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REGISTERED NUMBER: 13386483 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

VRESHP (AFFORDABLE) LIMITED

VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

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










Page

Balance Sheet 1

Notes to the Financial Statements 2


VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 57,732 276,722
Investments 5 36 36
Investment property 6 37,194,150 40,701,349
37,251,918 40,978,107

CURRENT ASSETS
Debtors 7 1,477,508 1,059,043
Cash at bank 708,071 2,031,628
2,185,579 3,090,671
CREDITORS
Amounts falling due within one year 8 (40,340,777 ) (11,929,903 )
NET CURRENT LIABILITIES (38,155,198 ) (8,839,232 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(903,280

)

32,138,875

CREDITORS
Amounts falling due after more than one
year

9

(4,119,550

)

(32,391,661

)

PROVISIONS FOR LIABILITIES 11 (144,519 ) (557,999 )
NET LIABILITIES (5,167,349 ) (810,785 )

CAPITAL AND RESERVES
Called up share capital 12 101 101
Revaluation reserve 13 (1,815,907 ) 1,691,292
Retained earnings (3,351,543 ) (2,502,178 )
SHAREHOLDERS' FUNDS (5,167,349 ) (810,785 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





R W H Taylor - Director


VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

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


1. STATUTORY INFORMATION

Vreshp (Affordable) Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 13386483 and registered office is 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ.

The presentational currency of the financial statements and the functional currency of the company is Pound Sterling (£).

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.

Related party exemption
The company has taken advantage of the exemption, under the terms of Section 1A 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 is measured at the fair value of the rental income received or receivable from tenants. Leases that include a rent-free period or stepped rent have their rental income spread over the term of the lease or for the term to the next lease break if it is anticipated that the tenant will exercise their break option.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the life of the lease

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. Financial instruments are recognised 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, which include trade debtors, other debtors, amounts due from group undertakings 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including trade creditors, other creditors and amounts owed to group undertakings, 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Finance costs
Finance costs include interest on bank loans, interest on shareholder loans and associated costs of obtaining finance.

The bank loan attracts a fixed interest rate of 4.87%, which is payable on a quarterly basis. The loans with the shareholders bear interest at a rate of 5.5%. The interest accrues and compounds quarterly. Costs associated with obtaining finance are spread over the term of the loan, which expires in December 2025.

Going concern
At the balance sheet date, the company had net current liabilities and negative retained earnings. The company's directors have indicated that they will provide support via the group to enable the company to meet its liabilities as they fall due. As this support will continue for the foreseeable future, for a period of at least 12 months, these financial statements have been prepared on the going concern basis.

VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

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


3. EMPLOYEES

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

4. TANGIBLE FIXED ASSETS
Short
leasehold
£   
COST
At 1 January 2024 291,186
Additions 60,137
Disposals (291,186 )
At 31 December 2024 60,137
DEPRECIATION
At 1 January 2024 14,464
Charge for year 14,053
Eliminated on disposal (26,112 )
At 31 December 2024 2,405
NET BOOK VALUE
At 31 December 2024 57,732
At 31 December 2023 276,722


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 36
NET BOOK VALUE
At 31 December 2024 36
At 31 December 2023 36

VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

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


5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Cullingworth School Management Company Limited
Registered office: 105 Piccadilly, London, W1J 7NJ
Nature of business: Residents property management
%
Class of shares: holding
A Ordinary 100.00
B Ordinary 100.00

The company also has control of the following companies limited by guarantee:

SB RTM Company Limited
Registered office: 105 Piccadilly, London, W1J 7NJ
Nature of business: Residents property management

The Avenues RTM Company Limited
Registered office: 105 Piccadilly, London, W1J 7NJ
Nature of business: Residents property management

Sterling Court RTM Company Limited
Registered office: 105 Piccadilly, London, W1J 7NJ
Nature of business: Residents property management

Baileygate RTM Company Limited
Registered office: 105 Piccadilly, London, W1J 7NJ
Nature of business: Residents property management

Broad Oaks RTM Company Limited
Registered office: 105 Piccadilly, London, W1J 7NJ
Nature of business: Residents property management

Perwest Management Company Limited
Registered office: 105 Piccadilly, London, W1J 7NJ
Nature of business: Residents property management

PR8 Management Company Limited
Registered office: 105 Piccadilly, London, W1J 7NJ
Nature of business: Residents property management

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 40,701,349
Revaluations (3,507,199 )
At 31 December 2024 37,194,150
NET BOOK VALUE
At 31 December 2024 37,194,150
At 31 December 2023 40,701,349

VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

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


6. INVESTMENT PROPERTY - continued

The investment properties were valued by the directors at 31 December 2024.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 314,203 425,642
Other debtors 555,477 76,842
Accrued income 117,166 21,576
Prepayments 323,210 356,069
Rent spreading 167,452 178,914
1,477,508 1,059,043

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 28,541,142 -
Trade creditors 250,427 78,376
Amounts owed to group undertakings 10,230,551 11,422,274
Other creditors 555,036 5,001
Deferred income 337,194 71,434
Accrued expenses 426,427 352,818
40,340,777 11,929,903

The bank loan is due for repayment in December 2025. The bank loan attracts a fixed interest rate of 4.87%, which is payable on a quarterly basis.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years - 28,608,933
Amounts owed to group undertakings 4,119,550 3,782,728
4,119,550 32,391,661

The loans with the shareholders bear interest at a rate of 5.5%. The interest accrues and compounds quarterly.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 28,541,142 28,608,933

Oxane Partners Limited acting as security trustee for EQ ECRED Investments I S.a.r.l., have a fixed and floating charge over all the assets of the company as security for the loan. They also have a fixed and floating charge over the assets of related group companies Vreshp (Specialist Supported) Limited and Vreshp (Homelessness) Limited. The total amount secured across all the companies is £50,522,178 (2023: £52,619,597).

VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

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


11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 144,519 557,999

Deferred
tax
£   
Balance at 1 January 2024 557,999
Credit to Profit and Loss Account during year (413,480 )
Balance at 31 December 2024 144,519

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
98 Ordinary A 1 98 98
2 Ordinary B 1 2 2
100 100

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
1 C Shares 1 1 1

The A Ordinary and B Ordinary shares have voting rights, a right to appoint directors and a right to receive dividends and distributions upon a winding up.

The C share has a right to receive dividends and distributions upon a winding up but does not have voting rights or a right to appoint a director.

13. RESERVES
Revaluation
reserve
£   
At 1 January 2024 1,691,292
Transfer on asset revaluation (3,507,199 )

At 31 December 2024 (1,815,907 )

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

The Report of the Auditors was unqualified.

Richard Gilbert (Senior Statutory Auditor)
for and on behalf of SRLV Audit Limited

VRESHP (AFFORDABLE) LIMITED (REGISTERED NUMBER: 13386483)

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


15. RELATED PARTY DISCLOSURES

During the year, the company purchased asset management services with a value of £54,256 (2023: £66,266) from Vengrove Real Estate (UK) Limited, a company of which R W H Taylor is a director. As at 31 December 2024, the company owed £33,133 (2023: £33,133) to Vengrove Real Estate (UK) Limited. The company is expecting to owe further asset management fees of £37,690 (2023: £Nil) to Vengrove Real Estate (UK) Limited.

16. POST BALANCE SHEET EVENTS

After the balance sheet date, the Company disposed of several investment properties, for an aggregate sales price of £8,160,965.

17. ULTIMATE CONTROLLING PARTY

The immediate parent company is CL UK SH Sarl, a company incorporated in Luxembourg. There is no single ultimate parent company. The ultimate controlling party is Rory O'Neill.