Registered number: 09216293
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
CONTENTS
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The profit for the year, after taxation, amounted to £NIL (2023 - £NIL).
No dividends have been paid or proposed for the year and to the date of this report (2023 - £NIL).
The directors who served during the year and up to the date of signing were:
The Company has in place a qualifying third-party indemnity provision for all directors (to the extent permitted by law) in respect of liabilities incurred as a result of their office. The Company also has in place liability insurance covering the directors and officers of the company and any associated companies. Both the indemnity and insurance were in force during the period ended 31 December 2024 and at the time of the approval of this Directors' Report. Neither the indemnity nor the insurance provide cover in the event that the director is proven to have acted dishonestly or fraudulently.
For details in respect of going concern refer to Note 2.
Page 1
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
On 21 November 2024, Deloitte LLP resigned as the auditors of the company. In their resignation letter, Deloitte confirmed that there are no matters related to their resignation that should be brought to the attention of the members or creditors of the company.
The auditors, Grant Thornton UK LLP, were appointed in the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
The auditors, Grant Thornton UK LLP, were appointed in the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 26 September 2025 and signed on its behalf.
Page 2
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
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.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors are required to prepare the financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The financial statements also comply with International Financial Reporting Standards (IFRSs) as issued by the IASB. 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 directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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.
Page 3
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
Opinion
Basis for opinion
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 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.
Separate opinion in relation to International Financial Reporting Standards (IFRSs) as issued by the IASB
As explained in note 2 to the financial statements, the company, in addition to applying UK-adopted international accounting standards, has also applied IFRSs as issued by the International Accounting Standards Board (IASB).
In our opinion the financial statements give a true and fair view of the financial position of the company as at 31 December 2024 and of its financial performance and its cash flows for the year then ended in accordance with IFRSs as issued by the IASB.
Conclusions relating to going concern
We are responsible for concluding on the appropriateness of the director’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the director’s conclusions, we considered the inherent risks associated with the company's business model including effects arising from global macro-economic uncertainties such as interest rates and inflation, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
Page 4
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
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 directors with respect to going concern are described in the relevant sections of this report.
Other information
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 report4. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken during the course of the audit:
∙the information given in the director’s report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the director’s report have been prepared in accordance with applicable legal requirements.
Matter on which we are required to report under the Companies Act 2006
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 director’s report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 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
∙certain disclosures of director’s remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
∙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 director's report and from the requirement to prepare a strategic report.
Page 5
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
Responsibilities of directors
As explained more fully in the director’s responsibilities statement [pg 3], 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
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant were International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) and adopted by the UK for the Company, tax legislation and the Companies Act 2006;
∙We enquired of management and the board, concerning the company’s policies and procedures relating to:
- the identification, evaluation and compliance with laws and regulations;
- the detection and response to the risks of fraud; and
- the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations.
∙We enquired of management and the board, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected, or alleged fraud;
∙We corroborated the results of our enquiries to relevant supporting documentation such as board minutes;
∙We communicated relevant laws and regulations and potential fraud risks to all the engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
The engagement team’s assessment of the susceptibility of the entity’s financial statements to material misstatements, including how fraud may occur:
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by evaluating management’s incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risks of management override of controls. We determined that the principal risks were in relation to:
-journal entries with a focus on manual journals and journals indicating large of unusual transaction based on our understanding of the business.
-evaluating the design effectiveness of controls over revenue that management has in place to prevent and detect fraud.
-potential management bias in determining accounting estimates.
-transactions with related parties.
Page 6
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
∙Our audit procedures involved:
- evaluation of the design effectiveness of controls that management has in place to prevent and detect fraud;
-identifying and testing journal entries identified as high risk;
-challenging assumptions and judgements made by management in its significant accounting estimates;
-assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement line item.
∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.
The engagement partners’ assessment of whether the engagement team collectively has the appropriate competence and capabilities has to identify or recognise non-compliance with laws and regulations:
∙Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:
-understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.
-knowledge of the industry in which the client operates.
-understanding of the legal and regulatory requirements specific to the Company.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
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 company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Senior Statutory Auditor
Statutory Auditor, Chartered Accountants
London
26 September 2025
Page 7
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 8
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 09216293
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025 .
The notes on pages 12 to 18 form part of these financial statements.
Page 9
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
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 10
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 11
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Braeburn Estates Management Company Limited is a private company limited by shares incorporated in English and Wales and registered at One Canada Square, Canary Wharf, London, E14 5AB.
The nature of the company's operations and its principal activities are set out in the Directors Report.
The nature of the company's operations and its principal activities are set out in the Directors Report.
2.ACCOUNTING POLICIES
The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) in conformity with the requirements of the Companies Act 2006.
The following new and revised accounting standards and interpretations have been adopted by the company in 2024. Their adoption has not had any significant impact on the amounts reported in these financial statements, but may impact the accounting for future transactions and arrangements:
• Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
• Amendments to IAS 1: Classification of liabilities as Current or Non-Current
• Amendments to IAS 1: Non-current Liabilities with Covenants
• Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
At 31 December 2024, a number of new standards, amendments to standards and interpretations have been issued by the IASB but are not effective for this year end.
