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COMPANY REGISTRATION NUMBER: SC725534
Prem Apart Edinburgh Ltd
Filleted Financial Statements
31 December 2024
Prem Apart Edinburgh Ltd
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
20,741,816
21,064,037
Current assets
Debtors
6
762,933
447,650
Cash at bank and in hand
278,972
191,162
------------
---------
1,041,905
638,812
Creditors: amounts falling due within one year
7
4,252,234
5,682,427
------------
------------
Net current liabilities
3,210,329
5,043,615
-------------
-------------
Total assets less current liabilities
17,531,487
16,020,422
Creditors: amounts falling due after more than one year
8
12,851,110
12,066,558
Provisions
1,595,417
1,440,392
-------------
-------------
Net assets
3,084,960
2,513,472
-------------
-------------
Capital and reserves
Called up share capital
101
101
Share premium account
6,922,346
6,922,346
Profit and loss account
( 3,837,487)
( 4,408,975)
------------
------------
Shareholders funds
3,084,960
2,513,472
------------
------------
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 3 June 2025 , and are signed on behalf of the board by:
Mr S Loftus
Mr P Dempsey
Director
Director
Company registration number: SC725534
Prem Apart Edinburgh Ltd
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The principal place of business is Fountain Court, 121 Grove Street, Edinburgh, EH3 8AA.
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 are prepared on the going concern basis, under the historical cost convention, and comply with the financial reporting standards of the Financial Reporting Council and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on amounts recognised in the financial statements are discussed below: Estimate of useful life for fixed assets The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review the asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying a group fixed exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line on buildings
Fixtures and fittings
-
10% straight line
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.
Debtors
Trade and other debtors including amounts owed by group companies are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
Cash and cash equivalents
Cash and equivalents include cash on hand and demand deposits. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
Creditors and accruals
Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. Trade payables are recognised initially at the transition price and subsequently at amortised cost.
Share capital
Ordinary shares are classified as equity.
Borrowings
Borrowings are recognised initially at the transaction price and are subsequently stated at amortised cost. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar expenses.
Borrowings are classified as current liabilities unless the company has a right to defer settlement of the liability for at least 12 months after the reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price and debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value. They are subsequently measured at fair value, with any changes recognised in profit or loss.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The assets of the scheme are held separately from those of the company.
Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and annual bonus arrangements.
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 5 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
15,667,835
6,265,693
21,933,528
Additions
624,708
624,708
-------------
------------
-------------
At 31 December 2024
15,667,835
6,890,401
22,558,236
-------------
------------
-------------
Depreciation
At 1 January 2024
434,130
435,361
869,491
Charge for the year
274,187
672,742
946,929
-------------
------------
-------------
At 31 December 2024
708,317
1,108,103
1,816,420
-------------
------------
-------------
Carrying amount
At 31 December 2024
14,959,518
5,782,298
20,741,816
-------------
------------
-------------
At 31 December 2023
15,233,705
5,830,332
21,064,037
-------------
------------
-------------
6. Debtors
2024
2023
£
£
Trade debtors
4,908
10,518
Amounts owed by group undertakings and undertakings in which the company has a participating interest
344,823
264,213
Other debtors
413,202
172,919
---------
---------
762,933
447,650
---------
---------
Amounts owed by group companies are unsecured, interest free and repayable on demand. Included in other debtors is a derivative financial asset held for interest rate hedging. The fair value is determined on a Mark to Market basis by Deutsche Bank.
2024 2023
£ £
Fair value brought forward 30,160 313,032
Fair value movement through income statement 230,992 (282,872)
--------- ---------
Fair value included in other debtors 261,152 30,160
--------- ---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
314,526
441,674
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,329,602
4,972,756
Social security and other taxes
108,820
13,950
Other creditors
499,286
254,047
------------
------------
4,252,234
5,682,427
------------
------------
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,851,110
12,066,558
-------------
-------------
The bank facilities are secured by fixed and floating charges over all the assets and rental income of the company. Interest is payable based on SONIA plus 4.5%.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
1,398,447
1,404,712
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
1,398,447
1,404,712
------------
------------
10. Charges on assets
On 30 September 2022, 4 October 2022 and 6 June 2023 the company created fixed and floating charges over its property and other assets in favour of Situs Asset Management Ltd in relation to a loan advanced to FRO III Cedar IRE FinCo Ltd, a parent company.
11. Summary audit opinion
The auditor's report dated 3 June 2025 was unqualified .
The senior statutory auditor was Ms. Kate Crossan , for and on behalf of Lenfestey & Co .
12. Related party transactions
The company has taken advantage of the exemption under FRS 102 in relation to disclosure of related party transactions with subsidiary companies within the group.
13. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
14. Controlling party
The company is a wholly owned subsidiary of FRO III Cedar IRE FinCo Ltd , a company incorporated in Republic of Ireland. The company's ultimate parent undertaking is FRO III Cedar Holdings LP , a Cayman Islands Limited Partnership with a registered office at Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The parent of the smallest group in which the results are consolidated is FRO III Cedar Finco I Ltd , a company registered in United Kingdom with a registered office address at 7 Clarges Street, 4th Floor, London, United Kingdom, W1J 8AE . These consolidated financial statements are available to the public from the Companies House UK website.