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Registered number: 11601590
AURIENS CHELSEA PROPERTY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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AURIENS CHELSEA PROPERTY LIMITED
REGISTERED NUMBER: 11601590
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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AURIENS CHELSEA PROPERTY LIMITED
REGISTERED NUMBER: 11601590
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2025.
The notes on pages 3 to 12 form part of these financial statements.
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Auriens Chelsea Property Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 18 Culford Gardens, London, SW3 2ST.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 meets its working capital requirements through the utilisation of its own resources as well as the financial support its receives from its ultimate parent company.
The Company’s intermediate parent undertaking, UK Senior Livings Holdings Limited, has confirmed that it will continue to provide such financial support as the Company requires to continue in operational existence and meet its obligations and liabilities as they fall due for a period of at least 12 months from the date of approval of the Company’s financial statements for the year ended 31 December 2023.
Based on the Company's forecasts and projections for a period of 12 months from the date of approval of these financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future from funding being received hence the financial statements have been prepared on a going concern basis. Therefore, these financial statements do not include adjustments that would be required should the going concern basis of preparation no longer be appropriate.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company operates a luxury later living complex which includes residences, food and beverage facilities, lifestyle and wellbeing facilities such as a spa, salon and gym, and private event spaces.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Premium on sale of residential units
Residences are leased to tenants under long term leases. The premium receivable on sale of a long term lease is recognised as income at the completion date.
Apartment works revenue on sale of residential units
On sale of residential units, certain works may be requested by a tenant to an apartment and this income is recognised separately from the premium on sale. The apartment works revenue is recognised on completion of the works under the terms of the agreement.
Management fees receivable from residents
On sale of a long term lease, the Company enters into an agreement with these tenants to provide services and maintain the upkeep of the complex. The fees receivable under such an agreement are comprised of the fixed management charge (FMC) and the deferred management fee (DMF). The fixed management fee is invoiced periodically and the deferred management fee is due on the resale of the property. The management fees receivable are recognised over the expected stay of the resident.
Management consider that timing of the payment of the deferred management fee constitutes a financing arrangement as it is anticipated to be received in more than one year and an adjustment is therefore required for the effects of the time value of money. Accordingly, the revenue accrued in respect of the deferred management fee is initially recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Interest income in respect of unwinding the discount is recognised separately within interest receivable and similar income.
Residential rent receivable
Residences are leased to tenants under short term leases. The rental income receivable under these leases is recognised through profit and loss on a straight line basis over the term of the lease. Any rent-free period is spread over the period of the lease.
Apartment utilities revenue
Revenue is recognised in respect of utilities recharged to tenants under the terms of their lease.
Car parking revenue
Revenue generated from car parking is recognised over the term of the agreement or as the service is provided.
Housekeeping and laundry
Revenue comprises the provision of housekeeping and laundry facilities to residents and is recognised as income when the service is provided.
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Restaurant, bar, apartment dining and private events
Sales of food and drink are recognised as income at the point of sale. Revenue generated from private dining and events is recognised when the functions have taken place and services have been rendered. Deposits received in advance are not recognised as revenue until the event.
Auxiliary facilities and services
Revenue generated from the complex's lifestyle and welling facilities are recognised as income at the point of sale for individual transactions or recognised evenly over the membership year in the case of memberships.
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Operating leases: the Company as lessee
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Rent payable under leases is recognised through profit and loss in accordance with the terms of the lease agreement. Variable lease payments are recognised in profit and loss in the period in which the events or conditions that triggers these payment occurs.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
The estimated useful lives range as follows:
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period that are not readily apparent from other sources. The estimates and underlying 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 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.
Critical judgments in applying the Company's accounting policies
The judgments (apart from those involving estimates) which have had the most significant effect on amounts recognised in the financial statements are as follows:
Time value of money
As described in note 2.4 to the financial statements, management consider that timing of the payment of the deferred management fee constitutes a financing arrangement as it is anticipated to be received in more than one year and an adjustment is therefore required for the effects of the time value of money. Accordingly, the revenue accrued in respect of the deferred management fee is initially recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Judgments in applying accounting policies (continued)
Management consider that a market rate of interest for such individuals would be aligned with the Bank of England's base rate and similar rates for mortgages at the time of the sale of the property as deferred management fees are secured against a completed, appreciating asset with repayment contractually tied to resale proceeds.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are as follows:
Accrued income in respect of deferred management fees
The Company recognises accrued income in respect of deferred management fees due from residents. Deferred management fees are due to the Company based on a variable percentage of the onward future sale of the property.
In assessing the accrued income in respect of deferred management fees, consideration has been given to the average length of stay (AVLOS), and the increase in house prices from the date of initial or last sale of the property (HPI %). The variable percentage due on the sale of property has been based on the applicable percentage which would be due if a resident were to occupy the property in line with AVLOS.
There is significant uncertainty in estimating the accrued income from the inherent factors associated with this balance, such as future property prices, the potential for residents to stay for a different time period to the average and the associated impact on the variable percentage.
This is reviewed annually by management and the estimates updated accordingly. At the reporting date, the accrued income in respect of deferred management fees amounted to £165,921 (2023: £nil) which is included in prepayments and accrued income due in more than one year.
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The average monthly number of employees, including directors, during the year was 7 (2023 - 5).
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Prepayments and accrued income
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Prepayments and accrued income
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Cash and cash equivalents
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At the reporting date, cash at bank and in hand includes a restricted cash balance of £1,530,897 (2023: £1,463,865) in respect of security deposits due to tenants of the luxury later living complex. A corresponding creditor has been recognised in other creditors.
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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A loan of a fellow group undertaking is secured by a fixed and floating charge over the assets of this Company and certain fellow group undertakings.
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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At the reporting date, there was an amount of £9,699 (2023: £11,597) outstanding in respect of pension contributions payable by the Company, which is included in other creditors.
Contributions payable by the Company during the year were £62,494 (2023: £27,310).
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Related party transactions
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The Company has taken advantage of the exemptions provided by "Financial Reporting Standard 102" not to disclose transactions with the entities wholly owned within the group.
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AURIENS CHELSEA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company of the Company is Auriens Chelsea Property Holding Company Limited, a company incorporated in Guernsey. The address of its registered office is 2nd Floor, Windsor House, Lower Pollet, St Peter Port, Guernsey, GY1 1WF.
The smallest group in which the results of the Company are consolidated is headed by Auriens Chelsea Holdco Limited, a company incorporated in England and Wales. The registered office is located at 18 Culford Gardens, London, SW3 2ST.
The largest group in which the results of the Company are consolidated is headed by UK Senior Livings Holdings Limited, a company incorporated in Jersey. The registered office is located at 44 Esplanade, St Helier, Jersey, JE4 9WG.
The Directors consider the ultimate controlling party to be Oaktree Real Estate Opportunities Fund VIII Holdings 2 (Cayman), L.P which is registered in Cayman Islands.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 30 June 2025 by Alexander Morris (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.
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