Company registration number 10920854 (England and Wales)
PANDOX WONDERWALL PROPCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANDOX WONDERWALL PROPCO LIMITED
COMPANY INFORMATION
Directors
B Williams
W Adriaanse
A E Lindblom
J K Andersson
Secretary
CSC CLS (UK) Limited
Company number
10920854
Registered office
1 Bartholomew Lane
London
United Kingdom
EC2N 2AX
Auditor
HaysMac LLP
10 Queen Street Place
London
United Kingdom
EC4R 1AG
PANDOX WONDERWALL PROPCO LIMITED
CONTENTS
Page
Directors' report
1
Independent auditor's report
2 - 4
Profit and loss account
5
Balance sheet
6
Statement of changes in equity
7
Notes to the financial statements
8 - 17
PANDOX WONDERWALL PROPCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Directors
The directors who served during the year and subsequently to the date of this report are shown on the company information page.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Auditor
HaysMac LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
On behalf of the board
B Williams
Director
21 May 2025
PANDOX WONDERWALL PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PANDOX WONDERWALL PROPCO LIMITED
- 2 -
Opinion
We have audited the financial statements of Pandox Wonderwall Propco Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
PANDOX WONDERWALL PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PANDOX WONDERWALL PROPCO LIMITED (CONTINUED)
- 3 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the company and industry, we considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax and sales tax.
PANDOX WONDERWALL PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PANDOX WONDERWALL PROPCO LIMITED (CONTINUED)
- 4 -
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
inspecting correspondence with regulators and tax authorities;
discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations, and fraud;
reviewing legal expenses for evidence of any breaches of laws and regulations;
evaluating management's controls designed to prevent and detect irregularities;
identifying and testing journals, in particular journal entries posted containing key words such as those in respect of related parties, journal entries in revenue, journal entries with a large value, journal entries with a round sum value and journal entries with unusual account combinations; and,
challenging assumptions and judgements made by management in their critical accounting estimates,
particularly in respect of the recoverability of debtors and their assessment of the valuation of investment property.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the company's member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, as a body, for our audit work, for this report, or for the opinions we have formed.
David Lyons (Senior Statutory Auditor)
For and on behalf of HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG
22 May 2025
PANDOX WONDERWALL PROPCO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2024
2023
Notes
£
£
Turnover
7,064,196
6,701,927
Administrative expenses
(2,688,553)
(2,414,145)
Operating profit
4,375,643
4,287,782
Interest payable and similar expenses
5
(4,242,857)
(3,622,580)
Profit before taxation
132,786
665,202
Tax on profit
6
466,044
1,110,791
Profit and total comprehensive income for the financial year
598,830
1,775,993
There were no recognised gains and losses for 2024 or 2023 other than those included in the profit and loss account.
The notes on pages 8 to 17 form part of these financial statements.
PANDOX WONDERWALL PROPCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
7
48,091
24,716
Investment property
8
98,578,596
100,818,699
98,626,687
100,843,415
Current assets
Debtors: amounts falling due within one year
9
4,387,788
4,086,676
Cash at bank and in hand
231,230
637,561
4,619,018
4,724,237
Creditors: amounts falling due within one year
10
(5,358,226)
(9,021,819)
Net current liabilities
(739,208)
(4,297,582)
Total assets less current liabilities
97,887,479
96,545,833
Creditors: amounts falling due after more than one year
10
(59,251,500)
(58,293,000)
Provisions for liabilities
Deferred tax liabilities
13
(1,936,314)
(2,151,998)
Net assets
36,699,665
36,100,835
Capital and reserves
Called up share capital
14
2
2
Share premium account
30,479,105
30,479,105
Profit and loss reserves
6,220,558
5,621,728
Total equity
36,699,665
36,100,835
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
B Williams
Director
Company registration number 10920854
The notes on pages 8 - 17 form part of these financial statements.
PANDOX WONDERWALL PROPCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
2
30,479,105
3,845,735
34,324,842
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
1,775,993
1,775,993
Balance at 31 December 2023
2
30,479,105
5,621,728
36,100,835
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
598,830
598,830
Balance at 31 December 2024
2
30,479,105
6,220,558
36,699,665
The notes on pages 8 - 17 form part of these financial statements.
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
1
Accounting policies
Company information
Pandox Wonderwall Propco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX. The company's principal activities and nature of its operations are of letting of own leased real estate. The address of the property and principle place of business is Lower Mosley Street, Manchester, United Kingdom.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D,111 and
134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered
into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36
Impairment of Assets.
This information is included in the consolidated financial statements of Pandox AB as at December 2024 and these financial statements may be obtained as set out in note 15.
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.2
Going concern
The company is wholly reliant, for the foreseeable future, on the continued financial support from its ultimate parent company, Pandox AB, in order to meet its obligations as and when they fall due for the foreseeable future.
Management have reforecasted the expected financial performance and cash flows for the period up to 30 June 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.
Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until 30 June 2026. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.
Therefore on the basis of the above, the Directors have approved the financial statements utilising the going concern basis of preparation.
1.3
Turnover
Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and that revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable. Turnover comprises rental income recognised on an accruals basis, exclusive of Value Added Tax and trade discounts.
