Allied London Quay Street Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company had Net Current Liabilities as at 31 December 2024 of £48,099,981 (2023: £40,599,981) and Net Liabilities of £48,099,980 (2023: £40,599,980), arising due to a provision being made against debtors in the prior year. Management has undertaken a thorough group going concern review which has included forecasts from 12 months from signing date of the financial statements to ensure the company will continue to be able to meet its liabilities for the next year from the signing date of the accounts. The forecasts included some sensitivity on the rental collections obtained.
The company has a development loan facility amounting to £27.5m, excluding interest, which has been fully drawn down at the year-end. The facility is provided on a rolling basis and is repayable on demand. As a consequence, the company will seek possible lenders in order to refinance the facilities in place which is currently underway. At the time of signing, this is ongoing.
The directors are confident of being able to obtain the financing required, however there can be no guarantee that it will be confirmed or obtained within the necessary time frame. The conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern and therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business.
Nevertheless, after making inquiries and considering the uncertainty described above, the directors have a reasonable expectation that they shall be able to extend or refinance the loans and consequently that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. The financial statements do not include the adjustments that would results if the Company was unable to continue as a going concern.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
The company had no employees during the year other than the directors, who received no remuneration.
The company owns the entire share capital of Allied London Quay Street One Limited. The wholly owned subsidiary is registered in England & Wales and has its registered office at C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, Greater Manchester, M3 4AP.
The amounts due from group undertakings are repayable on demand and not interest bearing.
The loan facility of £27.5m, excluding interest, is split into two tranches. £24.7m has an interest rate of 10% and £2.8m has an interest rate of 18%. The loan is on a rolling basis and is repayable on demand.
Security is held against this loan by means of a fixed charge against the property and debentures are in place from the company's parent, Allied London Quay Street Holdco Limited and both the company's subsidiary, Allied London Quay Street One Limited and that company's wholly owned subsidiary, Allied London Quay Street Two Limited.
The amounts due to group undertakings are repayable on demand and not interest bearing.
Called up share capital represents the nominal value of shares issued. All shares carry no fixed right to income and rank pari-passu in every respect.
The profit and loss account represents cumulative profits and losses, net of any dividends paid and other adjustments.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Material Uncertainty related to Going Concern
We draw attention to note 1.2 to the financial statements, which states the wider group's debt facilities are on a rolling basis, repayable on demand and are required to be refinanced. As stated in note 1.2, the lenders of these facilities holds a charge over the company and these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, "Related party disclosures" Section 33.1A not to disclose details of related party transactions with entities that are 100% owned members of the same group.