Company registration number 09130142 (England and Wales)
STRUCTADENE (LBG) PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
STRUCTADENE (LBG) PROPERTIES LIMITED
COMPANY INFORMATION
Directors
D A Pearlman
M R Goldberger
H A Pearlman
A E Bliss
(Appointed 19 December 2023)
W P Tuffy
(Appointed 19 December 2023)
J N Thomson
(Appointed 19 December 2023)
Secretary
H A Pearlman
Company number
09130142
Registered office
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
Business address
1st Floor
9 White Lion Street
London
N1 9PD
Bankers
Lloyds Bank Plc
190 Great Portland Street
London
W1A 4LN
Solicitors
Hamlins LLP
1 Kingsway
London
United Kingdom
WC2B 6AN
Mischon de Reya
Africa House
70 Kingsway
London
WC2B 6AH
STRUCTADENE (LBG) PROPERTIES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
STRUCTADENE (LBG) PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company was that of an intermediate holding company.
Results and dividends
The results for the year are set out on page 7.
The result for the year and the financial position at the year end were considered satisfactory by the directors.
The directors do not recommend payment of a final dividend (2023: £nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D A Pearlman
M R Goldberger
H A Pearlman
A E Bliss
(Appointed 19 December 2023)
W P Tuffy
(Appointed 19 December 2023)
J N Thomson
(Appointed 19 December 2023)
Auditor
The auditors, UHY Hacker Young, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
STRUCTADENE (LBG) PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
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.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M R Goldberger
Director
20 June 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STRUCTADENE (LBG) PROPERTIES LIMITED
- 3 -
Opinion
We have audited the financial statements of Structadene (LBG) Properties Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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 UK, including the FRC’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.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STRUCTADENE (LBG) PROPERTIES LIMITED (CONTINUED)
- 4 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STRUCTADENE (LBG) PROPERTIES LIMITED (CONTINUED)
- 5 -
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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding using our general commercial and sector experience and through discussion with the Directors and other senior management of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We enquired of management and the Directors as to their identification of any non-compliance with laws or regulations, or any actual or potential claims. We performed our own checks of compliance with relevant areas identified which included financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation, health & safety and anti-money laundering. We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. We agreed the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements. We reviewed Board meeting minutes and enquired of the Directors and management as to the risks of non-compliance and any instances thereof. In relation to the risk of management override of internal controls, we undertook procedures to review journal entries processed up to the year end and evaluated whether there was a risk of material misstatement due to fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, 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 members those matters we are required to state to them in an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STRUCTADENE (LBG) PROPERTIES LIMITED (CONTINUED)
- 6 -
Jessica Moorghen
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
24 June 2025
Chartered Accountants
Statutory Auditor
STRUCTADENE (LBG) PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
(1,261,528)
(690,291)
Operating loss
(1,261,528)
(690,291)
Interest receivable and similar income
4
9,000,635
8,000,000
Interest payable and similar expenses
(9,141,781)
(8,783,355)
Amounts written off investments
5
(6,779,790)
(10,522,454)
Loss before taxation
(8,182,464)
(11,996,100)
Tax on loss
6
1,647,263
1,291,130
Loss for the financial year
(6,535,201)
(10,704,970)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
STRUCTADENE (LBG) PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
137,004,984
137,195,724
Current assets
Debtors
11
60,888,304
88,706,001
Cash at bank and in hand
1,746
5,194
60,890,050
88,711,195
Creditors: amounts falling due within one year
12
(5,752,299)
(5,681,800)
Net current assets
55,137,751
83,029,395
Total assets less current liabilities
192,142,735
220,225,119
Creditors: amounts falling due after more than one year
13
(194,006,170)
(213,906,090)
Provisions for liabilities
15
(1,074,071)
(2,721,334)
Net (liabilities)/assets
(2,937,506)
3,597,695
Capital and reserves
Called up share capital
17
1
1
Hedging reserve
3,222,211
8,163,998
Profit and loss reserves
(6,159,718)
(4,566,304)
Total equity
(2,937,506)
3,597,695
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
M R Goldberger
Director
Company registration number 09130142 (England and Wales)
STRUCTADENE (LBG) PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
1
12,037,389
2,265,275
14,302,665
Year ended 30 September 2023:
Loss and total comprehensive income
-
-
(10,704,970)
(10,704,970)
Transfers
-
-
5,164,521
5,164,521
Other movements
-
(3,873,391)
(1,291,130)
(5,164,521)
Balance at 30 September 2023
1
8,163,998
(4,566,304)
3,597,695
Year ended 30 September 2024:
Loss and total comprehensive income
-
-
(6,535,201)
(6,535,201)
Transfers
-
-
6,589,050
6,589,050
Other movements
-
(4,941,787)
(1,647,263)
(6,589,050)
Balance at 30 September 2024
1
3,222,211
(6,159,718)
(2,937,506)
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information
Structadene (LBG) Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.
