Company registration number 11153321 (England and Wales)
PANDOX HEATHROW T4 PROPCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANDOX HEATHROW T4 PROPCO LIMITED
COMPANY INFORMATION
Directors
W Adriaanse
J K Andersson
A E Lindblom
B Williams
Secretary
CSC CLS (UK) Limited
Company number
11153321
Registered office
1 Bartholomew Lane
London
United Kingdom
EC2N 2AN
Auditor
HaysMac LLP
10 Queen Street Place
London
United Kingdom
EC4R 1AG
PANDOX HEATHROW T4 PROPCO LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 15
PANDOX HEATHROW T4 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 held office during the year and up to the date of signature of the financial statements were as follows:

W Adriaanse
J K Andersson
A E Lindblom
B Williams
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:

 

 

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.

PANDOX HEATHROW T4 PROPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
On behalf of the board
B Williams
Director
27 May 2025
PANDOX HEATHROW T4 PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PANDOX HEATHROW T4 PROPCO LIMITED
- 3 -
Opinion

We have audited the financial statements of Pandox Heathrow T4 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

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.

Other information

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

PANDOX HEATHROW T4 PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PANDOX HEATHROW T4 PROPCO LIMITED
- 4 -
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:

 

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.

 

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:

PANDOX HEATHROW T4 PROPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PANDOX HEATHROW T4 PROPCO LIMITED
- 5 -

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.

Use of our 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
27 May 2025
PANDOX HEATHROW T4 PROPCO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
as restated
Notes
£
£
Turnover
4,236,735
3,871,946
Administrative expenses
13
(211,710)
(239,981)
Operating profit/(loss)
4,025,025
3,631,965
Interest receivable and similar income
13
26,638
29,555
Interest payable and similar expenses
13
(4,089,296)
(3,167,107)
Fair value gains and losses on investment properties
6, 13
4,426,000
(13,428,330)
Profit/(loss) before taxation
4,388,367
(12,933,917)
Tax on profit/(loss)
5
427,247
(753,052)
Profit/(loss) for the financial year
4,815,614
(13,686,969)

There were no recognised gains and losses for 2024 and 2023 other than those included in the profit and loss account.

The notes on pages 9 to 15 form part of these financial statements.

PANDOX HEATHROW T4 PROPCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
6
63,226,000
58,800,000
Current assets
Debtors
7
1,216,014
551,232
Cash at bank and in hand
587,386
141,676
1,803,400
692,908
Creditors: amounts falling due within one year
8
(35,730,863)
(64,513,698)
Net current liabilities
(33,927,463)
(63,820,790)
Total assets less current liabilities
29,298,537
(5,020,790)
Creditors: amounts falling due after more than one year
9
(29,503,713)
-
0
Net liabilities
(205,176)
(5,020,790)
Capital and reserves
Called up share capital
10
101
101
Capital contribution
10,753,160
10,753,160
Profit and loss reserves
(10,958,437)
(15,774,051)
Total equity
(205,176)
(5,020,790)

The notes on pages 9 to 15 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
B Williams
Director
Company Registration No. 11153321
PANDOX HEATHROW T4 PROPCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Capital contribution (restated)
Profit and loss reserves
Total
£
£
£
£
Note
Balance at 1 January 2023 - as originally stated
101
-
(2,087,082)
(2,086,981)
Prior year adjustment
Capital contribution
12
10,753,160
10,753,160
Balance at 1 January 2023 - as restated
101
10,753,160
(2,087,082)
8,666,179
Year ended 31 December 2023:
Loss and total comprehensive expense
-
-
(13,686,969)
(13,686,969)
Balance at 31 December 2023 - as restated
101
10,753,160
(15,774,051)
(5,020,790)
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
4,815,614
4,815,614
Balance at 31 December 2024
101
10,753,160
(10,958,437)
(205,176)

The notes on pages 9 to 15 form part of these financial statements.

PANDOX HEATHROW T4 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information

Pandox Heathrow T4 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 2AN. The company's principal activities and nature of its operations are of letting of own leased real estate. The property address and principal place of business is Hounslow TW6 3AF, London, United Kingdom.

 

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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 forecasted 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 utilizing 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
Investment property

Investment property is carried at fair value determined on a cyclical basis by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.Carrying values are then reviewed each year by management.

1.5
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

PANDOX HEATHROW T4 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
Basic financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account. .

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

 

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Taxation

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.

 

Current tax

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.

1.7
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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 

PANDOX HEATHROW T4 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.8

Finance costs

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
Judgements and key sources of estimation uncertainty

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 where the revision affects only that period, or in the period of the revision and future periods where 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:

 

Valuation of investment property

The investment property is held at fair value and it is measured at each reporting date. The determination of fair value involves significant judgement and estimation. Management exercises judgement in determining whether properties meet the definition investment property under FRS 102 section 16.

