Company No: 05535742 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	78,654		39,489
Investment property	4	21,500,000		21,500,000
		21,578,654		21,539,489
Current assets
Debtors	5	1,798,308		544,997
Cash at bank and in hand		670,191		571,272
		2,468,499		1,116,269
Creditors: amounts falling due within one year	6	( 23,760,768)		( 22,335,105)
Net current liabilities		(21,292,269)		(21,218,836)
Total assets less current liabilities		286,385		320,653
Creditors: amounts falling due after more than one year	7	( 31,505)		0
Net assets		254,880		320,653
Capital and reserves
Called-up share capital	8	27,000,000		27,000,000
Other reserves		1,200,000		1,200,000
Profit and loss account		( 27,945,120 )		( 27,879,347 )
Total shareholder's funds		254,880		320,653

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Centurion (Parc Tawe I) Limited (registered number: 05535742) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

F F Whitcomb Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Centurion (Parc Tawe I) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Management Suite, Parc Tawe, Swansea, SA1 2AL, Wales, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date the company has net assets of £254,880 and net current liabilities of £21,292,269 of which liabilities of £22,661,837 are due to the company's immediate parent company.

The company is dependent on the support of its parent company. The parent company has provided confirmation that it would not request repayment of this balance until the business has sufficient resources to make a repayment.

Turnover

Rental income from investment property leased out under an operating lease is recognised in the profit and loss on a straight-line basis over the lease term. Non-rental income such as car park or commercialisation income or contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the period in which they are earned. Rent reviews are recognised when such reviews have been agreed with tenants.

Lease incentives and costs associated with entering into tenant leases are amortised over the lease term.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Vehicles	25 % reducing balance
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Short term intra group debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

Basic financial assets comprise short term trade and other debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors. Such instruments are initially measured at transaction price,
including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the net assets of the company.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The
estimates and underlying assumptions are based upon historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

• Management estimate the amount of rent expected to be received over the period of a lease. Where that lease includes rental steps or holiday periods the minimum contracted rents expected to be received are spread evenly over
the period of the lease.

• Management also use judgement in considering whether outstanding trade debtors will be recoverable and provide against these debts where recoverability is considered uncertain.

• The company’s investment property is carried in the balance sheet at fair value. The property was valued using the investment method of valuation. This approach involves applying market derived capitalisation yields to future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. The capitalisation yields were derived from comparable property and leasing transactions and were considered key inputs. Other factors taken into account include the tenure of the property, tenancy details and structural conditions.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a payment.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year	6		6

3. Tangible assets

	Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	52,224		0		3,945		56,169
Additions	5,999		45,990		688		52,677
At 31 December 2024	58,223		45,990		4,633		108,846
Accumulated depreciation
At 01 January 2024	15,004		0		1,676		16,680
Charge for the financial year	10,844		1,916		752		13,512
At 31 December 2024	25,848		1,916		2,428		30,192
Net book value
At 31 December 2024	32,375		44,074		2,205		78,654
At 31 December 2023	37,220		0		2,269		39,489
Leased assets included above:
Net book value
At 31 December 2024	0		44,074		0		44,074
At 31 December 2023	0		0		0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	21,500,000
Additions	15,147
Fair value movement	(15,147)
As at 31 December 2024	21,500,000

Valuation

Freehold investment property of £21,500,000 (2023 - £21,500,000) is included within investment properties. The fair value of freehold investment property is based on the directors’ best estimate, having considered properties of a similar nature, condition and location.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost	37,658,574		37,643,427

5. Debtors

	2024		2023
	£		£
Trade debtors	441,635		132,973
Amounts owed by Group undertakings	1,272,549		0
Accrued income	84,124		412,024
	1,798,308		544,997

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	52,828		48,148
Amounts owed to Group undertakings	22,661,837		21,464,661
Accruals and deferred income	533,367		374,338
Other taxation and social security	92,059		19,874
Obligations under finance leases and hire purchase contracts	4,154		0
Other creditors	416,523		428,084
	23,760,768		22,335,105

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Obligations under finance leases and hire purchase contracts	31,505		0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
27,000,000 Ordinary shares of £ 1.00 each	27,000,000		27,000,000

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £14,218,661 (2023 - £15,120,800) in respect of rent receivable under non-cancellable operating leases.

10. Related party transactions

Transactions with owners holding a participating interest in the entity

At the year end the company owed £22,661,837 (2023 - £21,464,661) to its parent. Interest accrues on the loan at 8% and the loan is repayable on demand.

Transactions with the entity's directors

Other related party transactions

At the year end the company owed £398,723 (2023 - £421,079) to an entity connected by virtue of common control. The loan is interest free and repayable on demand.

At the year end the company was owed £1,272,549 (2023 - £nil) by another entity connected by another group entity. The loan is interest free and repayable on demand.