Registered number: 09141256
FOR THE YEAR ENDED 31 DECEMBER 2024
BANA ONE L1 LTD
COMPANY INFORMATION
BANA ONE L1 LTD
CONTENTS
BANA ONE L1 LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The Company is a member of the Bana One Ltd group of companies. Bana One Ltd prepares consolidated accounts which contain a Strategic Report for the entire group.The contents of this Strategic Report is aligned with the group’s Strategic Report included in the consolidated financial statements of Bana One Limited, as the activities, strategy, and risks of the company are consistent with those of the group.
The Company is a member of the Bana One Ltd group of companies. Bana One Ltd prepares consolidated accounts which contain a Strategic Report for the entire group.The contents of this Strategic Report is aligned with the group’s Strategic Report included in the consolidated financial statements of Bana One Limited, as the activities, strategy, and risks of the company are consistent with those of the group.
The Group’s principal activity continues to be investment in UK real estate. The Group’s portfolio is centred on London and the South of England. It comprises a broad range of retail, office, industrial and residential properties.
Our objectives are to achieve capital growth from a well-diversified and balanced portfolio, and to generate income to fund refurbishments and new developments.
Our strategy to achieve these objectives is as follows:
• undertake refurbishment projects to improve the quality of the existing estate;
• progress commercial and residential development opportunities within the portfolio;
• make acquisitions that complement our existing holdings;
• increase our residential portfolio to 50% of group income; and
• increase exposure to the industrial sector.
Our objectives are to achieve capital growth from a well-diversified and balanced portfolio, and to generate income to fund refurbishments and new developments.
Our strategy to achieve these objectives is as follows:
• undertake refurbishment projects to improve the quality of the existing estate;
• progress commercial and residential development opportunities within the portfolio;
• make acquisitions that complement our existing holdings;
• increase our residential portfolio to 50% of group income; and
• increase exposure to the industrial sector.
The board is satisfied with the performance in the year.
a) Rental income
The Group’s rental income for the year has increased by 7.6% to £36.72 million. Residential rents continued to grow, increasing by 9.5% to £16.86 million. This reflects rental increases and low vacancy rates, combined with adding new units to the portfolio. Commercial rents increased by 6.0% to £19.86 million, through increased volumes of new lettings, lease renewals and upward rent reviews.
b) Capital value, acquisitions and sales
Approximately 30% by value of the portfolio was externally valued in the year for loan covenant and refinancing purposes. Overall, the Group’s property value has increased by 3.5% (£19.9 million) in the year. We continue to invest in our portfolio and have capitalised £13.0 million of expenditure on construction and planning.
We did not make any significant purchases in the year, but we purchased a mixed-use property in North London for £7 million in February 2025. We sold six properties in the year (five via enfranchisement), raising £3,00,000, and have raised a further £3,300,000 from property sales since the year-end. We continue to assess our holdings against our investment criteria.
c) Developments and planning consents
In May 2024 we completed our mixed-use development in Finchley. Since the year-end we have completed a new office building in Brighton and also completed number of other smaller residential projects. Building works are progressing well at a new nine-storey mixed-use development in Finchley, North London. Finally, we expect to start construction work on two consented schemes in 2026 (one industrial and one residential). We are also working on a number of other schemes and applications in London and on the South Coast.
a) Rental income
The Group’s rental income for the year has increased by 7.6% to £36.72 million. Residential rents continued to grow, increasing by 9.5% to £16.86 million. This reflects rental increases and low vacancy rates, combined with adding new units to the portfolio. Commercial rents increased by 6.0% to £19.86 million, through increased volumes of new lettings, lease renewals and upward rent reviews.
b) Capital value, acquisitions and sales
Approximately 30% by value of the portfolio was externally valued in the year for loan covenant and refinancing purposes. Overall, the Group’s property value has increased by 3.5% (£19.9 million) in the year. We continue to invest in our portfolio and have capitalised £13.0 million of expenditure on construction and planning.
We did not make any significant purchases in the year, but we purchased a mixed-use property in North London for £7 million in February 2025. We sold six properties in the year (five via enfranchisement), raising £3,00,000, and have raised a further £3,300,000 from property sales since the year-end. We continue to assess our holdings against our investment criteria.
c) Developments and planning consents
In May 2024 we completed our mixed-use development in Finchley. Since the year-end we have completed a new office building in Brighton and also completed number of other smaller residential projects. Building works are progressing well at a new nine-storey mixed-use development in Finchley, North London. Finally, we expect to start construction work on two consented schemes in 2026 (one industrial and one residential). We are also working on a number of other schemes and applications in London and on the South Coast.
Page 1
BANA ONE L1 LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
d) Financing
The following transactions were completed in the year, and after the year-end date:
The following transactions were completed in the year, and after the year-end date:
∙In the second quarter of 2024, we completed two new loans with Canada Life and Santander, secured against uncharged properties, which raised £38 million.
∙On 31 December 2024 we repaid £20 million loan notes.
∙In February 2025 we completed a new £51.4 million 5-year loan with Barclays and repaid our Aviva loan
∙In June 2025 we agreed a two-year extension to our £40 million loan facility with Canada Life which now matures in October 2027.
Page 2
BANA ONE L1 LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The UK real estate industry and the wider economy face a number of significant challenges. “Higher for longer” interest rates, the prospect of tax increases and further unhelpful political interference in the property sector on various matters all cast a lengthening shadow. Business confidence surveys paint a bleak picture.
