Company Registration No. 15358216 (England and Wales)
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
COMPANY INFORMATION
Directors
Mr G Conway
(Appointed 18 December 2023)
Mr J Lang
(Appointed 18 December 2023)
Mr J S Goldstein
(Appointed 18 December 2023)
Mr J Stelzer
(Appointed 29 April 2025)
Company number
15358216
Registered office
72 Welbeck Street
London
W1G 0AY
United Kingdom
Auditor
Ernst & Young LLP
Liberation House
Castle Street
St. Helier
Jersey
JE1 1EY
Channel Islands
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report of The Stage Shoreditch Residential Holdco Limited (the "Company") for the period ended 31 December 2024.

Principal activities

The principal activity of the Company continued to be that of a holding company.

Results and dividends

The Company has a loss for the period amounting to £47,416,888 (2023: £Nil). During the year, the directors did not recommend any dividend payment.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr G Conway
(Appointed 18 December 2023)
Mr S S Conway
(Appointed 18 December 2023 and resigned 31 March 2025)
Mr R M Pilkington
(Appointed 18 December 2023 and resigned 27 March 2024)
Mr J Lang
(Appointed 18 December 2023)
Mr J S Goldstein
(Appointed 18 December 2023)
Mr J Cole
(Appointed 27 March 2024 and resigned 29 April 2025)
Mr J Stelzer
(Appointed 29 April 2025)
Qualifying third party indemnity provisions

The Company has granted an indemnity to its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Directors' Report.

Future developments

The directors anticipate that the activity of the Company will continue for the foreseeable future.

 

Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its liabilities as and when they fall due from the date of approval of the financial statements through to 30 September 2026 (the ‘going concern period’). At 31 December 2024, the Company net assets of £68,877,264. The directors have assessed the going concern period under assessment to be the period from the date of approval of the financial statements through the going concern period.

 

The directors of the Company have prepared a robust forecast of the anticipated residential unit sales and operational outgoings of the Company over its going concern period which considers severe but plausible downside risks. In preparing the cash flow forecast for this Company as part of the group of companies (“Residential Group”) party to the Macquarie facility over the going concern period, the directors have considered all known operational expenses including the amortisation of the loan facility.

 

Having considered the downside risk, there is a possibility that the anticipated sales of the residential properties might not be achieved in line with management’s forecasted cash flows (either from a quantum or timing perspective), which could result in cash shortfall and could adversely affect the debt amortisation repayments due during the going concern period; in this case, the Company would be reliant on further discretionary funding from its investors which is not within management’s control. Therefore, there is a material uncertainty which casts significant doubt over the going concern of the Company namely, we note that there is a risk that the entity will be unable to make the scheduled loan repayments in line with the amortisation schedule and fund working capital requirements of the entities as well as the risk that investors will not advance additional funding to cover the shortfall should the Company fail to meet its sales targets.

 

However, the directors are confident that sales will improve during the going concern period and the amortisation targets will be achieved, with any shortfall funded by the investors of the Stage Shoreditch LLP group. The directors therefore consider it appropriate to prepare the Company’s accounts on a going concern basis for the going concern review period to 30 September 2026.

THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Auditor

Ernst & Young LLP were appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006 on 25 April 2025.

Strategic report and director's report disclosure

The Company has taken the exemption under Section 414B of the Companies Act 2006 from the requirement to prepare a Strategic Report for the financial period. In preparing this report, the directors have taken the advantage of the exemptions under the small companies regime provided by section 415A of the Companies Act 2006 from certain director's report disclosures.

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 being information needed by the auditor in connection with preparing its report, of which the Company’s auditor is unaware. Having made enquiries of fellow directors and the auditor, each director has taken all the steps that they are obliged 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.

Subsequent events

Details of any subsequent events are set out in note 11.

This report has approved by the board on 3 July 2025 and has been prepared in accordance with the small companies regime of the Companies Act 2006.

On behalf of the board
Mr J S Goldstein
Director
3 July 2025
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -

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) including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

 

 

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.

THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
- 4 -
Opinion

We have audited the financial statements of The Stage Shoreditch Residential Holdco Limited (the “Company”) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes 1 to 11, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 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:

Basis for opinion

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 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.

Material uncertainties relating to going concern

We draw attention to Note 1.3 in the financial statements, which indicates that the Company has material uncertainties regarding its ability to continue as a going concern. The material uncertainties relate to (i) Company’s ability to generate income to pay off the loan balance and fund the working capital requirement and (ii) whether the Company will be able to secure additional commitment from the Parent to cover identified cash shortfall within the going concern period.

