Company registration number 13647297 (England and Wales)
HMT CANNON PLACE LIMITED
Annual report and financial statements
For the year ended 31 December 2024
HMT CANNON PLACE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Statement of cash flows
3
Notes to the financial statements
4 - 9
HMT CANNON PLACE LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
- 1 -
2024
2023
Notes
£
£
Non-current assets
Investment property
4
47,900,000
50,000,000
Current assets
Trade and other receivables
5
424,237
424,237
Cash and cash equivalents
761,500
1,152,059
1,185,737
1,576,296
Current liabilities
Trade and other payables
7
598,179
657,779
Current tax liabilities
77,189
69,547
Deferred revenue
8
362,504
362,855
1,037,872
1,090,181
Net current assets
147,865
486,115
Non-current liabilities
Borrowings
6
31,700,000
32,500,000
Net assets
16,347,865
17,986,115
Equity
Called up share capital
9
101
101
Share premium account
10
23,299,999
23,299,999
Retained earnings
(6,952,235)
(5,313,985)
Total equity
16,347,865
17,986,115

The directors of the company have elected not to include a copy of the income statement within the financial statements.

These financial statements have been prepared and delivered 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 2 July 2025 and are signed on its behalf by:
Mr M Laukin
Mr B J Chambers
Director
Director
Company registration number 13647297
HMT CANNON PLACE LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
- 2 -
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
Balance at 1 January 2023
101
23,299,999
(5,763,233)
17,536,867
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
449,248
449,248
Balance at 31 December 2023
101
23,299,999
(5,313,985)
17,986,115
Loss and total comprehensive income for the year
-
-
(1,638,250)
(1,638,250)
Balance at 31 December 2024
101
23,299,999
(6,952,235)
16,347,865
HMT CANNON PLACE LIMITED
STATEMENT OF CASH FLOWS
For the year ended 31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
1,240,190
1,308,701
Interest paid
6
(684,658)
(987,460)
Income taxes paid
7
(146,091)
(196,902)
Net cash inflow from operating activities
409,441
124,339
Financing activities
Repayment of borrowings
(800,000)
(500,000)
Net cash used in financing activities
(800,000)
(500,000)
Net decrease in cash and cash equivalents
(390,559)
(375,661)
Cash and cash equivalents at beginning of year
1,152,059
1,527,720
Cash and cash equivalents at end of year
761,500
1,152,059
HMT CANNON PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
- 4 -
1
Accounting policies
Company information

HMT Cannon Place 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 International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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.

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
Revenue

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

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The investment property is depreciated over 289 years, which is the length of the long lease, on a straight line basis.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.6
Financial assets

Financial assets are recognised in the company's statement of financial position 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.

 

Financial assets are initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

HMT CANNON PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

On initial recognition the company calculates the expected credit loss for debtors based on lifetime expected credit losses under the IFRS 9 simplified approach.

 

Investment property held at amortised cost is compared to an external valuation at the balance sheet date to determine if an impairment is required.

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.

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.

1.10

Cashflow statement

The company prepares its statement of cashflows using the indirect method.

HMT CANNON PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 6 -
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 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. Total impairment loss of £5,854,103 was recognised to the year ended 31 December 2023. Following the valuation at the end of current year, further impairment loss of £1,905,266 has been recognised.

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
2023
£
£
Cost
At 1 January 2024 and 31 December 2024
56,278,250
56,278,250
Accumulated depreciation
At 1 January 2024
6,278,250
6,278,250
Charge for the year
194,734
194,734
Impairment losses
1,905,266
-
Reversals of impairment losses
-
(194,734)
At 31 December 2024
8,378,250
6,278,250
Carrying value
At 31 December 2024
47,900,000
50,000,000
At 31 December 2023
50,000,000
50,000,000
HMT CANNON PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
4
Investment property
(Continued)
- 7 -

No depreciation has been charged over the value of the land.

 

The fair value of investment property amounts to £47.9m. 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.

 

The fair value of the investment property amounts to less than the carrying value of the investment property at the period end and therefore total impairment of £1,905,266 has been recognised for the financial period.

5
Trade and other receivables
2024
2023
£
£
Trade receivables
421,566
421,566
Amount owed by parent undertaking
100
100
Prepayments
2,571
2,571
424,237
424,237
6
Borrowings
Non-current
2024
2023
£
£
Borrowings held at amortised cost:
Loans from parent undertaking
31,700,000
32,500,000

The loan of £31.7m (2023: £32.5m) from parent undertaking bears a fixed interest per annum at a rate based on arm's length basis which has been determined by a transfer pricing study prepared by an external independent advisor. Per the Interest rate benchmarking report the transaction should bear an interest rate between 1.95% and 2.25% p.a. to comply with the arm's length principle. An average rate of 2.1% has been used by the entity based on the Interest rate benchmarking report. Total interest payable for the period is £670,349.

 

The loan is unsecured.

7
Trade and other payables
2024
2023
£
£
Accruals
30,451
75,742
Other taxation
65,667
65,667
Amount owed to parent undertaking
502,061
516,370
598,179
657,779
HMT CANNON PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 8 -
8
Deferred revenue
2024
2023
£
£
Arising from rental income
362,504
362,855
All deferred revenues are expected to be settled within 12 months from the reporting date.
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
101
101
101
101
10
Share premium account
2024
2023
£
£
At the beginning and end of the year
23,299,999
23,299,999
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 unqualified.

Senior Statutory Auditor:
Chris Catto
Statutory Auditor:
WSM Advisors Limited
Date of audit report:
3 July 2025
12
Related party transactions

Included in borrowings is a loan of £31.7m (2023: £32.5m) from its parent company for the purpose of funding the acquisition of the investment property. The loan is unsecured and is payable after 5 years. The market interest of 2.1% was charged by the parent company, which is payable annually.

13
Controlling party

The ultimate parent company is Amcotec NV whose registered office address is 79 Huette Eupen, Belgium 4700.

HMT CANNON PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 9 -
14
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year before income tax
(1,484,517)
588,323
Adjustments for:
Finance costs
670,349
687,419
Depreciation and impairment of investment properties
2,100,000
-
Movements in working capital:
Trade and other receivables
-
58,524
Decrease in trade and other payables
(45,291)
(25,565)
Decrease in deferred revenue outstanding
(351)
-
Cash generated from operations
1,240,190
1,308,701
Cash absorbed by operations has been calculated using the indirect method.
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