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Registered number: 12740519








BIRCHWOOD RETAIL PROPERTIES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BIRCHWOOD RETAIL PROPERTIES LTD
 

COMPANY INFORMATION


Directors
M. Freed 
G. Katz 
S. Biro 




Registered number
12740519



Registered office
Enterprise House
First Floor

2 The Crest

London

NW4 2HN




Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor, Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
BIRCHWOOD RETAIL PROPERTIES LTD
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 8


 
BIRCHWOOD RETAIL PROPERTIES LTD
REGISTERED NUMBER: 12740519

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,750,000
15,200,000

Current assets
  

Debtors
 5 
1,218,896
472,677

Cash at bank and in hand
  
805,798
806,361

  
2,024,694
1,279,038

Creditors: amounts falling due within one year
 6 
(786,753)
(1,005,457)

Net current assets
  
 
 
1,237,941
 
 
273,581

Total assets less current liabilities
  
15,987,941
15,473,581

Creditors: amounts falling due after more than one year
 7 
(4,705,155)
(4,855,660)

  

Net assets
  
11,282,786
10,617,921


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1,000
1,000

Share premium account
  
8,749,000
8,749,000

Profit and loss account
  
2,532,786
1,867,921

Equity shareholders' funds
  
11,282,786
10,617,921


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Director's Report and Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies' regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 
17 June 2025.




M. Freed
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
BIRCHWOOD RETAIL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Birchwood Retail Properties Ltd (Company number: 12740519), having its registered office at Enterprise House, First Floor, 2 The Crest, London, England, NW4 2HN, is a private limited company incorporated in England and Wales.
The principal place of business is Birchwood Shopping Centre, Dewhurst Road, Birchwood, Warrington, WA3 7PG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Statement of Cash Flows

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.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of Comprehensive Income 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.

Page 2

 
BIRCHWOOD RETAIL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Investment property

Investment property is carried at fair value determined annually 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. The current year value has been determined by means of an independent valuation close to the year end. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.10

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 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.

 
2.11

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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. 

Page 3

 
BIRCHWOOD RETAIL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.13

Provisions for liabilities

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.
Page 4

 
BIRCHWOOD RETAIL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.

The current corporation 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 balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
BIRCHWOOD RETAIL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Freehold property

£



Cost


At 1 January 2024
18,200,000



Revaluations


At 1 January 2024
(3,000,000)


On revalued assets
(450,000)



Net book value



At 31 December 2024
14,750,000



At 31 December 2023
15,200,000

The fair value of the freehold property has been determined with reference to valuations performed by Knight Frank LLP.


5.


Debtors

2024
2023
£
£

Due within one year

Trade debtors
137,137
262,571

Amounts owed by group undertakings
8,112
8,112

Other debtors
30,977
-

Prepayments and accrued income
207,638
201,994

Deferred taxation
835,032
-

1,218,896
472,677



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Loan (note 10)
192,375
192,375

Trade creditors
-
191,579

Corporation tax
-
85,078

Other taxation and social security
59,898
104,037

Accruals and deferred income
534,480
432,388

786,753
1,005,457


Page 6

 
BIRCHWOOD RETAIL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loan (note 10)
4,705,155
4,855,660



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Aviva loan
192,375
192,375

Amounts falling due 1-2 years

Aviva loan
192,375
192,375

Amounts falling due 2-5 years

Aviva loan
4,512,780
4,663,285


4,897,530
5,048,035


Secured loans
The loan with Aviva Commercial Finance Limited is repayable by instalments and is secured by fixed legal charges over the property to which it relates and a floating charge over the assets of the Company. The loan incurs interest at the fixed rate of 3.2% per annum and is repayable by 20 October 2028. 


9.


Deferred taxation




2024


£






At beginning of year
-


Charged to profit or loss
835,032



At end of year
835,032

The deferred tax asset is made up as follows:

2024
2023
£
£


Property revaluations
835,032
-

Page 7

 
BIRCHWOOD RETAIL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Contingent liabilities

The Company is party to a multi-lateral cross guarantee between itself, Nakashi LLP, Weston Favell Retail Properties Limited and Byron Place Retail Properties Limited in favour of Aviva Commercial Finance Limited in respect of loans of the group undertakings. A contingent liability therefore exists to the extent of the indebtedness to Aviva of the group undertakings. At 31 December 2024 the contingent liability was £31,604,719 (2023: £32,310,094). No liability is expected to crystallise in this respect.


11.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose transactions with group entities on the grounds that it is a wholly-owned subsidiary undertaking.
During the year, expenses of £59,000 
(2023: £106,750) were incurred from a related party.
The parties are related by virtue of common management by the directors.


12.


Immediate and ultimate parent undertaking

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.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 
18 June 2025 by Caryl King BSc ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 8