 

As stated in note 1.3, these events or conditions, along with the other matters as set forth in note 1.3, indicate that material uncertainties exist that may cast significant doubt on the Company's ability to continue as a 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. Our opinion is not modified in respect of this matter.

 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company's ability to continue as a going concern.

Other information

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 this 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 the other information, we are required to report that fact.

 

We have nothing to report in this regard.

 

THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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 where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 3, 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.

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 STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
- 6 -

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

Our approach was as follows:

 

 

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our 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.

Christopher James Matthews, FCA (Senior statutory auditor)
For and on behalf of Ernst & Young LLP
Statutory Auditor
Jersey
Channel Islands
Date: 3 July 2025
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
Period
ended
31 December
2024
Notes
£
Administrative expenses
(47,416,888)
Loss before taxation
(47,416,888)
Tax on loss
5
-
0
Profit for the financial period
(47,416,888)
Other comprehensive income/(loss)
-
0
Total comprehensive income for the period
(47,416,888)
The notes on pages 10-15 form part of these financial statements.

The Statement of Comprehensive Income has been prepared on the basis that all amounts relate to continuing operations.

THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
Notes
£
£
Fixed assets
Investments
6
68,877,264
Current assets
Cash at bank and in hand
17,228,602
Creditors: amounts falling due within one year
7
(17,228,602)
Net current assets
-
0
Total assets less current liabilities
68,877,264
Capital and reserves
Called up share capital
8
200
Share premium account
116,293,952
Profit and loss reserves
(47,416,888)
Total equity
68,877,264

The notes on pages 10 - 15 form part of these financial statements.

 

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

The financial statements on pages 7 - 15 were approved by the board of directors and authorised for issue on
3 July 2025
03 July 2025
and are signed on its behalf by:
Mr J S Goldstein
Director
Company Registration No. 15358216
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Share
Share
Profit
Total
capital
premium account
and loss reserves
Notes
£
£
£
£
Period ended 31 December 2024:
Loss and total comprehensive income for the period
-
-
(47,416,888)
(47,416,888)
Issue of share capital
8
200
116,293,952
-
116,294,152
Balance at 31 December 2024
200
116,293,952
(47,416,888)
68,877,264
The notes on pages 10 - 15 form part of these financial statements.
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

The Stage Shoreditch Residential Holdco Limited is a private company limited by shares incorporated in England and Wales. The registered office was changed to 72 Welbeck Street, London, W1G 0AY on 23 April 2024 (previously 116 Upper Street, London, N1 1QP). The Company number is 15358216. The date of incorporation was 18 December 2023.

1.1
Statement of compliance

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.

 

1.2
Basis of preparation

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.

The Company has taken the exemption under section 1A.7 of FRS 102 from the requirement to prepare a statement of cash flows and related disclosures for the financial period.

1.3
Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its liabilities as and when they fall due from the date of approval of the financial statements through to 30 September 2026 (the ‘going concern period’). At 31 December 2024, the Company net assets of £68,877,264. The directors have assessed the going concern period under assessment to be the period from the date of approval of the financial statements through the going concern period. true

 

The directors of the Company have prepared a robust forecast of the anticipated residential unit sales and operational outgoings of the Company over its going concern period which considers severe but plausible downside risks. In preparing the cash flow forecast for this Company as part of the group of companies (“Residential Group”) party to the Macquarie facility over the going concern period, the directors have considered all known operational expenses including the amortisation of the loan facility.

 

Having considered the downside risk, there is a possibility that the anticipated sales of the residential properties might not be achieved in line with management’s forecasted cash flows (either from a quantum or timing perspective), which could result in cash shortfall and could adversely affect the debt amortisation repayments due during the going concern period; in this case, the Company would be reliant on further discretionary funding from its investors which is not within management’s control. Therefore, there is a material uncertainty which casts significant doubt over the going concern of the Company namely, we note that there is a risk that the entity will be unable to make the scheduled loan repayments in line with the amortisation schedule and fund working capital requirements of the entities as well as the risk that investors will not advance additional funding to cover the shortfall should the Company fail to meet its sales targets.

 

However, the directors are confident that sales will improve during the going concern period and the amortisation targets will be achieved, with any shortfall funded by the investors of the Stage Shoreditch LLP group. The directors therefore consider it appropriate to prepare the Company’s accounts on a going concern basis for the going concern review period to 30 September 2026.