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 as applicable to companies subject to the small companies regime. 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 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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Structadene Ltd. These consolidated financial statements are available from its registered office, Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Structadene (LBG) Properties Limited is a wholly owned subsidiary of Structadene Limited and the results of Structadene (LBG) Properties Limited are included in the consolidated financial statements of Structadene Limited which are available from Registrar of Companies.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Debt issue costs treated as finance costs are accounted for as reductions in the proceeds of debt instruments. Finance costs of debt instruments are recognised in the profit and loss account over the term of the debt at a constant rate on the carrying amount of the debt.
1.9
The Company undertakes a review for impairment of fixed assets if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. To the extent that the carrying amount exceeds the recoverable amount, that is the higher of net realisable value and value in use, the fixed asset is written down to its recoverable amount.
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.
Investments
Investments held as fixed assets are stated at cost less any provision for impairment. Directors have assessed the recoverability of investments made and economic benefit of the investments based on the market conditions, economic forecasts and cashflow estimates.
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
9,000,000
8,000,000
5
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
(6,589,050)
(5,164,521)
Loss on disposal of financial assets held at cost
(1,515,730)
-
Impairment of fixed asset investments
7
1,324,990
(5,357,933)
(6,779,790)
(10,522,454)
6
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(1,647,263)
(1,291,130)
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Taxation
(Continued)
- 15 -
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
£
£
Loss before taxation
(8,182,464)
(11,996,100)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(2,045,616)
(2,639,142)
Tax effect of expenses that are not deductible in determining taxable profit
47,685
1,178,746
Group relief
2,600,668
2,084,202
Dividend income
(2,250,000)
(1,760,000)
Deferred tax rate adjustment
(154,936)
Taxation credit for the year
(1,647,263)
(1,291,130)
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
137,004,984
137,195,724
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Fixed asset investments
(Continued)
- 16 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
164,943,157
Disposals
(1,515,730)
At 30 September 2024
163,427,427
Impairment
At 1 October 2023
27,747,433
Impairment losses
(1,324,990)
At 30 September 2024
26,422,443
Carrying amount
At 30 September 2024
137,004,984
At 30 September 2023
137,195,724
8
Subsidiaries
These financial statements are separate company financial statements for Structadene (LBG) Properties Limited.
Details of the company's subsidiaries at 30 September 2024 are as follows:
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Subsidiaries
(Continued)
- 17 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Cheyne (St Joseph) Limited
England and Wales
Dealing company
Ordinary
100.00
-
Fitzroy Housing Limited
England and Wales
Dormant
Ordinary
0
57.14
Hatton Garden Properties Limited
England and Wales
Property Investment
Ordinary
100.00
-
Heskland Limited
England and Wales
Property Investment
Ordinary
100.00
-
Percy Freehold Limited
England and Wales
Property Investment
Ordinary
100.00
-
Percy Nominee One Limited
England and Wales
Dormant
Ordinary
0
100.00
Percy Nominee Two Limited
England and Wales
Dormant
Ordinary
0
100.00
Percy Village Limited
England and Wales
Property Investment
Ordinary
100.00
-
Sprintpost Limited
England and Wales
Dealing company
Ordinary
100.00
-
Stanway Investments Limited
England and Wales
Dormant
Ordinary
0
100.00
Wanderslore Limited
England and Wales
Dealing company
Ordinary
100.00
-
Wickham Investments Limited
England and Wales
Dormant
Ordinary
0
100.00
White Lion Estates Limited
England and Wales
Property Investment
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Cheyne (St Joseph) Limited
2,559,467
1,404,823
Fitzroy Housing Limited
7
Hatton Garden Properties Limited
130,660,189
3,307,637
Heskland Limited
8,868,018
Percy Freehold Limited
26,277
Percy Nominee One Limited
1
Percy Nominee Two Limited
1
Percy Village Limited
47,165,365
1,775,855
Sprintpost Limited
10,525,312
608,208
Stanway Investments Limited
1
Wanderslore Limited
11,956,886
2,139,460
Wickham Investments Limited
1
White Lion Estates Limited
The investments in subsidiaries are stated at cost less impairment.