We continue to upgrade the quality of our portfolio and provide tenants with good management and services. Our strategy over the last decade has laid strong foundations for the Group. Property still remains an attractive long-term investment. We will continue to invest in the business and work towards the objectives listed above.
We continue to upgrade the quality of our portfolio and provide tenants with good management and services. Our strategy over the last decade has laid strong foundations for the Group. Property still remains an attractive long-term investment. We will continue to invest in the business and work towards the objectives listed above.
This report was approved by the board on 22 September 2025 and signed on its behalf.
Page 3
BANA ONE L1 LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the audited financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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; and
∙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 2006. They 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.
The profit for the year, after taxation, amounted to £Nil (2023 - £Nil).
No dividend was paid in the current or prior year.
Page 4
BANA ONE L1 LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year were:
The auditors, Wilder Coe Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 22 September 2025 and signed on its behalf.
Page 5
BANA ONE L1 LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BANA ONE L1 LTD
We have audited the financial statements of Bana One L1 Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 our 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 this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6
BANA ONE L1 LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BANA ONE L1 LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
Page 7
BANA ONE L1 LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BANA ONE L1 LTD (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax and distributable profits legislation.
∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 8
BANA ONE L1 LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BANA ONE L1 LTD (CONTINUED)
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 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.
for and on behalf of
Wilder Coe Ltd
Chartered Accountants and Statutory Auditors
1st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BL
Page 9
BANA ONE L1 LTD
REGISTERED NUMBER: 09141256
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
22 September 2025 .
The notes on pages 12 to 16 form part of these financial statements.
Page 10
BANA ONE L1 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 11
BANA ONE L1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Bana One L1 Ltd (company number: 09141256) is a private company limited by shares, incorporated in England and Wales. The registered office is 113 Brent Street, London, NW4 2DX. The trading address is the same as the registered office.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in GBP sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £ (GBP).
The financial statements are not consolidated becasue the Company is included within the financial statements of a larger group with a parent in the UK. Details of these consolidated financial statements are given below.
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group.
The Company has not traded in the current or prior year and therefore has not included a Statement of Comprehensive Income as there has been no movement.
These financial statements are not consolidated because the Company is included within the financial statements of a larger group with a parent in the UK. Details of these consolidated financial statements are given below.
The financial statements are not consolidated becasue the Company is included within the financial statements of a larger group with a parent in the UK. Details of these consolidated financial statements are given below.
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group.
The Company has not traded in the current or prior year and therefore has not included a Statement of Comprehensive Income as there has been no movement.
These financial statements are not consolidated because the Company is included within the financial statements of a larger group with a parent in the UK. Details of these consolidated financial statements are given below.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
∙the requirements of Section 7 'Statement of Cash Flows';
∙the requirements of Section 3 'Financial Statement Presentation' paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); and
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Bana One Limited as at 31 December 2024 and these financial statements may be obtained from 113 Brent Street, London, NW4 2DX.
Page 12
BANA ONE L1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired when there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
If there is a decrease in the impairment loss arising from an event occuring 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 the Statement of Comprehensive Income.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price.
Short-term creditors are measured at cost/transaction price and not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired when there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
If there is a decrease in the impairment loss arising from an event occuring 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 the Statement of Comprehensive Income.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price.
Short-term creditors are measured at cost/transaction price and not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Page 13
BANA ONE L1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax.
The current corporation tax charge is based on taxable profit for the year. 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 and laws that have been enacted or substantively enacted by the Balance Sheet date.
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 current corporation tax charge is based on taxable profit for the year. 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 and laws that have been enacted or substantively enacted by the Balance Sheet date.
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 is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Page 14
BANA ONE L1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
||
|
|
||
|
|
||
|
|
Page 15
BANA ONE L1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
In November 2014, the Bana One group of companies, of which Bana One L1 Ltd, is a member, entered into a debt restructuring agreement with two creditors, Haysport Properties Ltd and Twinsectra Ltd. Under the terms of this agreement, a fellow subsidiary of Bana One Limited, Trailforce Limited, issued £52 million nominal unsecured loan notes to Haysport Properties Ltd and Twinsectra Ltd. Bana One L1 Ltd has provided a guarantee for the obligations of Trailforce Limited in respect of the loan notes. As at 31 December 2024, Trailforce Limited had £21m of loan notes outstanding, with the next scheduled repayment being due in December 2024. No liability is expected to crystallise in this respect.
As at 31 December 2024 and 31 December 2023, the ultimate parent undertaking is Bana One Limited, a company registered in England and Wales.
Bana One Limited heads up the largest group undertakings for which group financial statements are drawn up, and of which this company is a member.
Bana One Limited prepares group financial statements and copies can be obtained from 113 Brent Street, London, NW4 2DX.
As at 31 December 2024 and 31 December 2023, B Ackerman was the ultimate controlling party of Bana One Limited.
Bana One Limited heads up the largest group undertakings for which group financial statements are drawn up, and of which this company is a member.
Bana One Limited prepares group financial statements and copies can be obtained from 113 Brent Street, London, NW4 2DX.
As at 31 December 2024 and 31 December 2023, B Ackerman was the ultimate controlling party of Bana One Limited.
Page 16