Tudor Street OpCo Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11013089

Tudor Street OpCo Limited

Filleted Financial Statements

31 December 2024

Tudor Street OpCo Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Tudor Street OpCo Limited

Officers and Professional Advisers

The board of directors	Mr J Levy
	Mr N Mcmyn
	Mrs N Morgan

Registered office	10 Canberra House
	Corby Gate Business Park
	Priors Haw Road
	Corby
	NN17 5JG

Trading address:

20 - 22 Tudor Street

London

EC4Y 0AY

Auditor	Shaw Gibbs (Audit) Limited
	Chartered Certified Accountants & statutory auditor
	264 Banbury Road
	Oxford
	Oxfordshire
	OX2 7DY

Tudor Street OpCo Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	40,911	38,487

Current assets

Debtors	6	293,137	255,949
Cash at bank and in hand		1,029,082	1,303,990
		------------	------------
		1,322,219	1,559,939

Creditors: amounts falling due within one year	7	1,225,134	1,591,431
		------------	------------
Net current assets/(liabilities)		97,085	( 31,492)
		---------	--------
Total assets less current liabilities		137,996	6,995
		---------	-------
Net assets		137,996	6,995
		---------	-------

Capital and reserves

Called up share capital	8	10	10
Profit and loss account		137,986	6,985
		---------	-------
Shareholders funds		137,996	6,995
		---------	-------

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 income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 8 September 2025 , and are signed on behalf of the board by:

Mrs N Morgan

Director

Company registration number: 11013089

Tudor Street OpCo Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Canberra House, Corby Gate Business Park, Priors Haw Road, Corby, NN17 5JG.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention. The Company's financial statements are presented in Great British Pounds (£), which is the functional and presentational currency of the Company.

Judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Revenue recognition

Turnover of the Company is comprised of licence fee, room-hire, service fee and other income. Licence fee income is recognised in the statement of comprehensive income on a straight-line basis over the contract term. Room-hire income is recognised at the fair value of the consideration receivable once the room has been utilised. Service fee income is recognised when the services have been rendered by the Company, the associated costs and recharge margin on those costs can be measured reliably and with reference to the stage of completion of the service. All sources of other income are only recognised when it is probable that the economic benefits will flow to the Company.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 pay or recover 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.

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

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

	Fixtures and fittings	-	20% straight line

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).

5. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 January 2024	58,883
Additions	15,656
Disposals	( 577)
	--------
At 31 December 2024	73,962
	--------
Depreciation
At 1 January 2024	20,396
Charge for the year	12,847
Disposals	( 192)
	--------
At 31 December 2024	33,051
	--------
Carrying amount
At 31 December 2024	40,911
	--------
At 31 December 2023	38,487
	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	70,218	14,839
Amounts owed by group undertakings	10	10
Prepayments and accrued income	220,587	238,685
Other debtors	2,322	2,415
	---------	---------
	293,137	255,949
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	243,853	259,989
Amounts owed to group undertakings	75,353	353,148
Accruals and deferred income	33,955	28,351
Corporation tax	20,109	–
Social security and other taxes	168,265	179,680
Other creditors	683,599	770,263
	------------	------------
	1,225,134	1,591,431
	------------	------------

HSBC UK Bank PLC has registered a fixed and floating charge over all the assets (present and future) of Tudor Street OpCo Limited and Tudor Street Limited (a company incorporated in the Isle of Man) in recognition of the present and future obligations and liabilities owed to HSBC UK Bank PLC. The total financial commitment owed under the facility agreement to HSBC UK Bank PLC is £19,205,300 (2023: £19,205,300). Tudor Street OpCo Limited and Tudor Street Limited have irrevocably and unconditionally jointly and severally guaranteed this amount. This liability must be repaid or discharged irrevocably and in full on the earlier of: - The date of the sale of the whole or substantially the whole of the property, known as 20-22 Tudor Street; and - Termination date of February 2028 unless renewed.

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	10	10	10	10
	----	----	----	----

9. Operating leases

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

	2024	2023
	£	£
Not later than 1 year	977,379	977,379
Later than 1 year and not later than 5 years	3,871,848	3,889,227
Later than 5 years	9,120,000	10,080,000
	-------------	-------------
	13,969,227	14,946,606
	-------------	-------------

Included within lease payments under non-cancellable operating leases is a 20 year rent operating lease from 1 July 2019 to 30 June 2039. The annual rent payable will be reviewed after 10 years.

10. Summary audit opinion

The auditor's report dated 9 September 2025 was unqualified .

The senior statutory auditor was Robyn Liddell , for and on behalf of Shaw Gibbs (Audit) Limited .

11. Related party transactions and ultimate controlling party

The immediate parent of the company is London Serviced Offices 3 Limited. The registered office is First Names House, Victoria Road, Douglas, IM2 4DF, Isle of Man. The ultimate controlling party of the Company is deemed to be Mr Donovan Wijsmuller by virtue of shareholdings. The Company has availed itself of the exemption contained within FRS 102 Section 1AC.35 Related Party Disclosure not to disclose details of transactions with fellow group entities concluded under normal market conditions. Mrs N Morgan is also a director and shareholder of Office Space In Town Limited, who are the managing agent for Tudor Street OpCo Limited . Mrs N Morgan is also a director of Office Space Cleaning Ltd, who provide cleaning services to the Company. During the year Office Space In Town Limited invoiced for management services totalling £130,677 (2023: £129,308). Office Space in Town Limited invoiced a further amount for other recharged costs totalling £66,330 (2023: £70,541). The recharged costs consisted of the following: Health & Safety & Professional fees £3,623 (2023: £2,798); Office costs including telephone & IT £13,437 (2023: £16,543); Staff wages, commissions & training costs £7,215 (2023: £2,150); Other Management Fees £10,334 (2023: £9,827); Advertising & PR £ 25,576 (2023: £33,573) and Travel & Entertaining costs £6,145 (2023: £5,650). At the year end the amount outstanding included within trade creditors was £18,814 (2023: £35,380). Office Space Cleaning Ltd. invoiced for cleaning services totalling £212,591 (2023: £196,733). At the year end the amount outstanding included within trade creditors was £4,634 (2023: £3,420).