The notes on page 9 to 13 form an integral part of the financial statements.
London Propco 1 Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
The company's principal activities and nature of its operations are disclosed in the directors' report.
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 £.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with all IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
related party disclosures for transactions with the parent or wholly owned members of the group;
Where required, equivalent disclosures are given in the group accounts of Rosp Corunna SL, which are available to the public and can be obtained from the Central Mercantile Register in Spain.
New and amended standards adopted by the company:
There are no amendments to accounting standards or IFRIC interpretations that are effective for the year ended 31 December 2024 and that had a material impact on the Company.
Administrative expenses include costs associated with the operation of the company. Both are recognised in the period to which the expenses relate.
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.
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.
Financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The tax expense represents the sum of the tax currently payable.
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.
There are no accounting estimates or judgements which have a significant risk of causing a material adjustment in the carrying amount of assets.
The average monthly number of persons (including directors) employed by the company during the year was:
The Directors do not have a contract of service with the company.
Included within the prior year balance of £54,713,577 is an amount due from a related company under a loan note. During the year, the company entered into an agreement to discharge and release the related company from its obligations and liabilities in respect of the loan note, amounting to £54,712,918, in accordance with the terms and conditions outlined in the Deed of Release.
During the year, the company cancelled and extinguished all issued redeemable shares and some of ordinary share in the name of the company. This included 54,842,537 redeemable shares and 99 ordinary shares of £1 each, all of which were fully paid up. The amount corresponding to cancelled shares, £54,842,636, has been credited to the company’s profit and loss reserve.
The ordinary shares carry one vote each, entitle the holder to dividends and to participate in a distribution arising from a winding up, but only after the redeemable shareholders have been repaid the full issue price of the redeemable shares.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The immediate parent company of London Propco 1 Limited is Ferrado Inmuebles SL, while the ultimate parent company is Rosp Corunna SL whose registered office address is Plaza Maria Pita 17, 5001, A Coruna, Spain. The ultimate controlling party is Sandra Ortega Mera.
The smallest and largest group in which the results of the company are included within is that headed by Rosp Corunna SL. Copies of these consolidated financial statements are publicly available from the Central Mercantile Register in Spain.