| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2023 |
| for |
| BETHNAL GREEN REGENERATION LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2023 |
| for |
| BETHNAL GREEN REGENERATION LIMITED |
| BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
| Contents of the Financial Statements |
| for the year ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Accountants' Report | 7 |
| BETHNAL GREEN REGENERATION LIMITED |
| Company Information |
| for the year ended 31 December 2023 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| New Derwent House |
| 69 - 73 Theobalds Road |
| London |
| WC1X 8TA |
| BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
| Balance Sheet |
| 31 December 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| Current assets |
| Stocks | 4 |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings | ( |
) | ( |
) |
| Shareholders' funds | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
| Notes to the Financial Statements |
| for the year ended 31 December 2023 |
| 1. | Statutory information |
| Bethnal Green Regeneration Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Assessment of going concern |
| There is a balance sheet deficit of £13,937 (2022: £3,451,978) at the year-end. Last year, the deficit of £3,451,987 mainly related to an outstanding balance with a third party through an option agreement taken out in relation to the purchase of a building and an intercompany loan balance owed to a parent company. During the current year, there was a change in ownership of the entity and as part of this, the intercompany loan balance, including accrued interest, was formally waived which resulted in a credit to the profit and loss account. |
| The directors have confirmed that an amount previously accrued in relation to a payment due under an option agreement will not be payable. |
| Also during the year, the company has entered into a loan agreement with an entity connected to a shareholder whereby future costs relating to the project will be funded. |
| There are no additional accounting entries that are required as a result of the above and therefore the financial statements have been prepared on a going concern basis. This basis is considered appropriate by the directors. |
| Key source of estimation, uncertainty and judgement |
| The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
| When determining the net realisable value of work-in-progress, key estimates and judgements are applied by the directors to determine the recoverability of the work-in-progress balance. This includes an estimation of the costs remaining to complete the development as well as an estimation of future revenue. The application of these estimates includes a degree of uncertainty. Should these estimates change unfavourably, then a write down of work-in-progress may be required. The project was not at a stage where the above could be assessed as at 31 December 2023. |
| BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2023 |
| 2. | Accounting policies - continued |
| Stocks |
| Work-in-progress is initially recognised at cost and is held at the lower of this cost and its net realisable value. Net realisable value represents the estimated selling price less costs to complete. |
| Borrowing costs in respect of particular site developments are capitalised and included within work-in-progress. |
| The company undertakes developments on such terms that it cannot determine profit until the development is complete. Therefore, no attributable profit is taken on such uncompleted developments. |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| 3. | Employees and directors |
| The average number of employees during the year was NIL (2022 - NIL). |
| BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2023 |
| 4. | Stocks |
| 2023 | 2022 |
| £ | £ |
| Stocks |
| WIP impairment | ( |
) | ( |
) |
| 5. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Other debtors |
| VAT |
| 6. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Other loans | - | 2,003,847 |
| Loan interest | - | 546,191 |
| Accruals and deferred income |
| 7. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 8. | Related party disclosures |
| During the year, the previous parent company who owned 51% of the share capital sold their shares to the other shareholding company who owned 49%. On the same day, the sole shareholder then sold 50% of the shares to a third party entity. After the transactions, the company is now owned by two corporate shareholders, each owning 50% of the shares. |
| Also during year-end, the previous parent company who owned 51% of the shares waived their right and released the company's obligation to repay the loan balance outstanding, plus accrued interest. The total amount waived being capital and accrued loan interest totalled £2,609,330 and this amount is included as a credit to the profit and loss account. |
| At the balance sheet date the company owed £nil (2022: £2,003,847) to the company mentioned above. Included within creditors due within one year is £nil (2022: £546,191) accrued interest which was charged at a rate of 15% and compounded annually. The loan was unsecured. |
| BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2023 |
| 9. | Ultimate controlling party |
| Mace Finance Limited was regarded by the directors as being the company's ultimate parent company up to 14 March 2023. These financial statements are available upon request from Companies House. |
| During the year, there was a change in ownership whereby Mace Finance Limited sold their shares and two corporate shareholders now own 50% of the entity. After the transactions, there is no controlling party. |
| Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Bethnal Green Regeneration Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bethnal Green Regeneration Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| This report is made solely to the Board of Directors of Bethnal Green Regeneration Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bethnal Green Regeneration Limited and state those matters that we have agreed to state to the Board of Directors of Bethnal Green Regeneration Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Bethnal Green Regeneration Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bethnal Green Regeneration Limited. You consider that Bethnal Green Regeneration Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Bethnal Green Regeneration Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| New Derwent House |
| 69 - 73 Theobalds Road |
| London |
| WC1X 8TA |