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MILTON KEYNES RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Milton Keynes Retail Properties Limited (Company number: 14947180), having is registered office at Enterprise House First Floor, 2 The Crest, London, NW4 2HN, is a private limited company incorporated in England and Wales.
The comparative period is for 6 months, a shortened period covering activity from 20 June 2023 to 31 December 2023. The principal place of business is Elder Gate, Milton Keynes, MK9 1DL.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7, from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
Functional and presentation currency
Transactions and balances
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MILTON KEYNES RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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 the Statement of Comprehensive Income.
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MILTON KEYNES RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 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. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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MILTON KEYNES RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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MILTON KEYNES RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company holds properties and land which are leased to the tenant for a term of 35 years beginning on 23 January 2015, the tenant is entitled to substantially all of the useful economic life of the assets. The assets are therefore held as a finance lease being the fair value of future lease income discounted at an implicit rate of 5.46%.
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MILTON KEYNES RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILTON KEYNES RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is party to a multi-lateral cross guarantee between itself, Nakashi LLP, Sutton Retail Properties Limited and Leigh Retail Properties Limited in favour of Santander UK Plc in respect of loans of the group undertakings. A contingent liability therefore exists to the extent of the indebtedness to Santander of the group undertakings. At 31 December 2024 the contingent liability was £38,631,600 (2023: £38,712,297). No liability is expected to crystallise in this respect.
At 31 December 2024 and 31 December 2023, the Company's immediate parent undertaking was Nakashi LLP, a company incorporated in England and Wales.
As at 31 December 2024 and 31 December 2023, the Company's ultimate parent undertaking was Eastgate Property 3 LLC, a company incorporated in the USA. The group in which the Company's results are consolidated is headed by Nakashi LLP. The consolidated accounts may be obtained from: Enterprise House First Floor 2 The Crest London NW4 2HN There is no smaller or larger group in which the Company's results are consolidated.
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MILTON KEYNES RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The audit report was signed on 1 May 2025 by
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