1.4
Operating leases: the company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures and fittings
10-20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.6
Investment property
Investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Investment property - over 50 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial assets
Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
All of the Company's financial assets are subsequently measured at fair value at the end of each
reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with
customers. The expected credit losses on these financial assets are estimated based on the Company's
historical credit loss experience, adjusted for factors that are specific to the debtors, general economic
conditions and an assessment of both the current as well as the forecast direction of conditions at the
reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.9
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination,held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other
comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.11
Provisions
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.12
Foreign exchange
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
1.13
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Investment property
Investment property is held at cost less depreciation and is reviewed for impairment if circumstances suggest that the carrying amount may not be recoverable. Recoverable amounts are determined based on value-in-use calculations and estimated sales proceeds. These calculations require assumptions to be made regarding future cash flows and the choice of a suitable discount rate in order to calculate the present value of those cash flows. Actual outcomes may vary from these estimates.
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Critical accounting estimates and judgements
(Continued)
- 13 -
Recoverability of debtors
Trade and other receivables are recognised to the extent that they are judged recoverable. Director reviews are performed to estimate the level of reserves required for irrecoverable debt, considering customer credit worthiness, current economic trends and changes in customer payment terms. Provisions are made specifically against invoices where recoverability is uncertain.
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor
£
£
For audit services
Audit of the financial statements of the company
12,000
13,106
4
Employees
The Company has no employees other than the directors, who did not receive any remuneration (2023: £Nil).
5
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Bank interest payable
4,242,857
3,622,580
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(250,360)
(904,863)
Deferred tax
Origination and reversal of temporary differences
(215,684)
(205,928)
Total tax (credit)
(466,044)
(1,110,791)
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Taxation
(Continued)
- 14 -
The charge for the year can be reconciled to the profit per the profit and loss account as follows:
2024
2023
£
£
Profit before taxation
132,786
665,202
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.5%)
33,197
156,323
Effect of expenses not deductible in determining taxable profit
1,218
138,664
Adjustment in respect of prior years
(768,972)
Non qualifying depreciation
-
419,123
Impact of difference between CT & DT rate
-
27,970
Deferred tax adjustments in respect of prior years
(321,407)
(1,576,959)
Group relief claimed
-
(275,912)
Fixed asset differences
467,578
-
Movement in deferred tax not recognised
122,342
-
Taxation credit for the year
(466,044)
(1,110,791)
7
Tangible fixed assets
Assets under construction
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
41,046
41,046
Additions
27,480
27,480
At 31 December 2024
27,480
41,046
68,526
Accumulated depreciation and impairment
At 1 January 2024
16,330
16,330
Charge for the year
4,105
4,105
At 31 December 2024
20,435
20,435
Net book value
At 31 December 2024
27,480
20,611
48,091
At 31 December 2023
24,716
24,716
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
8
Investment property
2024
£
Cost
At 1 January 2024
112,031,570
At 31 December 2024
112,031,570
Accumulated depreciation
At 1 January 2024
11,212,871
Charge for the year
2,240,103
At 31 December 2024
13,452,974
Net Book value
At 31 December 2024
98,578,596
At 31 December 2023
100,818,699
9
Debtors
2024
2023
£
£
Trade debtors
1,951,390
1,799,882
Corporation tax recoverable
1,850,152
1,077,203
Amounts owed by fellow group undertakings
84,840
479,295
Prepayments and accrued income
501,406
730,296
4,387,788
4,086,676
Amounts owed by group undertakings are interest free and repayable on demand.
10
Creditors
Due within one year
Due after one year
2024
2023
2024
2023
Notes
£
£
£
£
Loans and overdrafts
11
59,251,500
58,293,000
Trade creditors
2,698
-
Amounts owed to group undertakings
2,725,082
6,855,278
Other taxation and social security
316,881
297,367
-
-
Accruals and deferred income
2,313,565
1,869,174
5,358,226
9,021,819
59,251,500
58,293,000
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
11
Loans
Due after one year
2024
2023
£
£
Borrowings held at amortised cost:
Bank loans
59,251,500
58,293,000
2024
2023
£
£
Secured borrowings included above:
Bank loans
(59,251,500)
(58,293,000)
The company has a loan facility of £59,251,000 with a maturity of 28 March 2027. Interest is payable at a rate of SONIA + 2.25%, with quarterly repayments varying dependent on loan to value restrictions.
12
Leases
Company as a lessor
The company is a lessor of a hotel to a hotel management company. The lease has several variable rent clauses. The total non-cancellable future minimum lease payments expected to be received are summarised below.
Operating leases
The following table summarises the undiscounted lease payments receivable after the reporting date.
2024
2023
£
£
Gross amounts receivable under finance leases:
Within one year
6,504,628
6,504,628
Two to five years
26,018,512
26,018,512
Over five years
155,184,385
161,689,013
Total undiscounted lease payments receivable
187,707,523
194,212,153
PANDOX WONDERWALL PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
13
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
ACAs
£
Liability at 1 January 2023
(2,151,998)
Deferred tax movements in current year
Credit to profit or loss
320,189
Liability at 31 December 2024
(1,936,314)
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
of £1 each
30,479,105
30,479,105
30,479,105
30,479,105
Issued and fully paid
of £1 each
2
2
2
2
15
Controlling Party
The immediate parent undertaking is Pandox Wonderwall Limited, a company registered in the United Kingdom. The largest and smallest group to consolidate the results of this company are the group headed by Pandox AB. The ultimate parent undertaking is Pandox AB, a company registered in Box 15, 10120 Stockholm, Sweden. Financial statements for Pandox AB are available from the following website:https://www.pandox.se/investor-relations/financial-reports-and-presentations/
There is no individual ultimate controlling party.
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