Company registration number 14274638 (England and Wales)
50 FINSBURY SQUARE LIMITED
Annual report and financial statements
For the year ended 31 December 2024
50 FINSBURY SQUARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
50 FINSBURY SQUARE LIMITED
BALANCE SHEET
As at 31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
192,917,199
197,728,616
Current assets
Debtors
5
14,082,754
6,864,613
Cash at bank and in hand
136,935
867,499
14,219,689
7,732,112
Creditors: amounts falling due within one year
6/7
(976,791)
(407,501)
Net current assets
13,242,898
7,324,611
Total assets less current liabilities
206,160,097
205,053,227
Provisions for liabilities
Deferred tax liabilities
8
(984,269)
(541,079)
Net assets
205,175,828
204,512,148
Capital and reserves
Called up share capital
9
10,290
10,290
Share premium account
10
203,800,000
203,800,000
Profit and loss reserves
1,365,538
701,858
Total equity
205,175,828
204,512,148
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 were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr B J Chambers
Mr M R Balkenhol
Director
Director
Company registration number 14274638
50 FINSBURY SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
- 2 -
1
Accounting policies
Company information

50 Finsbury Square Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.

1.1
Accounting convention

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

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 Wirtgen Invest, which are available to the public and can be obtained from the Bundesanzeiger (German Federal Gazette).

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover and expenditure

Turnover comprises rental income and service charge income receivable from the tenants of the investment property. This revenue is recognised in the period to which the income is receivable. Rental and service charge income received in advance is deferred in the balance sheet to the following period.

 

Cost of sales includes investment property costs such as management fees and insurance.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost less accumulated depreciation and accumulated impairment losses (cost model).

Buildings are depreciated at a rate of 3% on a straight line basis from the completion date. Land is not depreciated.

 

 

 

 

 

50 FINSBURY SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand

Cash and cash equivalents 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.

1.6
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.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

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.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

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.

1.7
Financial Liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other 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.

1.8
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.

1.9
Taxation

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

50 FINSBURY SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
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.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The directors believe that the impairment assessment made in relation to the investment property is a key source of estimation uncertainty. The company uses external professional valuers to determine the fair value that is considered as part of the impairment review. The valuation is based upon a number of assumptions including future rental income, anticipated maintenance costs, future development costs and an appropriate discount rate. The primary source of evidence for property valuations should be recent, comparable market transactions on an arms-length basis. Please refer to Note 9 for further disclosures on the investment property.

 

No critical judgements made.  

50 FINSBURY SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Investment property
2024
£
Cost
At 1 January 2024
202,040,510
Additions
44,335
At 31 December 2024
202,084,845
Accumulated depreciation
At 1 January 2024
4,311,894
Charge for the year
4,855,752
At 31 December 2024
9,167,646
Carrying value
At 31 December 2024
192,917,199
At 31 December 2023
197,728,616

The buildings and capitalised costs have been depreciated over their useful economic life, but no depreciation has been charged over the value of the land (see Note 1.4).

 

At the end of the reporting period, the Directors have considered recent market transactions, sensitivity of key inputs and the future cashflows of the property in determining whether an impairment is required. Based on their analysis the Directors believe any impairment would be short-term and anticipate the fair value being greater than the carrying value within the next 1 to 3 years as the rent free period reduces.

 

On this basis the investment property has not been impaired in line with Group Accounting Policies of the German parents who own 100% of this Company and who chose not to reflect the temporary nature of the difference in fair value compared to the carrying value. The Directors commissioned an independent valuation report with CBRE who valued the asset at £180.5m. Had this short term impairment been realised in the accounts it would have reduced the profit for the year by £12.4m.

 

The basis of CBRE’s valuation is in accordance with the latest version of the RICS Valuation - Global Standards and the UK national supplement, Red Book. The fair value has been arrived at on the basis of a valuation carried out by CBRE Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

50 FINSBURY SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 6 -
5
Debtors
Due within one year
Due after one year
2024
2023
2024
2023
£
£
£
£
Trade debtors
56,595
2,875
-
-
VAT recoverable
-
12,381
-
-
Other debtors
13,995,454
6,805,777
-
-
Prepayments and accrued income
30,705
43,580
-
-
14,082,754
6,864,613
-
-
6
Loans and overdrafts
2024
2023
£
£
Loans from parent undertaking
680,013
-

The loans of £680,013 from parent undertaking bears a 6% fixed interest per annum. Total interest payable for the period is £3,316. The loans are unsecured and repayable on 31 March 2025.

7
Creditors
2024
2023
£
£
Trade creditors
7,696
-
0
Accruals
63,751
100,277
Corporation tax
-
0
188,389
Deferred revenue
111,127
22,398
Other taxation and social security
17,425
-
Other payables
96,779
96,437
296,778
407,501
8
Deferred taxation
2024
2023
£
£
Deferred tax liabilities
984,269
541,079
984,269
541,079
50 FINSBURY SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
8
Deferred taxation
(Continued)
- 7 -

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

£
Asset at 1 January 2023
(14,101)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
555,180
Liability at 1 January 2024
541,079
Deferred tax movements in current year
Charge to profit or loss
443,190
Liability at 31 December 2024
984,269
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,290
10,290
10,290
10,290
10
Share premium account
2024
2023
£
£
At the beginning of the year
203,800,000
23,000,000
Issue of new shares
-
180,800,000
At the end of the year
203,800,000
203,800,000
50 FINSBURY SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 8 -
11
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 qualified. The auditors opinion was stated to be except for the effects of the matters described in the Basis for qualified opinion as set out below:

 

The Company’s investment property is carried in the balance sheet at £197,728,616. Management has not impaired the asset to be stated at the lower of carrying amount and recoverable amount, which constitutes a departure from the requirements of Financial Reporting Standard 101 Reduced Disclosure Framework. As stated in note 8 of the financial statements, the Company obtained an independent valuation of the investment property. The valuation stated the fair value of the asset at the balance sheet date at £172,500,000. Accordingly, the investment property should be included in the balance sheet at the recoverable amount of £172,500,000 and an impairment of £25,228,616 should be recognised in the statement of comprehensive income. A deferred tax credit of £6,307,154 would arise in respect of the impairment and would meet the criteria for recognition as a deferred tax asset disclosable in debtors. These adjustments would reduce the total comprehensive income for the year and shareholders’ equity by £18,921,462.

 

Senior Statutory Auditor:
Simon Marsh
Statutory Auditor:
WSM Advisors Limited
Date of audit report:
24 June 2025
12
Controlling party

The immediate parent company of 50 Finsbury Square Limited is Wirtgen Invest Real Estate GmbH whose registered office is Wirtgen Campus 1, 53577 Neustadt, Germany. The ultimate controlling party is Wirtgen Invest GmbH whose registered office is Wirtgen Campus 1, 53577 Neustadt, Germany.

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