COMPANY REGISTRATION NUMBER:
09887735
Accelerate Property Feeder Ltd |
|
Filleted Financial Statements |
|
Accelerate Property Feeder Ltd |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Investments |
5 |
|
8,670,000 |
8,670,000 |
|
|
|
|
|
Current assets
Creditors: amounts falling due within one year |
7 |
12,124,520 |
|
11,844,550 |
|
------------- |
|
------------- |
Net current liabilities |
|
11,799,406 |
11,844,452 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
(
3,129,406) |
(
3,174,452) |
|
|
------------ |
------------ |
Net liabilities |
|
(
3,129,406) |
(
3,174,452) |
|
|
------------ |
------------ |
|
|
|
|
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Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
(
3,129,506) |
(
3,174,552) |
|
|
------------ |
------------ |
Shareholders deficit |
|
(
3,129,406) |
(
3,174,452) |
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|
------------ |
------------ |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
27 March 2025
, and are signed on behalf of the board by:
Company registration number:
09887735
Accelerate Property Feeder Ltd |
|
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scale Space, 58 Wood Lane, London, W12 7RZ, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In preparing the accounts and reviewing the company net liability positions of £3.1m, the directors have considered going concern. The directors have received confirmation from the shareholders, to whom the company owes a combined £7.5m personally and through their investment companies, that they do not intent to recall the amount due to them within 12 months of signing these financial statements where this will affect the company's ability to continue as a going concern. The directors have been in discussions with the shareholders who also confirm it is their intention to continue to support the additional financing requirements and will provide additional financing where this cannot be independently source. The directors recognise that without the support from its shareholders there is a material uncertainty to the company's ability to continue as a going concern, however the directors have no reason to believe that the funding will be withdrawn. As a result of the above, the accounts have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in joint ventures
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year, including directors, amounted to 2 (2023: 2).
5.
Investments
|
Other loans |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
8,670,000 |
|
------------ |
Impairment |
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At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 31 March 2024 |
8,670,000 |
|
------------ |
At 31 March 2023 |
8,670,000 |
|
------------ |
|
|
Other loans includes £8,670,000 given as a capital contribution to Scale Space LLP, an entity incorporated in England and Wales of which Accelerate Property Feeder has a 50% interest.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
325,114 |
– |
Other debtors |
– |
98 |
|
--------- |
---- |
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325,114 |
98 |
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--------- |
---- |
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7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
– |
1,200 |
Amounts owed to group undertakings |
3,537,034 |
3,766,035 |
Other creditors |
8,587,486 |
8,077,315 |
|
------------- |
------------- |
|
12,124,520 |
11,844,550 |
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------------- |
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|
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8.
Summary audit opinion
The auditor's report dated
28 March 2025
was
unqualified
.
The senior statutory auditor was
Andrew Collyer
, for and on behalf of
Burgess Hodgson LLP
.
9.
Related party transactions
At the year end the company had combined creditors and accrued costs with group companies of £4,630,646 (2023: £4,528,959). At the year end the company was owed £325,114 (2023: £nil) by group companies. At the year end the company owed £7,491,858 (2023: £7,312,375) to directors and their investment companies.
10.
Controlling party
The company's ultimate parent company is
Blenheim Chalcot LTF Limited
, a company registered in the United Kingdom. The address of the registered office is Scale Space, 58 Wood Lane, London, United Kingdom, W12 7RZ
.