PROPCO 50 BLACKFRIARS ST. LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PROPCO 50 BLACKFRIARS ST. LTD
COMPANY INFORMATION
Directors
A J Bleeker
O Winter
Company number
10664889 (England and Wales)
Registered office
Rivermead House
7 Lewis Court
Grove Park
Leicester
LE19 1SD
Auditor
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
PROPCO 50 BLACKFRIARS ST. LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PROPCO 50 BLACKFRIARS ST. LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
92,000
232,000
Tangible assets
4
12,089,155
12,596,660
12,181,155
12,828,660
Current assets
Debtors
5
1,910,459
1,831,520
Cash at bank and in hand
46,252
110,575
1,956,711
1,942,095
Creditors: amounts falling due within one year
6
(247,331)
(180,390)
Net current assets
1,709,380
1,761,705
Total assets less current liabilities
13,890,535
14,590,365
Creditors: amounts falling due after more than one year
7
(15,116,688)
(15,559,250)
Net liabilities
(1,226,153)
(968,885)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(1,226,154)
(968,886)
Total equity
(1,226,153)
(968,885)

The notes on pages pages 2 to 7 form an integral part of these 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
A J Bleeker
Director
Company registration number 10664889 (England and Wales)
PROPCO 50 BLACKFRIARS ST. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Propco 50 Blackfriars St. Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rivermead House, 7 Lewis Court, Grove Park, Leicester, LE19 1SD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 reviewed their expectations of future trading performance, the budgets for 2025 and 2026 and the cash flow forecasts and projections. The directors are satisfied that the company will be able to operate within the level of its facilities and those provided by the parent undertaking for the foreseeable future. After reviewing all areas of the business, together with the principal risks and uncertainties, and taking into account the provision of financial support from the parent company, the directors are satisfied that the financial statements can continue to be prepared on a going concern basis. The cash flow forecast is continuously monitored. true

1.3
Turnover

Turnover represents rent receivable from A & O Hostel & Hotel Edinburgh Ltd.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Head lease
10% straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Shorter of 50 years and lease term
Leasehold improvements
20% straight line basis
PROPCO 50 BLACKFRIARS ST. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.8
Taxation

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

Current tax

Taxable profit differs from net profit as reported in the profit and loss account 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.

PROPCO 50 BLACKFRIARS ST. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets and liabilities attributable to the lease are recognised at fair value at the inception of the lease. Lease payments are apportioned between finance charges and the reduction of the lease obligation using the effective interest rate method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0

There are 2 (2023: 3) appointed directors, not directly employed.

PROPCO 50 BLACKFRIARS ST. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Intangible fixed assets
Head lease
£
Cost
At 1 January 2024 and 31 December 2024
1,153,536
Amortisation and impairment
At 1 January 2024
921,536
Amortisation charged for the year
140,000
At 31 December 2024
1,061,536
Carrying amount
At 31 December 2024
92,000
At 31 December 2023
232,000

The company obtained the leasehold interest of the property in a prior year (see note 4). The intangible asset, being the leasehold interest, is being amortised on a straight line basis over the remaining term of the lease, which terminates in 2025.

4
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Total
£
£
£
Cost
At 1 January 2024
13,400,820
1,318,908
14,719,728
Additions
-
0
29,658
29,658
At 31 December 2024
13,400,820
1,348,566
14,749,386
Depreciation and impairment
At 1 January 2024
1,764,447
358,621
2,123,068
Depreciation charged in the year
268,016
269,147
537,163
At 31 December 2024
2,032,463
627,768
2,660,231
Carrying amount
At 31 December 2024
11,368,357
720,798
12,089,155
At 31 December 2023
11,636,373
960,287
12,596,660

In a prior period the Company entered into a long lease agreement for the property, which had previously been held as a freehold interest. The newly-created leasehold was independently valued using a discounted cash flow method by Cushman and Wakefield on 14 March 2017.

PROPCO 50 BLACKFRIARS ST. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
15,526
Amounts owed by group undertakings
1,903,565
1,776,613
Other debtors
6,894
7,103
Prepayments and accrued income
-
0
32,278
1,910,459
1,831,520
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,418
5,107
Amounts owed to group undertakings
66,428
66,428
Taxation and social security
52,416
45,842
Accruals and deferred income
124,069
63,013
247,331
180,390
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Property financing liability
5,199,529
5,189,913
Other borrowings
9,917,159
10,369,337
15,116,688
15,559,250

This property financing has a term of 150 years and is repaid quarterly, with an option to buy back the property after the end of year 25. As the company are reasonably certain to exercise the buyback option, based on the purchase price at the end of the lease, the liability has been calculated to the end of the 25-year period.

 

Other borrowings relates to a loan that bears interest at 4.45% above EURIBOR and is repayable in December 2028. The loan is secured by a charge over the leasehold interest of the company's property and by fixed and floating charges over the assets of other group undertakings.

Amounts (plus interest) included above which fall due after five years are as follows:
Payable other than by instalments
5,229,563
5,221,833
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
PROPCO 50 BLACKFRIARS ST. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
9
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Mark Holmes BA(Hons) FCA
Statutory Auditor:
Ashworth Moulds
Date of audit report:
1 August 2025
10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
69,526
11
Parent company

Alpha Holdings S.a.r.l. is the parent company of the smallest group for which consolidated financial statements are prepared. Alpha Holdings S.a.r.l. is incorporated in Luxembourg.

 

A copy of Alpha Holdings S.a.r.l.'s financial statements can be obtained from Rue Guillaume Kroll 12E, 1882 Luxembourg.

 

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