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Company registration number: 07162506
Pradera Europe Limited
Director's Report and Financial Statements
For the Year Ended 31 December 2024
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Contents
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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Company Information
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Director's Report
For the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The director who served during the year and up to the date of approval of these financial statements was:
Qualifying third party indemnity provisions
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The Company indemnifies the directors' through qualifying third-party indemnity provisions (as defined by section 234 of the Companies Act) and these policies were in force during the year and remain in force for the benefit of the directors (and any officer) of the Company or of any associated company.
Pradera Europe Limited (the 'Company') is a wholly owned subsidiary of Pradera Limited and part of the Pradera Group Limited group (the 'Group'). The Company is engaged in the business of providing investment advisory services in continental Europe and the majority of the Company's income comprises investment advisory fees calculated as a specified percentage of the gross asset value of the underlying real estate investments for which it advises.
The Company formally commenced providing advisory services to a single client, the Pradera European Retail Parks GP S.ar.l (the 'Client') in February 2017.
The results for the year are set out on page 10 and show the Company made a profit before tax of £57,345 (2023: £20,520).
The Company's client base and business activity did not materially change.
The profit for the year, after taxation, amounted to £43,009 (2023 - £15,697).
A dividend of £48,500 (2023: £84,000) was paid during the year.
No final dividend was declared by the directors for the year ended 31 December 2024 (2023: £nil).
The firm undertakes activities that require authorisation under the rules of the Financial Conduct Authority. The firm is an appointed representative under the FCA’s appointed representative rules and has FCA number 766068.
The Company will continue to provide advisory services to the Pradera European Retail Parks SCSp (the Client) until the funds maturity date in February 2026. After this time the Company will remain Pradera Group’s sole regulated entity to service any follow on collective investment schemes either derived from the Client’s existing portfolio or newly launched Pradera funds.
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Director's Report (continued)
For the Year Ended 31 December 2024
Principal risks and uncertainties
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The Company provides advisory services to a single client in Luxembourg and a significant portion of the Company's revenue is derived from a single service from a single client. The key risks for the Company therefore are that it fails to retain its investment advisory role to either due to the Client unwinding its managed investments or as a result of other external factors, losing recognition of its financial advisory expertise and being unable to continue providing advisory services.
As part of the wider Pradera group, the Company's cash flows are monitored collectively on a regular basis and forecasted annually, ensuring sufficient liquidity is held in the Company to meet its ongoing commitments.
The Company's income is derived from a single advisory contract and the quantum of those fees is determined by the asset value of the Client's real estate portfolio. The Company's main expenditure relates to group services, the quantum of which is derived as a fixed proportion of the Company's revenues.
A review of the sensitivity analysis of the Company's revenues was completed. This review reconfirmed that there would be sufficient resilience if the Clients fee levels reduced however, the Client's portfolio valuations used for calculating fees are not expected to materially affect the Company's operational profits in 2025.
The Client's collective investment scheme was extended until February 2026. After this date the real estate assets will either be sold and the Company will subsequently receive a sale fee, or the collective investment scheme will be extended for a further 12 months or restructured under new investors, allowing the Company to continue to provide services to the Client. In addition to its current client, the Company will act as the regulated investment advisor for future Pradera funds when launched.
The Client has confirmed that it holds sufficient liquidity to support its operations, to pay the Company an investment advisory fee up until its maturity date in February 2026. In the event that the Client’s assets were sold on maturity, the Client also has confirmed that it has sufficient liquidity to pay a sale fee equivalent to the 2024 investment advisory fee paid to the Company in 2024.
After considering the valuation and liquidity of the Client’s managed investments, the Company’s trading position, revenue forecasts and revenue forecast sensitivities including the sale of the Clients assets and receipt of a sale fee, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future being at least twelve month from the date of approval of these financial statements. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
As a subsidiary of the Pradera Group (the “Group”), the Company is a responsible and trusted investment advisor, acting as a long-term steward of its Client’s portfolio. It aims to ensure environmental awareness by engaging employees and has taken steps to make progress in such areas as climate action, responsible use of resources, alternative means of transport, health and safety, and employee wellbeing.
The Group has an environmental, social and governance committee ("ESG"), which meets on a bi-monthly basis and whose mandate is to formulate the Group’s ESG policy and strategy, and integrate initiatives throughout the Group, including Fund and its clients’ portfolios. The ESG Committee consists of a group of cross-functional employees including representatives of the Company’s Board, Asset and Fund Management, Investment, Risk Management and the Head of ESG. It oversees and coordinates the implementation of the Group’s ESG priorities and defines energy and carbon reduction targets.
