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Company registration number:
For the Year Ended
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Contents
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Company Information
Page 1
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Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements of Pradera Lateral Limited ("the Company" or "Pradera Lateral") for the year ended 31 December 2024.
As an asset management company specialising in dominant retail real estate, our primary focus is on providing exceptional services to our investment clients. The largest asset in the portfolio of mandates includes Trafford Centre, Manchester which is one of the UK's flagship super-regional centres, the owner being one of the world's largest institutional investors, Canadian Pension Plan Investment Board ("CPPIB"). Other significant assets include Eldon Square, Newcastle. During the year, the company took over the asset management of the SGS portfolio comprising 4 dominant assets including Lakeside, Essex; Harlequin, Watford; Braehead, Glasgow and Victoria Centre, Nottingham. As the physical retail sector transitions to new operating models, institutional investors are seeking specialist skills to stabilise, reposition where necessary and then optimise future investment performance. The retail narrative has moved beyond simplistic segmentation of retail distribution models; whether on-line, physical or multi-channel, the customer now expects seamless brand engagement across all channels and dominant retail destinations are an essential part of the retail distribution model. Pradera Lateral is at the forefront of digital integration into physical retail. We have implemented new data collection and analytics strategies to optimise trading potential, to broaden occupier mix and to harness opportunities to deliver brands. These data strategies are accompanied by a deep understanding of social media and the opportunity to engage both existing and new generations of customers with engaging content, live events and unique experiences. Pradera Lateral also secured contracts with other third-party clients to advise on retail real estate asset opportunities in the UK.
In 2024, Pradera Lateral reported turnover of £9,009,845 (2023: £8,090,303) and an operational profit of £90,879 (2023: £395,124). After the deduction of taxation, the after-tax profit for 31 December 2024 was £65,857 (2023: £296,372).
During the year an interim dividend of £250,000 was paid (2023: £nil). No final dividend was declared by the directors for the year ended 31 December 2024 (2023: £nil). Over the last year, assets under management grew to 8.6 million sq ft (2023: 5 million sq ft). The Company had no borrowings in the current or prior year.
As a part of the Pradera group (the “Group”), the Company is a responsible and trusted asset manager, acting as a long-term steward of its clients’ portfolios. 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 client portfolios. The ESG Committee consists of a group of cross-functional employees including representatives of the Pradera Limited Board, Asset and Fund Management, Investment,
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Directors' Report (continued)
For the Year Ended 31 December 2024
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 commitment to ESG and leadership, the Group achieved a key milestone in 2024 by securing ISO 14001 accreditation for its environmental management system. The implementation of this environmental management system complements the Group’s environmental credentials and is a significant step forward to identifying, understanding and mitigating the negative environmental impacts arising from the Group’s activities. The Company actively engages with its clients to minimize their asset’s environmental impact. For instance, in the period since 2019 one Pradera Lateral client reduced their energy consumption by 35% and their scope 1 greenhouse gas emissions by 31%. In the last year, another client reduced their energy consumption by 10% and their location based greenhouse gas emissions also by 10%. 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.
The directors who served during the year and through to the date of this report were:
The Company's cash flows are monitored on a regular basis and forecasted annually a minimum of 12 months ahead from the date of these financial statements, to ensure sufficient liquidity. Borrowing facilities have not been required to date.
After reviewing the Company's trading position and these forecasts, the directors believe that the Company has adequate resources to continue in operational existence for at least the 12 months from the signing of these financial statements and for this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
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Directors' Report (continued)
For the Year Ended 31 December 2024
The directors are responsible for preparing 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 and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent; and
∙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 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 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.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
The auditor, Deloitte LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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. Certain voluntary disclosures have been made in excess of the minimum requirements set out by section 415A.
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Directors' Report (continued)
For the Year Ended 31 December 2024
This report was approved by the board on
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Independent auditor's report to the members of Pradera Lateral Limited
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.
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.
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Independent auditor's report to the members of Pradera Lateral 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.
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 Financial Reporting Council'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.
Page 7
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Independent auditor's report to the members of Pradera Lateral 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. These included Data Protection Act and Employment Law.
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.
Report of 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 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 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
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Independent auditor's report to the members of Pradera Lateral Limited (continued)
from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙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 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 our audit work, for this report, or for the opinions we have formed.
Statutory auditor
UK
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Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board on
The notes on pages 13 to 23 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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Notes to the Financial Statements
For the Year Ended 31 December 2024
Pradera Lateral 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 Company's principal activity is that of an asset management company specialising in dominant retail real estate.
2.Material accounting policies
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 following principal accounting policies have been applied:
The Company's cash flows are monitored on a regular basis and forecasted annually a minimum of 12 months ahead from the date of these financial statements, to ensure sufficient liquidity. Borrowing facilities have not been required to date.
After reviewing the Company's trading position and these forecasts, the directors believe that the Company has adequate resources to continue in operational existence for at least the 12 months from the signing of these financial statements and for this reason, the directors continue to adopt the going concern basis in preparing the financial statements. 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 reliable measured. For continuing services, turnover is recognised when the stage completion can be reliable measured using a percentage of completion method. Turnover and profit before taxation are attributable to one principal activity. Turnover and profit before taxation is attributable to the Company's principal activity of providing real estate asset management and real estate investment advisory services. These services are wholly undertaken in the United Kingdom. Turnover comprises asset management fees real estate investment advisory services for third parties. Turnover is recorded on an accrual basis and recognised in the year in which the related services are provided. 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
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Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Material accounting policies (continued)
Turnover invoiced in advance of the services being provided is recorded as deferred income at the reporting date and released to the income statement in line with the period of service.
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.
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.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Material accounting policies (continued)
Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
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Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Material accounting policies (continued)
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 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Notes to the Financial Statements
For the Year Ended 31 December 2024
8.Tax on profit (continued)
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 the prior period above reflects 9 months of this new rate and 3 months of the previous rate of 19%.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £198,021 (2023: £115,729).
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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