was returned to the shareholder. The remaining balance of £15,790,039 is recognised as a capital surplus.




9.


Controlling party

The immediate parent is Bywater SFC Investments Limited, a company incorporated and registered in the UK. 
The 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 undertakings to consolidate these financial statements at 31 December 2024. Copies of the ultimate 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.


10.


Auditor's information

The auditor's report on the financial statements for the period 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 7