With clear strategic direction and leadership, the Group ensures that all appropriate ESG risks and opportunities are considered and sound management, investment and ethical principles are incorporated throughout its all operations and corporate activities. The Group is committed to leading by example and aims to achieve Net
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Director's Report (continued)
For the Year Ended 31 December 2024
Zero Carbon emissions across its corporate activities for Scope 1 and 2 by 2030 and Scope 3 by 2040.
The Company’s Client, the Pradera European Retail Parks SCSp, achieved a five green star rating in the 2024 Global Real Estate Sustainability Benchmark as well as ranking top in its European retail warehouse peer group for the second year running. The Group aligns with relevant the United Nations Sustainable Development Goals (‘SDGs’).
The Group’s mission is to mindfully grow its business by striking a careful balance between environment and social responsibility, creating positive outcomes for investors, lenders, employees, tenants and communities.
The strategy to achieve this is to embed environmental practices into the core of the Group’s day-to-day business, building strategic and targeted action plans and goals.
Director's responsibilities statement
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The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Disclosure of information to auditor
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The director at the time when this report is approved has confirmed that:
∙so far as is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
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Director's Report (continued)
For the Year Ended 31 December 2024
The auditor, Deloitte LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Certain voluntary disclosures have been made in excess of the minimum requirements set out by section 415A.
The directors have also taken advantage of the small companies’ exemption available to them under s414b of the Companies Act 2006 and have not prepared a strategic report.
This report was approved by the board on 26 September 2025 and signed on its behalf.
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Independent Auditor's Report to the Members of Pradera Europe Limited
Report on the audit of the financial statements
Opinion
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In our opinion the financial statements of Pradera Europe Limited (the ‘Company’):
∙give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
∙the statement of comprehensive income;
∙the statement of financial position;
∙the statement of changes in equity; and
∙the related notes 1 to 12.
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 auditor's 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 UK, including the Financial Reporting Council’s (the ‘FRC’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.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
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Independent Auditor's Report to the Members of Pradera Europe Limited (continued)
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.
Responsibilities of directors
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As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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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 auditor's 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
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Independent Auditor's Report to the Members of Pradera Europe Limited (continued)
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act 2006, and Tax legislation; and
∙do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. This includes Data Protection Act.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in relation to the validity of the income arising from the investment advisory revenue stream as management is incentivised to overstate revenue which has not occurred. To address the risk we tested the design and implementation of controls in place and tested a substantive sample from a reciprocal population. We traced the recognised amounts to a valid, signed management agreement, confirming the occurrence of the underlying transactions and their adherence to the agreement's stipulated terms.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance and reviewing correspondence with relevant regulatory authorities.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has 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 any material misstatements in the Directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
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Independent Auditor's Report to the Members of Pradera Europe Limited (continued)
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
We have nothing to report in respect of these matters.
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 Auditor's 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 audit work, for this report, or for the opinions we have formed.
Andy Siddorns (Senior Statutory Auditor)
for and on behalf of Deloitte LLP
Statutory Auditor
London
UK
26 September 2025
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Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Interest payable and similar expenses
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Profit for the financial year
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Other comprehensive income for the year
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Other comprehensive income
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 13 to 19 form part of these financial statements.
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All activities of the company are from continuing operations.
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Pradera Europe Limited
Registered number:07162506
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Statement of Financial Position
As at 31 December 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared 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'.
The financial statements were approved and authorised for issue by the board on 26 September 2025. and were signed on its behalf by:
The notes on pages 13 to 19 form part of these financial statements.
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Statement of Changes in Equity
For the Year Ended 31 December 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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The notes on pages 13 to 19 form part of these financial statements.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
Pradera Europe Limited, (the "Company") is a company incorporated in the United Kingdom under the Companies Act 2006. The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is at 3rd Floor, 345 Oxford Street, London, W1C 2JD. The principal activities of the Company and the nature of the Company's operations are set out in the directors' report on page 2.
2.Material accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the entity.
As part of the wider Pradera group, the Company's cash flows are monitored collectively on a regular basis and forecasted annually, ensuring sufficient liquidity is held in the Company to meet its ongoing commitments.
The Company's income is derived from a single advisory contract and the quantum of those fees is determined by the asset value of the Client's real estate portfolio. The Company's main expenditure relates to group services, the quantum of which is derived as a fixed proportion of the Company's revenues.
A review of the sensitivity analysis of the Company's revenues was completed. This review reconfirmed that there would be sufficient resilience if the Clients fee levels reduced however, the Client's portfolio valuations used for calculating fees are not expected to materially affect the Company's operational profits in 2025.
