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Registered number: 13006624












NOMURA REAL ESTATE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

NOMURA REAL ESTATE UK LIMITED

CONTENTS



Page
Company information
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent Auditor's Report
 
4 - 7
Profit and loss account
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 22


 

NOMURA REAL ESTATE UK LIMITED
 
COMPANY INFORMATION


Directors
T Kojima (appointed 1 April 2025)
T Nagata (appointed 1 April 2025)
A Ogata (resigned 1 April 2025)
Y Hayasaka  
J Yamada (appointed 1 April 2024, resigned 1 April 2025)




Registered number
13006624



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Independent auditors
Ernst & Young LLP

25 Churchill Place

London

E14 5EY




Page 1

 

NOMURA REAL ESTATE UK LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for Nomura Real Estate UK Limited (the 'company') for the year ended 31 December 2024.

Directors

The directors who served during the year and up until the date of this report is approved were:

T Kojima (appointed 1 April 2025)
T Nagata (appointed 1 April 2025)
A Ogata (resigned 1 April 2025)
Y Hayasaka 
J Yamada (appointed 1 April 2024, resigned 1 April 2025)

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsErnst & Young LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Y Hayasaka
Director

Date: 21 July 2025

Page 2

 

NOMURA REAL ESTATE UK LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the directors' report and the financial statements for Nomura Real Estate UK Limited (the 'company') in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for Nomura Real Estate UK Limited (the 'company') for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. In accordance with the provisions of the Small Companies Regime, the directors confirm that the company is eligible to prepare its financial statements in accordance with the special provisions applicable to small companies. The directors have assessed the company's compliance with the criteria for small companies as defined in the Companies Act and confirm that the company meets the relevant thresholds for turnover, balance sheet total, and number of employees. The financial statements have been prepared in accordance with the applicable accounting standards and reflect a true and fair view of the company's financial position and performance. 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 for Nomura Real Estate UK Limited (the 'company'), the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3

 

NOMURA REAL ESTATE UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOMURA REAL ESTATE UK LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Nomura Real Estate UK Limited (the ‘company’) for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of changes in equity and the related notes 1 to 16, 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: 

give a true and fair view of the company’s affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 the 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.


Conclusions relating to 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.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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.


Page 4

 

NOMURA REAL ESTATE UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOMURA REAL ESTATE UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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.


Opinion on other matters prescribed by the Companies Act 2006
 

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

the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

the directors’ report has been prepared in accordance with applicable legal requirements.


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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit
the directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. 


Page 5

 

NOMURA REAL ESTATE UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOMURA REAL ESTATE UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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.


Auditors' 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.

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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting frameworks (United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006) and the relevant direct tax compliance regulation in the United Kingdom. 
We understood how the company is complying with those frameworks by making enquiries of management and by seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation, including board minutes. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. 
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance for their awareness of any non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, legal and professional expenses, and a review of other expenses. 

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.


Page 6

 

NOMURA REAL ESTATE UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOMURA REAL ESTATE UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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.





Thomas Culhane (Senior statutory auditor)
For and on behalf of Ernst & Young LLP, Statutory Auditor
London

21 July 2025
Page 7

 

NOMURA REAL ESTATE UK LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 5 
638,430
-

Administrative expenses
 3 
(1,065,673)
(101,464)

Operating loss
  
(427,243)
(101,464)

Impairment charge
 7 
(7,077,205)
-

Gain on disposal of investments
  
64,799
-

Loss before taxation
  
(7,439,649)
(101,464)

Tax on loss
 10 
-
-

Loss for the financial year
  
(7,439,649)
(101,464)

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 8


 
REGISTERED NUMBER:13006624
NOMURA REAL ESTATE UK LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 6 
2,729
-

Investments
 7 
103,635,279
161,590,338

  
103,638,008
161,590,338

Current assets
  

Debtors: amounts falling due within one year
 8 
757,642
4,302

Cash at bank and in hand
  
548,091
3,278,009

  
1,305,733
3,282,311

Creditors: amounts falling due within one year
 9 
(427,523)
(355,950)

Net current assets
  
 
 
878,210
 
 
2,926,361

Total assets less current liabilities
  
104,516,218
164,516,699

  

Net assets
  
104,516,218
164,516,699


Capital and reserves
  

Called up share capital 
 11 
536
603

Share premium account
 12 
110,961,345
164,738,896

Profit and loss account
 12 
(6,445,663)
(222,800)

Total equity
  
104,516,218
164,516,699


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Y Hayasaka
Director

Date: 21 July 2025

The notes on pages 11 to 22 form part of these financial statements.

