Company registration number 13904988 (England and Wales)
LONDON PROPCO 1 LIMITED
Annual report and financial statements
For the year ended 31 December 2024
LONDON PROPCO 1 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LONDON PROPCO 1 LIMITED
BALANCE SHEET
As at 31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1
54,721,704
Cash at bank and in hand
-
0
199,075
1
54,920,779
Creditors: amounts falling due within one year
5
-
(29,018)
Net current assets
1
54,891,761
Net assets
1
54,891,761
Capital and reserves
Share capital
6
1
54,842,637
Profit and loss reserves
-
0
49,124
Total equity
1
54,891,761
The financial statements of the company have been prepared in accordance with the small companies regime, and delivered in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements of London Propco 1 Limited (registered number 13904988) were approved by the board of directors and authorised for issue on......................and are signed on its behalf by:
2025-06-04
Mr N Thompson
Director
Company registration number 13904988

The notes on page 9 to 13 form an integral part of the financial statements.

LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
- 2 -
1
Accounting policies
Company information

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.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101).

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:

 

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.

1.2
Going concern

The company ceased trading on 4th December 2024 and became dormant on 31st December 2024. At present there are no plans to acquire or start a new trade and accordingly these financial statements have been prepared on a basis other than going concern, as it is the intention of the Director's to commence strike off procedures upon conclusion of remaining open matters. Assets have been reviewed by the Director's and are measured at their recoverable amount, no additional liabilities or onerous commitments have been identified. Preparation of the financial statements on a basis other than going concern has not required any adjustments to the financial statements that would otherwise have been required if the going concern basis was applicable. true

1.3
Expenditure

Administrative expenses include costs associated with the operation of the company. Both are recognised in the period to which the expenses relate.

LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Cash at bank and in hand

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.5
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.

 

Financial assets are initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

 

On initial recognition the company calculates the expected credit loss for debtors based on lifetime expected credit losses under the IFRS 9 simplified approach.

 

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.

1.6
Financial liabilities

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Equity instruments

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.

LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Critical accounting estimates, judgments 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.

 

There are no accounting estimates or judgements which have a significant risk of causing a material adjustment in the carrying amount of assets.

3
Employees

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.

2024
2023
Number
Number
Total
-
0
-
0
4
Debtors
2024
2023
£
£
Trade debtors
-
0
5,374
VAT recoverable
-
2,753
Amounts owed by related parties
1
54,713,577
1
54,721,704

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.

LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 5 -
5
Creditors
2024
2023
£
£
Trade creditors
-
0
9,618
Accruals
-
0
19,400
-
29,018
6
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued, authorised and fully paid
Ordinary shares of £1 each
1
100
1
100
Ordinary redeemable shares of £1 each
-
54,842,537
-
54,842,537
1
54,842,637
1
54,842,637

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.

 

7
Audit report information

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 auditor's report was unqualified.

Senior Statutory Auditor:
Statutory Auditor:
Grant Thornton UK  LLP
Date of audit report:
4 June 2025
8
Controlling party

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.

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