The Client's collective investment scheme was extended until February 2026. After this date the real estate assets will either be sold and the Company will subsequently receive a sale fee, or the collective investment scheme will be extended for a further 12 months or restructured under new investors, allowing the Company to continue to provide services to the Client. In addition to its current client, the Company will act as the regulated investment advisor for the future Pradera funds when launched.
The Client has confirmed that it holds sufficient liquidity to support its operations, to pay the Company an investment advisory fee up until its maturity date in February 2026. In the event that the Client’s assets were sold on maturity, the Client also has confirmed that it has sufficient liquidity to pay a sale fee equivalent to the 2024 investment advisory fee paid to the Company in 2024.
After considering the valuation and liquidity of the Client’s managed investments, the Company’s trading position, revenue forecasts and revenue forecast sensitivities including the sale of the Clients assets and receipt of a sale fee, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Material accounting policies (continued)
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Going concern (continued)
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Turnover for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the turnover and costs can be reliably measured. Turnover relating to partial completion is only recognised when it can be reliably measured using a percentage of completion method.
Turnover and profit before taxation are attributable to one principle activity of the Company being investment advisory services carried on in the UK.
Turnover comprises investment advisory fees levied on the Pradera European Retail Parks SCSp and is recorded on an accrual basis and recognised in the year in which the related services are provided.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognise as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company's subsidiaries operate and generate taxable income.
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.
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
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.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments
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Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Material accounting policies (continued)
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Financial instruments (continued)
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discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors have not made any critical judgements in applying accounting policies.
Assumptions and estimation uncertainties
In preparing these financial statements, the directors do not believe there are any assumptions or uncertainties that have a significant risk of resulting in material adjustment to the carrying amount of assets and liabilities within a period of 12 months from 31 December 2024.
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An analysis of turnover by class of business is as follows:
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The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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The operating profit is stated after charging:
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Foreign exchange differences
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Parent company service charges
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The Company had no employees during the current or previous year and Company's directors are employees of the Company's parent company and they received no remuneration from the Company during the year (2023: £nil).
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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No non-audit services were provided in either the current or prior year.
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Current tax on profits for the year
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Taxation on profit on ordinary activities
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Notes to the Financial Statements
For the Year Ended 31 December 2024
7.Tax on profit (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - the same as) the standard rate of corporation tax in the UK of 25.00% (2023:23.5%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023 - 23.5%)
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Expenses not deductible for tax purposes
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Total tax charge for the year
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Factors that may affect future tax charges
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In 2021 an increase in the corporate tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.5% rate used in 2023 above reflects 9 months of this new rate and 3 months of the previous rate of 19%.
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Amounts owed by group undertakings
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Amounts owed by group undertakings related wholly to the Company's parent, Pradera Limited, for pre-paid services. The amounts are receivable when invoiced but are not subject to interest on arrears.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Creditors: Amounts falling due within one year
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Related party transactions
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The Company has utilised the exemption offered by section 33 of FRS 102 from disclosure of transactions entered into between two or more wholly owned members of the group on the basis that Pradera Europe Limited is wholly owned by and has been included in the group accounts of both Pradera Limited and Pradera Group Limited.
AlTI RE Limited, a subsidiary of AlTi Global, Inc., is a 50% indirect shareholder of the Company.
Commencing from 24 January 2023, AlTi RE Limited provided services to the Company totalling £3,549 (2023: £18,616). This services contract ceased on 4 March 2024 and the amount owed to AlTI RE Limited at the year end totalled £nil (2023: £5,000).
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The immediate parent company is Pradera Limited, a company incorporated in England and Wales under registration number 03786152. Pradera Limited's registered office is 3rd Floor, 345 Oxford Street, London, W1C 2JD, England. Pradera Limited is the smallest group to prepare consolidated accounts in which the results of the Company are included. The consolidated accounts of Pradera Limited are publicly available from Companies House.
The largest group to prepare consolidated accounts in which the results of the Company are included is Pradera Group Limited, a company registered in England and Wales under registration number 06879270. The consolidated accounts of Pradera Group Limited are publicly available from Companies House.
The ultimate parent company is Kuno Investments Limited, a company registered in the British Virgin Islands. Kuno Investments Limited is jointly under the control of HSBC International Trustee Limited, Jersey Branch (as trustee of the Colin Campbell Family Trust), registered in Jersey and AlTi Asset Management Holdings 2 Limited. At the period end HSBC International Trustee Limited, Jersey Branch (as trustee of the Colin Campbell Family Trust), ultimately held 50.1 percent and AlTi Global, Inc. ultimately held 49.9 percent of voting shares in Kuno Investments Limited.
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Events after the reporting period
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There are no events after the reporting period which require disclosure.
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