0 28 March 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 8,670,000 8,670,000 8,670,000 xbrli:pure xbrli:shares iso4217:GBP 09887735 2023-04-01 2024-03-31 09887735 2024-03-31 09887735 2023-03-31 09887735 2022-04-01 2023-03-31 09887735 2023-03-31 09887735 2022-03-31 09887735 bus:Director1 2023-04-01 2024-03-31 09887735 core:WithinOneYear 2024-03-31 09887735 core:WithinOneYear 2023-03-31 09887735 core:ShareCapital 2024-03-31 09887735 core:ShareCapital 2023-03-31 09887735 core:RetainedEarningsAccumulatedLosses 2024-03-31 09887735 core:RetainedEarningsAccumulatedLosses 2023-03-31 09887735 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 09887735 core:Non-currentFinancialInstruments 2024-03-31 09887735 core:Non-currentFinancialInstruments 2023-03-31 09887735 bus:SmallEntities 2023-04-01 2024-03-31 09887735 bus:Audited 2023-04-01 2024-03-31 09887735 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09887735 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09887735 bus:FullAccounts 2023-04-01 2024-03-31 09887735 core:AllAssociates 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 09887735
Accelerate Property Feeder Ltd
Filleted Financial Statements
31 March 2024
Accelerate Property Feeder Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Accelerate Property Feeder Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
8,670,000
8,670,000
Current assets
Debtors
6
325,114
98
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)
------------
------------
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)
------------
------------
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:
Mr M K Badale
Director
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
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
---------
----
325,114
98
---------
----
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
-------------
-------------
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 .