 

Recoverability of debtors

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
12,000
13,106
4
Employees
The Company has no employees other than the directors, who did not receive any remuneration (2023: £NIL).
PANDOX HEATHROW T4 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
753,052
Adjustments in respect of prior periods
(427,247)
-
0
Total current tax
(427,247)
753,052

The actual credit for the year can be reconciled to the expected credit for the year based on the profit

or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
4,388,367
(12,933,917)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,097,092
(3,039,470)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
3,694,416
Tax effect of income not taxable in determining taxable profit
(1,106,500)
-
0
Adjustments in respect of prior years
(427,247)
-
0
Group relief
(106,810)
-
0
Prior year adjustment
-
0
98,106
Movement in deferred tax not recognised
116,218
-
0
Taxation (credit)/charge for the year
(427,247)
753,052
6
Investment property
2024
£
Fair value
At 1 January 2024
58,800,000
Revaluation gain
4,426,000
At 31 December 2024
63,226,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 December 2024 by Cushman & Wakefield Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
PANDOX HEATHROW T4 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
241,847
Corporation tax - receivable
897,937
-
Prepayments and accrued income
318,077
309,385
1,216,014
551,232
8
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Bank loans and overdraft
300,000
36,486,714
Trade creditors
5,765
-
0
Amounts owed to group undertakings
35,207,863
27,609,397
Corporation tax
-
186,334
Other taxation and social security
196,535
206,147
Accruals and deferred income
20,700
25,106
35,730,863
64,513,698
£21,524,605 from amounts owed to group undertakings are interest bearing. The rate of interest payable in respect of the loan is a floating rate composed of compounded average SONIA (5bd lookback) plus a margin of 325 bps per annum.
Interest is capitalised quarterly in arrears and the capitalised amount added to the principal amount outstanding under the loan.
Prepaid financing fees of £121,492 have been netted off the loan balance.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,503,713
-
On 29 September 2024 the company refinanced its loan agreement with Postbank for an amount of £35,614,040. At year end the amounts falling due after more than one year of £29,503,713 (2023: £nil) and amount falling due within one year of £300,000 (2023: £36,486,714) were outstanding. Prepaid financing fees of £121,492 (2023: £nil)  have been netted off the loan balance.
Interest is due and payable quarterly in arrears, the rate of interest on the loan for each interest period is the percentage rate per annum which is the aggregate of the margin and the reference rate.
The applicable nominal interest margin amounts to 2.14% per annum and the reference rate is equal to the cumulative compounded RFR rate for the relevant interest period. The loan term is for 5 years and repayable on 30 September 2029.
PANDOX HEATHROW T4 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Creditors: amounts falling due after more than one year
(Continued)
- 14 -
Amounts included above which fall due after five years are as follows:
Payable in 1 year
300,000
Payable between 1-2 years
600,000
Payable between 2-5 years
2,400,000
Payable after 5 years
26,503,713
29,803,713
10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
101
101
101
101
11
Ultimate controlling party

The immediate parent undertaking is SECH Holding AB, a company registered in the Sweden. 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.

12
Prior year error

In the financial statement for the year ended 31 December 2022, a short term intercompany loan was recognised that should have been recognised as equity by way of a capital contribution. This led to misstatements in the 2022 and 2023 financial statements.

 

The impact of the correction of this error on the comparative financial statements is as follows:

 

PANDOX HEATHROW T4 PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
13
Prior year reclassification

Revaluation

 

In the financial statement for the year ended 31 December 2023, revaluation costs of £13,428,330 was classified as administrative expenses whilst it should have been classified as fair value losses on investment property.

 

The expense have been reclassified in the 2023 financial statements reducing the administrative expenses from £16,298,492 to a restated amount of £2,870,162 and fair value losses on investment properties has increased from £nil to a restated amount of £13,428,330.

 

Interest income

 

In the financial statement for the year ended 31 December 2023, £29,555 of interest income on deposit was classified as administrative expenses whilst it should have been classified as interest receivable.

 

The income have been reclassified in the 2023 financial statements increasing the administrative expenses from £2,870,162 (after revaluation adjustment) to a restated amount of £2,899,717 and interest receivable has increased from £nil to a restated amount of £29,555.

 

Interest expense

 

In the financial statement for the year ended 31 December 2023, £2,659,736 of interest payable related to the existing external loan was classified as administrative expenses whilst it should have been classified as interest payable.

 

The expense have been reclassified in the 2023 financial statements reducing the administrative expenses from £2,899,717 (after revaluation and interest income adjustments) to a restated amount of £239,981 and interest payable has increased from £507,371 to a restated amount of £3,167,107.

 

 

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