Page 9

 

NOMURA REAL ESTATE UK LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
302
79,200,579
(121,336)
79,079,545



Loss for the year
-
-
(101,464)
(101,464)

Shares issued during the year
301
85,538,317
-
85,538,618



At 1 January 2024
603
164,738,896
(222,800)
164,516,699



Loss for the year
-
-
(7,439,649)
(7,439,649)

Shares issued during the year
80
20,299,920
-
20,300,000

Shares cancelled during the year
(147)
-
-
(147)

Shares redeemed during the year
-
(74,077,471)
1,216,786
(72,860,685)


At 31 December 2024
536
110,961,345
(6,445,663)
104,516,218


The notes on pages 11 to 22 form part of these financial statements.

Page 10

 

NOMURA REAL ESTATE UK LIMITED

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

1.


General information

Nomura Real Estate UK Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The company’s principal activity is to manage the investment properties through the subsidiary company on behalf of the ultimate parent company Nomura Real Estate Development Co, Ltd.
The financial statements have been presented in Pounds Sterling (£), this being the functional currency of the company and currency of the primary economic environment in which the company operates. Monetary amounts included in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company and its subsidiaries, (together the 'Group') headed by the company, qualify as small 
as set out in 
section 383 of the Companies Act 2006. Therefore the company is considered eligible for the exemption to prepare consolidated accounts as set out in section 399 of the Companies Act 2006.

 
2.3

Going concern

The company's business activities, together with the factors likely to affect its future development and position, are set out in note 1 - General information.
The company has received a letter of support from its immediate parent Nomura Real Estate Development, who are committed to supporting the company. During 2024, Nomura Real Estate UK Limited entered into an agreement with Nomura Real Estate Development, where it was agreed that Nomura Real Estate UK Limited would provide services and charge a service fee for the same, generating revenue for the first time since its incorporation and going forward.
The company's management have prepared detailed forecast models covering the next twelve months from the date of signing of these accounts and these show that the company will continue to have positive reserves and cash balances.
Management continues to monitor the companies' costs closely and complete regular reforecasting of its revenue, profitability and cash flow based on a number of different scenarios. 
On the basis of above, the Board is satisfied that it is appropriate for the company to continue to adopt the going concern basis of preparation for the financial statements for a period of at least 12 months from when these financial statements are authorised for issue.

Page 11

 

NOMURA REAL ESTATE UK LIMITED

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

2.Accounting policies (continued)

 
2.4

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.


2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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 company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 12

 

NOMURA REAL ESTATE UK LIMITED

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

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.



Page 13

 

NOMURA REAL ESTATE UK LIMITED

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

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.


The company is loss making and thus tax charge is nil in the profit and loss account.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Fixed asset  investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.11

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 14

 

NOMURA REAL ESTATE UK LIMITED

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

3.


Administrative expenses

The administrative expenses is stated after charging:

2024
2023
£
£

Audit fee cost
28,180
27,460

Tangible fixed assets - depreciation
94
-

Other operating lease rentals
85,514
10,320

Gross wages
832,283
-

Other administrative expenses
119,602
63,684

(1,065,673)
(101,464)

No amounts were payable to the auditor in respect of non-audit services in the year and in the last year. 


4.


Employees

2024
2023
£
£

Staff salaries
832,283
-

Social security costs
-
-

832,283
-


Pension arrangements

The company adopts a modified payroll scheme. The parent company (Nomura Real Estate Development Co, Ltd) pays the pension for the employees in Japan. The company does not pay any pension costs for them.

The average monthly number of employees, including directors, during the year was 3 (2023 - 2).


5.


Turnover

The company signed a service agreement with Nomura Real Estate Development Co, Ltd in September 2024 to receive service income at cost-plus model, taking effect from September 2024.

Page 15

 

NOMURA REAL ESTATE UK LIMITED

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

6.