• Amendments to IAS 21: Lack of Exchangeability
• Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments
• IFRS 18: Presentation and Disclosure in Financial Statements
• IFRS 19: Subsidiaries without Public Accountability: Disclosures
The functional currency of the company is considered to be pounds sterling because that is the
currency of the primary economic environment in which they operate.
The preparation of financial statements in compliance with IFRS 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 other than the presentation of partnership (parent entity) statement of comprehensive income have been prepared on accrual basis and under the historical cost convention except for financial instruments at fair value.
The following new and revised accounting standards and interpretations have been adopted by the company in 2024. Their adoption has not had any significant impact on the amounts reported in these financial statements, but may impact the accounting for future transactions and arrangements:
• Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
• Amendments to IAS 1: Classification of liabilities as Current or Non-Current
• Amendments to IAS 1: Non-current Liabilities with Covenants
• Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
At 31 December 2024, a number of new standards, amendments to standards and interpretations have been issued by the IASB but are not effective for this year end.
• Amendments to IAS 21: Lack of Exchangeability
• Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments
• IFRS 18: Presentation and Disclosure in Financial Statements
• IFRS 19: Subsidiaries without Public Accountability: Disclosures
The functional currency of the company is considered to be pounds sterling because that is the
currency of the primary economic environment in which they operate.
The preparation of financial statements in compliance with IFRS 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 other than the presentation of partnership (parent entity) statement of comprehensive income have been prepared on accrual basis and under the historical cost convention except for financial instruments at fair value.
Page 12
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
In assessing the going concern basis of the company the directors have considered a period of at least 12 months from the date of approval of these financial statements.
At the year end the company was in a net current asset position.
Canary Wharf Limited has confirmed its intention in writing to provide or procure adequate financial resources to allow the company to continue its operations and to make available any funds that may be required for the company to enable it to meet its obligations as they fall due for a period of not less than 12 months from from signing date of the financial statements.
Having made the requisite enquiries and assessed the resources at the disposal of the company, the directors have a reasonable expectation that the company will have adequate resources to continue its operation for the foreseeable future, being a period of a least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
At the year end the company was in a net current asset position.
Canary Wharf Limited has confirmed its intention in writing to provide or procure adequate financial resources to allow the company to continue its operations and to make available any funds that may be required for the company to enable it to meet its obligations as they fall due for a period of not less than 12 months from from signing date of the financial statements.
Having made the requisite enquiries and assessed the resources at the disposal of the company, the directors have a reasonable expectation that the company will have adequate resources to continue its operation for the foreseeable future, being a period of a least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue from service charges includes recoverable expenditure together with any chargeable management fees and is recognised over the life of the contract.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. The expected credit losses on these assets are estimated based on the company's historical credit loss experience, adjusted for general
economic conditions.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, deposits held with banks and other short term highly liquid investments with original maturities of 3 months or less, which are held for the purpose of meeting short term cash commitments.
Cash and cash equivalents also include certain restricted cash balances held in service charge accounts. These balances are maintained in segregated bank accounts and are subject to restrictions under management agreements, which limit their use to covering property-related expenditure on behalf of tenants.
However, these funds are classified as cash and cash equivalents because they are readily available, highly liquid and form part of the Company's short - term cash management.
Trade and other payables
Trade and other creditors are stated at cost.
Trade and other receivables are recognised initially at fair value. The expected credit losses on these assets are estimated based on the company's historical credit loss experience, adjusted for general
economic conditions.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, deposits held with banks and other short term highly liquid investments with original maturities of 3 months or less, which are held for the purpose of meeting short term cash commitments.
Cash and cash equivalents also include certain restricted cash balances held in service charge accounts. These balances are maintained in segregated bank accounts and are subject to restrictions under management agreements, which limit their use to covering property-related expenditure on behalf of tenants.
However, these funds are classified as cash and cash equivalents because they are readily available, highly liquid and form part of the Company's short - term cash management.
Trade and other payables
Trade and other creditors are stated at cost.
Page 13
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The preparation of financial statements also requires use of judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies.
For the year ended 31 December 2024, there were no critical accounting judgements or estimates identified that would have a significant impact on the amounts recognised in the financial statements, or create a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Page 14
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Finance Act 2021 increases the corporation tax rate from 19.0% to 25.0% in April 2023. The standard rate of corporation tax payable by the company for the year ended 31 December 2024 is 25% (2023 - 23.5%).
Page 15
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 16
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 17
BRAEBURN ESTATES MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is owned jointly between Braeburn Estates B4A (GP) Limited, Braeburn Estates B4B (GP) Limited, Braeburn Estates B5 (GP) Limited, Braeburn Estates B6/7 (GP) Limited, Braeburn Estates (GP) Limited, members of the same group, and IRIS GR Limited, SBP1 S.A.R.L.and SBP2 S.A.R.L.
As at 31 December 2024, the smallest and largest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Braeburn Estates Limited Partnership. Braeburn Estates Limited Partnership is a joint venture between Canary Wharf (PB) Unit Trust and QD UK Holdings Limited Partnership, a wholly owned subsidiary of Qatari Diar.
Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London, E14 5AB.
As at 31 December 2024, the smallest and largest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Braeburn Estates Limited Partnership. Braeburn Estates Limited Partnership is a joint venture between Canary Wharf (PB) Unit Trust and QD UK Holdings Limited Partnership, a wholly owned subsidiary of Qatari Diar.
Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London, E14 5AB.
Page 18