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REGISTERED NUMBER: 13606845 (England and Wales)












Financial Statements

For The Year Ended 31st December 2024

for

Citivale Partners Lime JVCO Ltd

Citivale Partners Lime JVCO Ltd (Registered number: 13606845)






Contents of the Financial Statements
For The Year Ended 31st December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Citivale Partners Lime JVCO Ltd

Company Information
For The Year Ended 31st December 2024







DIRECTORS: J A Appleton-Metcalfe
R G R Kay
Mrs R L Farnsworth





REGISTERED OFFICE: 4 Old Market Place
Ripon
HG4 1EQ





REGISTERED NUMBER: 13606845 (England and Wales)





AUDITORS: Sargeant Partnership Ltd
Chartered Accountants
and Statutory Auditors
5 White Oak Square, London Road
Swanley
Kent
BR8 7AG

Citivale Partners Lime JVCO Ltd (Registered number: 13606845)

Balance Sheet
31st December 2024

31.12.24 31.12.23
Notes £ £ £
FIXED ASSETS
Investments 4 1,150,000 1,150,000

CURRENT ASSETS
Debtors 5 738,035 3,323
Cash at bank 5,901 56,865
743,936 60,188
CREDITORS
Amounts falling due within one year 6 1,791,501 1,106,016
NET CURRENT LIABILITIES (1,047,565 ) (1,045,828 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

102,435

104,172

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings 102,434 104,171
SHAREHOLDERS' FUNDS 102,435 104,172

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th April 2025 and were signed on its behalf by:





R G R Kay - Director


Citivale Partners Lime JVCO Ltd (Registered number: 13606845)

Notes to the Financial Statements
For The Year Ended 31st December 2024

1. STATUTORY INFORMATION

Citivale Partners Lime JVCO Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and are
rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Citivale Partners Lime JVCO Ltd (Registered number: 13606845)

Notes to the Financial Statements - continued
For The Year Ended 31st December 2024

2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of VAT. Revenue from the rendering of services is recognised when the following conditions are satisfied:
- The amount of the revenue can be measured reliably;
- It is probable that the economic benefits associated with the transaction will flow to the entity;
- The stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Asset management and development management fees are recognised in the period that the service is delivered to the client. When a retention fee is included in the contract then the value of the fee that is subject to the retention is recognised when all conditions have been met and when the value to be received can be measured reliably.

Acquisition fees, which are fees resulting from completion of a property acquisition by a client, are typically set out in a contract with a proportion being payable on completion and a proportion being deferred for payment until a future date. The value of the acquisition fee is typically determined at the completion date with subsequent amendments to the value of the deferred proportion being determined by future events, most commonly the future value of the property when sold by the client. The proportion of the acquisition fee that is payable on completion is recognised at the completion date. The proportion of the acquisition fee that is deferred is recognised as revenue when it can be determined that the value of the revenue can be measured reliably and that it is probable the payment will be received at a later date. When revenue from deferred acquisition fees is recognised before payment is received then an ongoing assessment is made of changes in circumstances which may require the value of the revenue recognised at the previous reporting date to be adjusted in the current reporting period.

Promote or performance fees usually become due on the disposal of a property by a client. Promote or performance fees are recognised when the transaction which triggers the fee completes.

Other consultancy fees are usually derived from advice related to a specific transaction or a specified deliverable. The revenue for other consultancy services is recognised when the specific deliverable is made available to the client or when a specific transaction completes. This is usually at the same time as an invoice for the fee is raised.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.


Citivale Partners Lime JVCO Ltd (Registered number: 13606845)

Notes to the Financial Statements - continued
For The Year Ended 31st December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Investments
Investments relate to an investment in an unlisted entity which is stated at cost less impairment. At each balance sheet date, the investment is assessed for indicators of impairment and where there are indicators of impairment, recoverable amount is assessed. If recoverable amount is less than carrying amount, the investment is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£
COST
At 1st January 2024
and 31st December 2024 1,150,000
NET BOOK VALUE
At 31st December 2024 1,150,000
At 31st December 2023 1,150,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Trade debtors 219,896 2,700
Other debtors 243,655 -
Corporation Tax 23 23
Social security and other
taxes 22,143 -
Prepayments and accrued income 252,318 600
738,035 3,323

Citivale Partners Lime JVCO Ltd (Registered number: 13606845)

Notes to the Financial Statements - continued
For The Year Ended 31st December 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Trade creditors 202,063 7,520
Social security and other taxes - 62,399
Other creditors - 240,063
Loan from parent company 1,325,159 773,494
Loan from other group
undertaking - 15,000
Accruals and deferred income 264,279 7,540
1,791,501 1,106,016

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £ £
1 Ordinary £1 1 1

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Brown (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership Ltd

9. FINANCIAL COMMITMENTS

On 28th January 2022 the company entered into a Joint Venture and Shareholders' Agreement with PG Investment Company 17 S.A.R.L. and PG Lime Investment Company 1 Limited ("the Agreement"). The Agreement committed the company to fund PG Lime Investment Company 1 Limited to a maximum of £1m with an automatic increase in the value of the commitment on the completion of the acquisition of, or investment in, each investment by PG Lime Investment Company 1 Limited to an amount equal to the value of the acquisition fee due to the company in relation to that acquisition. As at the 31 December 2023 the investment of £1.15m, disclosed as Fixed Asset Investments, represented the maximum value of the funding commitment under the Agreement.

In the year ended 31st December 2024, as the result of the completion of the investment agreement with Partners Group Operator Investments Holding Ag and Citivale Group Holdings Limited on 11 January 2024 the funding commitment of the company automatically increased under the terms of the Agreement by an additional £2m.

The Agreement sets out the requirements for additional contributions by the parties to the Agreement, that the funding commitments are expected to be for funding for target investments and to fund costs in accordance with the business plan and the process under which a draw down against the commitment is to be actioned. Under the agreement £237,500 was advanced by the company on 13th September 2024 and is disclosed under Other Debtors at 31st December 2024.

At the date of approval of these financial statements the company is forecasting that it will not be required to make a funding contribution before 31 December 2025.

The directors have taken account of the funding commitment in the Agreement in their assessment of the cashflow projections for the company and their going concern assessment.

Citivale Partners Lime JVCO Ltd (Registered number: 13606845)

Notes to the Financial Statements - continued
For The Year Ended 31st December 2024

10. ULTIMATE CONTROLLING PARTY

The controlling party is Citivale Group Holdings Limited.

Citivale Group Holdings Limited draws up the the consolidated group financial statements. Copies of the group's financial statements can be obtained from:

4 Old Market Place
Ripon
North Yorkshire
HG4 1EQ