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
9
Significant undertakings
The company also has significant holdings in undertakings which are not consolidated:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Shanglade Limited
England and Wales
Property Investment
Ordinary
-
50.00
10
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
4,296,282
10,885,332
Financial assets and liabilities measured at fair value through the profit and loss account comprise of derivative financial instruments.
The interest rate charged was fixed at SONIA plus 1.9% and credit adjustment rate at 0.12%.
This loan was refinanced on 31 May 2019 with the total commitments of £198,000,000. The loan's maturity date is 31 May 2026.
The company has interest rate swaps covering £178.20m (2023: £168.53m) of the facility. The company was receiving SONIA and paying interest at 1.372% over SONIA in respect of the Barclays facility and for the Lloyds facility, the company was receiving SONIA and paying interest at 1.3930% over SONIA.
The derivatives are used to hedge the company's exposure to interest rate movements on the loan in place. The fair value of the interest swaps amounts to an asset of £4,296,282 (2023: asset of £10,885,332). The fair value of the interest cap amounts to an asset of £nil (2023: £nil).
The loan instalments together with the loan interest and derivatives are paid quarterly. During 2024, a hedging profit of £6,589,050 (2023: loss of £5,164,521) was recognised in the profit and loss for the changes in the fair value of the derivatives.
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
56,503,070
77,819,762
Other debtors
88,952
907
56,592,022
77,820,669
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Debtors
(Continued)
- 19 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
4,296,282
10,885,332
Total debtors
60,888,304
88,706,001
12
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14
3,369,075
3,103,695
Trade creditors
144,592
Amounts owed to group undertakings
6
958,035
Other creditors
1
1
Accruals and deferred income
2,238,625
1,620,069
5,752,299
5,681,800
13
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
194,006,170
213,906,090
14
Loans and overdrafts
2024
2023
£
£
Bank loans
197,300,328
217,009,785
Bank overdrafts
74,917
197,375,245
217,009,785
Payable within one year
3,369,075
3,103,695
Payable after one year
194,006,170
213,906,090
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Loans and overdrafts
(Continued)
- 20 -
The company has a loan facility where the interest rate charged was fixed at SONIA plus 1.9% and a credit adjustment rate at 0.12%.
This loan was refinanced on 31 May 2019 with the total commitments of £198,000,000. The loan's maturity date is 31 May 2026. The loan instalments together with the loan interest are paid quarterly.
The bank loan is secured on investment properties and properties held for dealing within the company's subsidiaries. The directors' valuation of all properties charged to secure this loan amounted to £451,107,501 (2023: £438,783,000).
15
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
16
1,074,071
2,721,334
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Other timing differences
1,074,071
2,721,334
2024
Movements in the year:
£
Liability at 1 October 2023
2,721,334
Credit to profit or loss
(1,647,263)
Liability at 30 September 2024
1,074,071
17
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
STRUCTADENE (LBG) PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
18
Equity
Called-up share capital
Represents the nominal value of shares that have been issued.
Hedging reserve
Represents fair value movements on the financial instruments.
Profit and loss account
Includes all current and prior period retained profits and losses.
19
Related party transactions
The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
20
Parent company
The company's immediate parent is Structadene (LBG) Holdings Ltd and the ultimate parent company is Structadene Limited, which is the only undertaking to consolidate these financial statements. The registered office of Structadene Limited is Quadrant House - Floor 6, 4 Thomas More Square, London E1W 1YW. Copies of the consolidated financial statements of Structadene Limited can be obtained from the Registrar of Companies. The ultimate controlling party is D A Pearlman, a director of this company and Structadene Limited.
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