Delin Property Asset Management UK Limited 31/12/2024 iXBRL

Company registration number: 08557904

Delin Property Asset Management UK Limited

Unaudited filleted financial statements

31 December 2024

Delin Property Asset Management UK Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Delin Property Asset Management UK Limited

Directors and other information



Directors	Graeme McFaull
	Robert Jerome Reiskin	(Resigned 28 May 2024)
	Thomas Wattles	(Appointed 28 May 2024)


Secretary	R.P.M. Gillies


Company number	08557904


Registered office	15 Stukeley Street
	London
	WC2B 5LT


Business address	15 Stukeley Street
	London
	WC2B 5LT


Accountants	BG Partnership
	4th floor
	58-59 Great Marlborough Street
	London
	W1F 7JY

Delin Property Asset Management UK Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	4	31,774		145,027
Investments	5	2,648		2,648
		_______		_______
			34,422		147,675

Current assets
Debtors	6	3,184,306		5,782,618
Cash at bank and in hand		693,610		376,732
		_______		_______
		3,877,916		6,159,350
Creditors: amounts falling due
within one year	7	( 2,891,202)		( 4,292,150)
		_______		_______
Net current assets			986,714		1,867,200
			_______		_______
Total assets less current liabilities			1,021,136		2,014,875

Creditors: amounts falling due
after more than one year	8		( 9,639,792)		( 8,540,225)
			_______		_______
Net liabilities			( 8,618,656)		( 6,525,350)
			_______		_______

Capital and reserves
Called up share capital			1		1
Revaluation reserve			108,161		( 55,166)
Profit and loss account			( 8,726,818)		( 6,470,185)
			_______		_______
Shareholders deficit			( 8,618,656)		( 6,525,350)
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

Thomas Wattles

Director

Company registration number: 08557904

Delin Property Asset Management UK Limited

Notes to the financial statements

Year ended 31 December 2024

1. Statement of compliance

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

Company information

Delin Property Asset Management UK Limited (the "company") is a private company limited by shares, incorporated in England and Wales. The principal activity of the company is that of a real estate investment advisor and asset manager.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in pound sterling, which is the functional currency of the Company.

Going concern

In assessing the appropriateness of the application of the going concern basis, the directors have considered the trading performance of the company, future forecasts of the company and the available cash. The company receives additional financing from a related company and its controlling party to support its financial needs. Therefore, the directors have determined that it is appropriate to prepare these financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax.Turnover from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.Monetary assets and liabilities of foreign operations are translated to the Company's presentational currency, Pounds Sterling using foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated on a monthly basis using the average rate of each respective month, where this rate approximates to the foreign exchange rates ruling at the date of the transactions. Exchange differences arising from this translation of foreign operations are reported on as an item of other comprehensive income and accumulated in the foreign exchange reserve.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Property, plant & equipment are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Short leasehold property	-	Straight line over the life of the lease
Fixtures and fittings	-	Straight line over the life of the lease
Equipment	-	Straight line over 3 years

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Defined contribution plans

The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets are held separately from the Company in independently administered funds.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2023: 25 ).

4. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2024	241,114	241,114
Additions	8,563	8,563
Disposals	( 178,316)	( 178,316)
Other movements	( 1,106)	( 1,106)
	_______	_______
At 31 December 2024	70,255	70,255
	_______	_______
Depreciation
At 1 January 2024	96,087	96,087
Charge for the year	49,232	49,232
Disposals	( 104,670)	( 104,670)
Other movements	( 2,168)	( 2,168)
	_______	_______
At 31 December 2024	38,481	38,481
	_______	_______
Carrying amount
At 31 December 2024	31,774	31,774
	_______	_______
At 31 December 2023	145,027	145,027
	_______	_______

5. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	2,648	2,648
	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	2,648	2,648
	_______	_______
At 31 December 2023	2,648	2,648
	_______	_______

Other investments are not publicly traded and are therefore held at cost less impairment because their fair value cannot be measured reliably.

6. Debtors

	2024	2023
	£	£
Trade debtors	998,835	1,004,268
Amounts owed by group undertakings and undertakings in which the company has a participating interest	182,505	-
Other debtors	2,002,966	4,778,350
	_______	_______
	3,184,306	5,782,618
	_______	_______

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Other debtors	129,835	144,879
	_______	_______

Amounts owed by Group undertakings are non-interest bearing and repayable on demand.

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	150,063	338,563
Amounts owed to group undertakings and undertakings in which the company has a participating interest	986,223	2,295,226
Social security and other taxes	246,504	142,689
Other creditors	1,508,412	1,515,672
	_______	_______
	2,891,202	4,292,150
	_______	_______

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	9,639,792	8,540,225
	_______	_______

9. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	214,125	179,340
Later than 1 year and not later than 5 years	214,125	358,680
	_______	_______
	428,250	538,020
	_______	_______

10. Related party transactions

The Company has taken advantage of the exemption under Section 33.1A of FRS 102 not to disclose transactions with fellow wholly owned group companies.At the year ended 31 December 2024 the company owed an interest fee loan of £2,487,047 (2023: £2,602,405) and a 6% interest loan of £8,138,968 (2023: £6,402,114) from Delin Capital Magenta Developments Limited, a company which is under common control.

11. Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. Financial assets that are 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.

12. Parent and ultimate parent undertaking

The Company's immediate and ultimate parent company is Delin Capital Holdings Limited, a company registered in Jersey.

13. Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The total expense charged to profit or loss in the year ended 31 December 2024 was £153,788 (2023: £139,575). At the balance sheet date, the accrued pension payments were £ Nil (2023: £ Nil).

14. Ultimate controlling party

The ultimate controlling party is Mr Igor Linshits.