Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2023-10-02falseNo description of principal activity1truefalse 15180381 2023-10-02 2024-12-31 15180381 2022-10-02 2023-10-01 15180381 2024-12-31 15180381 2023-10-01 15180381 1 2023-10-02 2024-12-31 15180381 d:Director1 2023-10-02 2024-12-31 15180381 d:Director1 2024-12-31 15180381 d:Director2 2023-10-02 2024-12-31 15180381 d:Director2 2024-12-31 15180381 d:Director3 2023-10-02 2024-12-31 15180381 d:Director3 2024-12-31 15180381 d:RegisteredOffice 2023-10-02 2024-12-31 15180381 c:CurrentFinancialInstruments 2024-12-31 15180381 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 15180381 c:UKTax 2023-10-02 2024-12-31 15180381 c:ShareCapital 2023-10-02 2024-12-31 15180381 c:ShareCapital 2024-12-31 15180381 c:ShareCapital 2023-10-01 15180381 c:SharePremium 2023-10-02 2024-12-31 15180381 c:SharePremium 2024-12-31 15180381 c:SharePremium 2023-10-01 15180381 c:RetainedEarningsAccumulatedLosses 2023-10-02 2024-12-31 15180381 c:RetainedEarningsAccumulatedLosses 2024-12-31 15180381 c:RetainedEarningsAccumulatedLosses 2023-10-01 15180381 d:OrdinaryShareClass1 2023-10-02 2024-12-31 15180381 d:OrdinaryShareClass1 2024-12-31 15180381 d:FRS102 2023-10-02 2024-12-31 15180381 d:Audited 2023-10-02 2024-12-31 15180381 d:FullAccounts 2023-10-02 2024-12-31 15180381 d:PrivateLimitedCompanyLtd 2023-10-02 2024-12-31 15180381 c:Subsidiary1 2023-10-02 2024-12-31 15180381 c:Subsidiary1 1 2023-10-02 2024-12-31 15180381 c:Subsidiary2 2023-10-02 2024-12-31 15180381 c:Subsidiary2 1 2023-10-02 2024-12-31 15180381 6 2023-10-02 2024-12-31 15180381 e:PoundSterling 2023-10-02 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 15180381












247 TOTTENHAM COURT ROAD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

 

247 TOTTENHAM COURT ROAD LIMITED

CONTENTS



Page
Company information
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Profit and loss account
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 20


 

247 TOTTENHAM COURT ROAD LIMITED
 
COMPANY INFORMATION


Directors
H Yajima (appointed 1 April 2025)
Y Hayasaka (appointed 1 April 2025)
A Ogata (appointed 2 October 2023, resigned 1 April 2025)




Registered number
15180381



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Independent auditors
Ernst & Young LLP

25 Churchill Place

London

E14 5EY




Page 1

 

247 TOTTENHAM COURT ROAD LIMITED

DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for 247 Tottenham Court Road Limited (the 'company') for the period ended 31 December 2024.

Directors

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

A Ogata (appointed 2 October 2023, resigned 1 April 2025)

On 1 April 2025 H Yajima and Y Hayasaka were appointed as a directors.

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

 

247 TOTTENHAM COURT ROAD LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors are responsible for preparing the directors' 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 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, 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

 

247 TOTTENHAM COURT ROAD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 247 TOTTENHAM COURT ROAD LIMITED
 FOR THE PERIOD ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of 247 Tottenham Court Road Limited (the ‘company’) for the period 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 15, 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 period 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

 

247 TOTTENHAM COURT ROAD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 247 TOTTENHAM COURT ROAD LIMITED (CONTINUED)
FOR THE PERIOD 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 period 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; or
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

 

247 TOTTENHAM COURT ROAD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 247 TOTTENHAM COURT ROAD LIMITED (CONTINUED)
FOR THE PERIOD 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

 

247 TOTTENHAM COURT ROAD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 247 TOTTENHAM COURT ROAD LIMITED (CONTINUED)
FOR THE PERIOD 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 2006Our 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 auditors' 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

 

247 TOTTENHAM COURT ROAD LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024

15 month period ended
31 December
2024
Note
£

  

Administrative expenses
 4 
(309,469)

Loss before taxation
  
(309,469)

Tax on loss
 9 
-

Loss for the financial period
  
(309,469)

There are no items of other comprehensive income for the period other than the loss for the period. Accordingly, no statement of other comprehensive income has been presented.