Tangible fixed assets





Office equipment

£



Cost 


At 1 January 2024
-


Additions
2,823



At 31 December 2024

2,823



Depreciation


At 1 January 2024
-


Charge for the year
94



At 31 December 2024

94



Net book value



At 31 December 2024
2,729



At 31 December 2023
-

Page 16

 

NOMURA REAL ESTATE UK LIMITED

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

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
161,590,338


Additions
20,300,000


Disposals
(71,177,854)



At 31 December 2024

110,712,484



Impairment


At 1 January 2024
-


Charge for the period
7,077,205



At 31 December 2024

7,077,205



Net book value



At 31 December 2024
103,635,279



At 31 December 2023
161,590,338

During the year, the company made additional capital injections to 247 Tottenham Court Road Limited totalling £12m (following the initial acquisition in 2023) and 127 Charing Cross Road Limited totalling £8.3m. The company also sold its full shares of 247 Tottenham Court Road Limited during the year to Nomura Real Estate Asia, resulting in a total disposal of £71.2 million. A gain of £64,799 on the disposal of 247 Tottenham Court Road Limited has been recognised in the income statement.
The directors believe that the carrying value of the investment in subsidiary undertakings is supported by the fair value of its direct and indirect subsidiaries. For impairment testing, the carrying value of the investment was measured against the total value of the subsidiaries, derived from the present value of the group's future cashflows less the surplus net assets of parent companies and relevant regulatory capital requirements. The impairment test indicated that the total value of 127 Charing Cross Road Limited was £103,635,279, which was less than the carrying value of the company's investment in the subsidiary of  £110,712,484 (2023: £102,412,484).  As a result, the company has concluded that the investment is impaired and, accordingly, a charge of £7,077,205 (2023: £nil). This charge is recorded as a separate line item in the income statement.

Page 17

 

NOMURA REAL ESTATE UK LIMITED

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

8.


Debtors

2024
2023
£
£


Other debtors
91,535
4,302

Prepayments and accrued income
666,107
-

757,642
4,302



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
314,696
316,850

Accruals and deferred income
112,827
39,100

427,523
355,950



10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
-

Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on loss
-
-
Page 18

 

NOMURA REAL ESTATE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(7,439,649)
(101,464)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19%)
(1,859,912)
(19,278)

Effects of:


Losses upon which no deferred tax is recognised
1,859,912
19,278

Total tax charge for the year
-
-

Page 19

 

NOMURA REAL ESTATE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)

Tax rate changes

The tax rate for the current year is the same as the prior year. In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% companies with taxable profits over £250,000 (rather than remaining at 19%, as previously enacted). Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

Deferred tax (assets)/liabilities

No Deferred tax asset has been recognised in respect of carry forward tax losses of £645,029 (2023 - £221,780) as the directors consider that it is insufficiently likely that taxable profits against which these assets may be recovered, will be available.

Current tax

Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

In December 2021, the OECD released a framework for Pillar Two Model Rules, which will introduce a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global revenue over €750 million.

The legislation implementing the rules in the UK was substantively enacted on 20 June 2023 and will apply to the company from this financial year onwards. The company continues to review this legislation and monitor developments.
We do not expect that the 15% global minimum tax rate would affect materially the amount of tax the company pays. The company has applied the temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two rules.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company’s financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

The company is within the scope of these rules and estimates that there should be no top up tax
required. The company continues to review this legislation and monitor developments.


Page 20

 

NOMURA REAL ESTATE UK LIMITED

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

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



536 (2023 - 603) Ordinary share shares of £1.00 each
536
603



12.


Reserves

Share premium account

The share premium account represents the excess of consideration paid, over the nominal value, on the purchase of share capital and it is not distributable. The share premium at the year end is £110,961,345 (2023: £164,738,896).

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. The profit and loss account at the year end is -£6,445,633 (2023: -£222,800). During 2024 the company reduced its share premium by £74,077,471 and £72,860,655 of the amount was repaid in cash to the sole member of the company, the difference has been transferred to distributed reserve.


13.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
6,000
20,640

6,000
20,640


14.


Related party transactions

The company has opted not to make related party disclosure subject to the small companies regime.


15.


Post balance sheet events

The company issued another 100 shares on 31 March 2025 at the cost of £1 each. The total amount paid was £19,000 with the excess recorded in the share premium.

Page 21

 

NOMURA REAL ESTATE UK LIMITED

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

16.


Controlling party

The ultimate parent company is Nomura Real Estate Holdings, Inc registered in Japan.
The smallest group for which consolidated financial statements are drawn up is headed by Nomura Real Estate Development Co., Ltd. whose registered office address is Shinjuku Nomura Building, 1-26-2, Nishi-Shinjuku, Shinjuku-ku, Tokyo 163-0566, Japan

The largest group for which consolidated financial statements are drawn up is headed by Nomura Real Estate Holdings, Inc a company incorporated in Japan whose registered office address is Shinjuku Nomura Building, 1-26-2 Nishi-Shinjuku, Shinjuku-ku, Tokyo, 163-0566, Japan.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 21 July 2025 by Thomas Culhane (senior statutory auditor) on behalf of Ernst & Young LLP.

Page 22