1.4
Reporting period

The accounts relate to the period from date of incorporation on 18 December 2023 to 31 December 2024.

1.5
Fixed asset investments

Investments are initially measured at cost. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in Statement of Comprehensive Income.

THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

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.

 

The results of the Company are included in the consolidated financial statements of The Stage Shoreditch LLP, an entity incorporated in England and Wales. The financial statements of The Stage Shoreditch LLP are prepared in accordance with FRS102 and can be obtained from 72 Welbeck Street, London W1G 0AY. Thus, the Company has taken the exemption under section 9.3 of FRS 102 from the requirement to consolidate results of its subsidiary for the financial period.

1.6
Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand and are subject to insignificant risk of changes in fair value.

1.7
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 statement of financial position 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.

Impairment of financial assets

Financial assets, other than those held 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 and it is certain that the carrying amount will not be recovered in full. If an asset is impaired, the impairment loss is the difference between the carrying amount and recoverable amount. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

1.8
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.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Unrelieved tax losses and other deferred tax assets are recognised only to the extent it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

The following are the Company's key sources of estimation uncertainty and areas requiring significant judgement:

Critical judgements
Impairment of investments

Investment carrying values are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or cash-generating unit is not recoverable.

THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Estimates
Taxation

The Company establishes provisions depending on reasonable estimates based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies

Accrued expenses

The Company recognises estimates in relation to accrued expenses recorded at the year end based on past experience of similar outgoings incurred or their knowledge of the expected outgoings to be incurred depending on the nature of goods or services rendered that are yet to be billed.

3
Employees

The average monthly number of persons (including directors) employed by the Company during the period was nil.

4
Operating loss before taxation
2024
Operating loss for the period is stated after charging:
£
Impairment of fixed asset investments
47,416,888

The Company’s audit fees are borne by another member of the Group, The Stage Shoreditch Residential Limited; we note that any audit fees related to the Company are incidental to the audit of The Stage Shoreditch Residential Limited. No non-audit services were provided during the year.

5
Taxation

The actual charge for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:

2024
£
Loss before taxation
(47,416,888)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(11,854,222)
Tax effect of expenses that are not deductible in determining taxable profit
11,854,222
Taxation charge for the period
-
6
Fixed asset investments
2024
£
Investments in subsidiaries
68,877,264
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
6
Fixed asset investments
(Continued)
- 14 -

On 8 January 2024, the Company wholly invested in the ordinary share capital of The Stage Shoreditch Residential Limited, registered in England and Wales.

Shares in group undertakings
£
Cost or valuation
At 18 December 2023
-
Additions
116,294,152
At 31 December 2024
116,294,152
Impairment
At 18 December 2023
-
Impairment losses
47,416,888
At 31 December 2024
47,416,888
Carrying amount
At 31 December 2024
68,877,264
7
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
17,228,602

Amounts due to group undertakings are unsecured, interest free and payable on demand without restrictions.

 

Included in amounts due to group undertakings is an unsecured, interest free loan of £17,228,502 from the Company's subsidiary, The Stage Shoreditch Residential Limited, which is payable on demand without restrictions. Accordingly this has been classified as current.

8
Called up share capital
2024
2024
Ordinary share capital
Number
£
of 0p each
-
-
Authorised, issued and fully paid
200 ordinary shares of £1 each
200
200
The Company has profit or loss reserves which comprise of the total comprehensive income or loss for the period.
THE STAGE SHOREDITCH RESIDENTIAL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 15 -
9
Parent undertaking

The Company's immediate parent undertaking is The Stage Shoreditch (Master) Unit Trust, an entity incorporated in Jersey. The smallest group in which the results of the Company are consolidated is that prepared by The Stage Shoreditch LLP. Copies of the consolidated financial statements of The Stage Shoreditch LLP are publicly available from 72 Welbeck Street, London, W1G 0AY.

 

The largest group in which the results of the Company are consolidated is that prepared by Eldridge Industries LLC, of 600 Steamboat Road, Greenwich, CT 06830. The financial statements of this entity are not publicly available.

10
Related party transactions

At the reporting date, amounts due to fellow members of the Group was £17,228,602.

 

The Company has taken advantage of the exemption afforded by FRS 102.33.1A not to disclose transactions between wholly owned members of the Group.

11
Subsequent events

There are no subsequent events to report.

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