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REGISTERED NUMBER: 07682295 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SCAN REAL ESTATE (UK) LTD

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SCAN REAL ESTATE (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: M Jaepelt





REGISTERED OFFICE: Essex House
8 The Shrubberies
George Lane
South Woodford
London
E18 1BD





REGISTERED NUMBER: 07682295 (England and Wales)





INDEPENDENT AUDITORS: Caton Fry & Partners Limited (Statutory Auditor)
Essex House
7-8 The Shrubberies
George Lane
South Woodford
London
E18 1BD

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investment property 4 1,000,000 1,000,000

CURRENT ASSETS
Cash at bank and in hand 64,518 61,127

CREDITORS
Amounts falling due within one year 5 705,002 704,748
NET CURRENT LIABILITIES (640,484 ) (643,621 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

359,516

356,379

PROVISIONS FOR LIABILITIES 48,488 36,851
NET ASSETS 311,028 319,528

CAPITAL AND RESERVES
Called up share capital 6 1 1
Fair value reserve 7 256,042 267,680
Retained earnings 7 54,985 51,847
SHAREHOLDERS' FUNDS 311,028 319,528

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 May 2025 and were signed by:





M Jaepelt - Director


SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

1. STATUTORY INFORMATION

Scan Real Estate (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in UK Sterling, which is the functional currency of the company.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
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.

Turnover
Turnover represents rents receivable net of value added tax.

Investment property
Investment property is shown at the most recent Director's valuation or latest professional valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

2. ACCOUNTING POLICIES - continued

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.

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, and loans from fellow group companies 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,000,000
NET BOOK VALUE
At 31 December 2024 1,000,000
At 31 December 2023 1,000,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2020 404,530
Valuation in 2022 (100,000 )
Cost 695,470
1,000,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 695,470 695,470

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

4. INVESTMENT PROPERTY - continued

The Board of Director's have valued the property at 31 December 2024 on an open market basis assuming full occupancy and in connection with the preparation of the financial statements. The valuation was provided by Glenny LLP on 7 January 2025.

Tax of approximately £48,488 would be payable if the property was sold at this value.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 700,000 700,000
Taxation and social security 2,546 2,293
Other creditors 2,456 2,455
705,002 704,748

An interest-bearing loan of £700,000 was provided by an associated company Shipco Transport Limited. The loan was renewed for a further term on 28 March 2024 and remained outstanding at 31 December 2024. The terms of the loan is such that interest is payable at 3% per annum and interest of £21,000 (2023 - £21,000) was paid during the year. The loan has been classified as amounts falling due within one year as the loan is repayable on demand.

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

7. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2024 51,847 267,680 319,527
Deficit for the year (8,500 ) (8,500 )
Investment property
revaluation 11,638 (11,638 ) -
At 31 December 2024 54,985 256,042 311,027

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Edward Caton FCA ATII ASFA (Senior Statutory Auditor)
for and on behalf of Caton Fry & Partners Limited (Statutory Auditor)

SCAN REAL ESTATE (UK) LTD (REGISTERED NUMBER: 07682295)

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

9. RELATED PARTY DISCLOSURES

The ultimate parent undertaking of Scan Real Estate (UK) Limited is A.S. Scan Holding A/S, a
company incorporated in Denmark.

The group financial statements can be found at Scan Group A/S 18-20 Snorreesgade, DK-2300, Copenhagen, Denmark .

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.