Page 8


 
REGISTERED NUMBER:15180381
247 TOTTENHAM COURT ROAD LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
Note
£

Fixed assets
  

Investments in joint ventures
 6 
67,975,666

Current assets
  

Debtors: amounts falling due within one year
 7 
67,690

Cash at bank and in hand
  
9,994,260

  
10,061,950

Creditors: amounts falling due within one year
 8 
(99,100)

Net current assets
  
 
 
9,962,850

Total assets less current liabilities
  
77,938,516

  

Net assets
  
77,938,516


Capital and reserves
  

Called up share capital 
 10 
151

Share premium account
 11 
78,247,834

Profit and loss account
 11 
(309,469)

Total equity
  
77,938,516


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 20 form part of these financial statements.

Page 9

 

247 TOTTENHAM COURT ROAD LIMITED

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


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

£
£
£
£

At 2 October 2023
-
-
-
-



Loss for the period
-
-
(309,469)
(309,469)

Shares issued during the period
151
78,247,834
-
78,247,985


At 31 December 2024
151
78,247,834
(309,469)
77,938,516

The notes on pages 11 to 20 form part of these financial statements.

Page 10

 

247 TOTTENHAM COURT ROAD LIMITED

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

1.


General information

247 Tottenham Court Road 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 financial statements cover the period from 2 October 2023 to 31 December 2024.
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 are presented in Sterling (£), which is the functional currency of the company. Monetary amounts 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 Asia Pte. Ltd, who are committed to supporting the company through this period of transition. 

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.

 
2.3

Valuation of investments

Investments in joint ventures are measured at cost less accumulated impairment.

 
2.4

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. 

Page 11

 

247 TOTTENHAM COURT ROAD LIMITED

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

2.Accounting policies (continued)


2.5

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.

Financial liabilities

Basic financial liabilities, including other creditor 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.

Page 12

 

247 TOTTENHAM COURT ROAD LIMITED

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

2.Accounting policies (continued)




Financial instruments (continued)

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.

 
2.6

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.7

Share capital

Ordinary shares are classified as equity. 

Page 13

 

247 TOTTENHAM COURT ROAD LIMITED

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Impairment of investments in subsidiary undertakings
The company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the company estimates the recoverable amount of assets.


4.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

15 month period ended 31 December 2024
£

Audit fees
43,000

Other administrative expenses
266,469

309,469

There are no non-audit fees during the period.


5.


Employees



The average monthly number of employees, including directors, during the period was 1. The directors did not receive remuneration from the company during the year.

Page 14

 

247 TOTTENHAM COURT ROAD LIMITED

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

6.


Investments in joint ventures





Investments in joint ventures

£



Cost


At 2 October 2023
-


Additions
67,975,666



At 31 December 2024
67,975,666





Joint venture undertakings


The following were joint venture undertakings of the company:

Name

Registered office

Holding

M&G Fitzrovia Limited Partnership
10 Fenchurch Avenue, London, EC3M 5AG
50%
M&G Fitzrovia GP Limited
10 Fenchurch Avenue, London, EC3M 5AG
50%

Page 15

 

247 TOTTENHAM COURT ROAD LIMITED

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

7.


Debtors

2024
£


Other debtors
1

Prepayments
67,689

67,690



8.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
39,600

Accruals
59,500

99,100



9.


Taxation


15 month period ended
31 December
2024
£

Corporation tax


Current tax on profits for the year
-

Total current tax
-

Deferred tax

Total deferred tax
-


Tax on loss
-
Page 16

 

247 TOTTENHAM COURT ROAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

15 month period ended
31 December
2024
£


Loss on ordinary activities before tax
(309,469)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
(77,417)

Effects of:


Losses upon which no deferred tax is recognised
77,417

Total tax charge for the period
-

Page 17

 

247 TOTTENHAM COURT ROAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
9.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 £309,469 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 18

 

247 TOTTENHAM COURT ROAD LIMITED

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

10.


Share capital

2024
£
Allotted, called up and fully paid


151 Ordinary shares of £1.00 each
151


Upon incorporation 151 Ordinary £1 shares were allotted and fully paid up.


11.


Reserves

Share premium account

The share premium account balance at 31 December 2024 was £78,247,834. During the period, 151 ordinary shares were issued at a premium of £518,198 per share. 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.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


12.


Capital commitments


At 31 December 2024 the company had capital commitments as follows:

2024
£


Total commitments
24,788,030

Capital drawdowns to date
(14,735,000)

Remaining commitments
10,053,030


13.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


14.


Post balance sheet events

There have bene no significant events identified up to the date of the approval of the financial statements which would require adjustment to, or disclosure in the financial statements.

Page 19

 

247 TOTTENHAM COURT ROAD LIMITED

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

15.


Controlling party

The company is a wholly owned subsidiary of  Nomura Real Estate Asia a company incorporated in  Singapore whose registered office address is 8 Marina Boulevard, Marina Bay Financial Centre Tower 1, #28-04, Singapore 018981.
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.

Page 20