The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Apache Capital (BTR Prime 1) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Curzon Street, London, W1J 5HG.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Directors are required to assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The Directors make this assessment in respect of a period of at least one year from the date of authorisation of the accounts.

This assessment has been made in consultation with the Shareholders of the Apache Group.

At the date of approving these accounts the Directors consider that the company has sufficient funds to meet liabilities as they fall due for a period of at least twelve months from the date of signing the accounts and as such the preparation of the accounts on a going concern basis is appropriate.  

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Income comprises structuring fees invoiced at the start and end of the project and investment advisory and management fees recognised over the life of each project. Future expected fees are discounted to present value.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which includes debtors, 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 and loans from fellow group companies 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.

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.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The company had no employees during the current or prior year.

The company is part of a VAT group with the following fellow group companies: Apache Capital Partners Limited, Apache Holdings Limited, Apache Capital (BTR Prime 2) Limited, Present Made Limited, Present Made Holdings Limited, Apache Single Family Limited, Present Made Asset Management Company Limited and Apache NRE SFH Limited. These companies have joint and several liability for the VAT liabilities of all companies within the VAT group.

As at the year end, the company had a cross guarantee with the following group companies: Apache Capital Partners Limited, Apache Holdings Limited, Apache Capital (BTR Prime 2) Limited and Present Made Limited. These companies had joint and several liability for any HSBC bank debt of all companies within this cross guarantee group. This has since been released.

The following amounts were outstanding at the reporting end date:

The company is a wholly owned subsidiary of Apache Holdings Limited, a company incorporated in England and Wales. The registered office of the parent company is 7 Curzon Street, London, W1J 5HG, United Kingdom.