22 December 2023 v2025.59.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP153675442023-12-222024-12-31153675442024-12-3115367544core:WithinOneYear2024-12-3115367544core:AfterOneYear2024-12-3115367544core:ShareCapital2024-12-3115367544core:RetainedEarningsAccumulatedLosses2024-12-3115367544bus:Director12023-12-222024-12-3115367544bus:RegisteredOffice2023-12-222024-12-3115367544core:LandBuildings2023-12-222024-12-3115367544core:LandBuildings2024-12-311536754412023-12-222024-12-3115367544countries:EnglandWales2023-12-222024-12-3115367544bus:AuditExempt-NoAccountantsReport2023-12-222024-12-3115367544bus:PrivateLimitedCompanyLtd2023-12-222024-12-3115367544bus:SmallEntities2023-12-222024-12-3115367544bus:FullAccounts2023-12-222024-12-31
Company registration number:
15367544
RUBIKS UK PROPCO 1 LIMITED
Unaudited Filleted Financial Statements for the period ended
31 December 2024
RUBIKS UK PROPCO 1 LIMITED
Statement of Financial Position
31 December 2024
31 Dec 2024
Note£
Fixed assets  
Tangible assets 5
9,750,000
 
Current assets  
Debtors 6
18,000
 
Cash at bank and in hand
354,918
 
372,918
 
Creditors: amounts falling due within one year 7
(5,796,785
 )
Net current liabilities
(5,423,867
 )
Total assets less current liabilities 4,326,133  
Creditors: amounts falling due after more than one year 8
(4,897,754
 )
Net liabilities
(571,621
 )
Capital and reserves  
Called up share capital
1,000
 
Profit and loss account
(572,621
 )
Shareholders deficit
(571,621
 )
For the period ending
31 December 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
10 September 2025
, and are signed on behalf of the board by:
C Goldsworthy
Director
Company registration number:
15367544
RUBIKS UK PROPCO 1 LIMITED
Notes to the Financial Statements
Period ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
113a Jermyn Street
,
London
,
SW1Y 6HJ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling (£), which is the functional currency of the company.
At the date of signing these accounts, the Group has positive operating cash flow forecasts and positive net assets. Management have reviewed the Group’s cash flow forecasts and, considering this review and the current financial position, they are satisfied that the Company and the Group have access to adequate resources to meet their obligations and continue in operational existence for the foreseeable future, and specifically the 12 months subsequent to the signing of these financial statements. The directors believe that it is therefore appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for rental income, net of discounts and Value Added Tax.
Revenue from rental income is recognised when the right to receive payment has been established in accordance with the lease agreement; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the rental arrangement can be measured reliably.
INVESTMENT PROPERTY
Investment properties are measured at fair value, with changes recognised in profit or loss. The fair value of the Company’s investment properties is based on valuations by an independent valuer with recognised professional qualifications (RICS).

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and short-term deposits (where appropriate) with immediate access.
EXPENDITURE
Expenses are accounted for on an accrual basis.

Financial instruments

Financial instruments are recognised initially at fair value and subsequently at amortised cost or fair value depending on classification. The Company’s financial instruments include trade receivables, cash, borrowings, and trade payables. Financial assets are classified at amortised cost.
FINANCIAL LIABILITIES AND EQUITY
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Ordinary shares are classed as equity. Equity instruments issued by the Group are recorded at the proceeds received. The Group’s financial liabilities comprise interest-bearing borrowings, loans and payables and trade payables. Financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument. Financial liabilities are measured at amortised cost using the effective interest method. Trade and other payables are valued at their nominal value as the time value of money is immaterial for these current liabilities. The Group derecognises financial liabilities when the Group’s obligations are discharged, cancelled or they expire.

Transaction costs attributable to bank loans

Borrowing costs directly attributable to arranging finance are amortised over the facility term in the consolidated statement of comprehensive income.

Income tax

The Company is subject to UK corporation tax on UK rental income at a rate of 25%. Deferred tax arises from fair value gains on properties and timing differences.

4 Average number of employees

The average number of persons employed by the company during the period was
1
.

5 Tangible assets

Land and buildings
£
Cost  
At
22 December 2023
 -  
Additions
10,073,712
 
Other movements
(323,712
 )
At
31 December 2024
9,750,000
 
Depreciation  
At
22 December 2023
and
31 December 2024
 -  
Carrying amount  
At
31 December 2024
9,750,000
 
Stamp duty and other property transaction costs of £673,712 incurred on the acquisition of the investment property, were written off in the period. This write-off was partially offset by a £350,000 uplift in the valuation of the investment property on 31 December 2024.

6 Debtors

31 Dec 2024
£
Other debtors
18,000
 

7 Creditors: amounts falling due within one year

31 Dec 2024
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,304,731
 
Taxation and social security
31,197
 
Other creditors
460,857
 
5,796,785
 
The amount owed to the Group was settled in full on 31 May 2025, in exchange for ordinary shares in the Company.

8 Creditors: amounts falling due after more than one year

31 Dec 2024
£
Bank loans and overdrafts
4,897,754